Crescent Heights Nabs $65M From PNC for Chicago Apartment Tower
The seven-year, fixed-rate loan, which closed at the end of December, carries a 30-year amortization period, a source close to the deal confirmed on the condition of anonymity. Proceeds from the loan are being used to refinance debt on the existing property, but the borrower is not cashing out, the source said.
Crescent Heights purchased the 30-story Park Michigan apartment tower, located at 1212 South Michigan Avenue between East Roosevelt Road and East 13th Street, for $65.5 million in December 2011. The sponsor took a $45.9 million Freddie Mac loan out on the property that same month, according to Chicago city records.
The New York-based commercial mortgage brokerage Cooper-Horowitz arranged the new financing.
Crescent Heights has been on a buying spree in Chicago over the past six years, according to Crain’s Chicago Business, having picked up five apartment complexes in the city—including Park Michigan—since 2010.
The company also has several development plans in the works in the Windy City, including the soon-to-be tallest building in the South Loop submarket—a 76-story high rise with roughly 800 apartments and a 648-unit and a 100-unit building on Indiana Avenue.
Park Michigan, which sits just west of Millennium Park, contains studios, and one- and two-bedroom apartments. Available studios start at $1,466 per month, while available one-bedrooms start at $1,688 per month.
Tenant amenities in the building include a fitness center, a rooftop deck, a 24-hour concierge, a coffee bar and an on-site dry cleaner.
Crescent Heights has developed over 100 projects and currently has a portfolio of 21 multifamily properties and 18 commercial properties across the country, as well as one office building in London, according to the developer’s website.
Representatives for Crescent Heights did not respond to inquiries by time of publication. Representatives for PNC Bank and Cooper-Horowitz declined to comment.