July 2, 2019
Crescent Heights, which is developing Chicago’s tallest apartment building, has refinanced the project with a $340-million loan months before completing the project, Crain’s Chicago Business reported. The lender on Crescent Heights’ 76-story Nema Chicago was reportedly KKR Real Estate Finance Trust, which announced the loan on Monday but didn’t identify the borrower.
The new loan allows Miami-based Crescent Heights to pay off the project’s original construction financing of about $328 million, and lock-in a lower interest rate, the developer’s Casey Klein told Crain’s.
One of several new multifamily projects in the South Loop, Nema Chicago is about 35% leased. Crescent Heights expects to complete construction this fall.
The KKR mortgage REIT also said that it provided a $186-million loan on a new 492-unit apartment building in Chicago. It didn’t identify the property, but Crain’s noted that the only project matching that description is Fifield’s 727 W. Madison St.
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