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Chicago Multifamily

Crescent Heights Secures $77.5M Loan to Buy Burnham Pointe

Crescent Heights' $126M purchase of Burnham Pointe in Printers Row came with some leverage in the form of a $77.5M. To finance the purchase of the 298-unit tower at 730 S Clark St, the Miami-based developer borrowed the money from an affiliate of AEW Capital Management. The 29-story building was originally slated as a condo development but seller Monogram Residential Trust converted it to apartments in the hot South Loop market. Crescent Heights acquisition manager Jason Buckberg told Crain's the purchase is a sign of its commitment to the South Loop. [Crain's]

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