KKR Global loans Crescent Heights $ 65 million from NEMA Chicago

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Billy Butcher of KKR with NEMA Chicago (KKR, NEMA)

Billy Butcher of KKR with NEMA Chicago (KKR, NEMA)

Crescent Heights has closed a $ 65 million mezzanine loan for NEMA Chicago as part of a refinancing plan for a 76-story luxury high-rise building. Highest in Chicago apartment house.

NEMA Chicago is the first real estate investment by KKR Real Estate Select Trust, or KREST, part of KKR Global, the firm said in a statement. Miami-based Crescent Heights has a track record of KKR funding for NEMA Chicago, which opened its 800-unit luxury building in 2019.

When a $ 300 million skyscraper in South Grant Park in South Loop welcomed its first tenants, Crescent Heights refinanced its initial building loan from USD 340 million loan from KKR Real Estate Finance Trust. This loan repaid KKR’s previous $ 328 million loan, providing Crescent Heights with a portion of the capital and a lower interest rate.

KREST, a closed-end fund that also holds investments in stable and single-tenant properties, said there was a “strong relationship” with Crescent Heights behind the new loan. The deal helped “expand and further diversify our portfolio with NEMA Chicago,” said Billy Butcher, CEO of KREST and COO of KKR Global.

OZK Bank gave Crescent Heights the go-ahead for construction with a $ 203 million construction loan in 2017. The tower overlooks Grant Park, Buckingham Fountain and Willis Tower and boasts amenities including indoor and outdoor pools and a high-end fitness center. premises, conference rooms and lounges for tenants.

Monthly rentals range from $ 1,866 for a studio apartment to $ 25,000 for a penthouse. The cost for two beds and two baths is roughly $ 4,000 to $ 6,500. An apartment with four bedrooms and four bathrooms will cost the tenant approximately $ 14,000 per month.

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