A joint venture of Draper & Kramer and Intercontinental Real Estate landed a $78 million loan for its purchase of the Burnham Pointe apartment tower in the South Loop.
Chicago-based Draper & Kramer and Boston-based Intercontinental would not disclose the purchase price when they announced the deal last month with Crescent Heights for the 298-unit high-rise at 730 South Clark Street. But records filed with Cook County after the transaction show the building sold for $122.3 million. Crescent Heights bought the building in 2015 for $126 million.
Maryland-based real estate financing firm Walker & Dunlop provided the loan for the Burnham Pointe deal.
The transaction continues a Chicago selloff for Miami-based Crescent Heights, even as it works to finish its 76-story NEMA Chicago apartment high-rise on the south end of Grant Park. The 800-unit tower, formerly known as One Grant Park, is expected to open next year.
Crescent Heights this summer also sold the 344-unit Park Michigan across the street from the NEMA Chicago site to Horizon Realty Group and the 600-unit North Harbor Tower in Lakeshore East to Waterton, And it’s looking for a buyer for the 332-unit Lex apartment building near McCormick Place.
HFF’s Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard advised on the Burnham Pointe transaction.