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Miami-Based Crescent Heights Inc. Purchases Stake in South Loop Tower

by Chicago Agent

According to ChicagoRealEstateDaily.com, Miami-based developer Crescent Heights Inc. has purchased a major stake in the South Loop’s Astoria Tower.

Crescent Heights paid Geneva Capital Group about $45 million last week for 205 of the tower’s 248 units. Completed last year by Chicago developer William Warman, the Asoria Tower required Geneva Capital to take out a $79.4 million construction loan.

In December of 2009, Crescent Heights purchased Ciftyfront Place in Streeterville for $82 million.

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