Crescent Heights is a renowned real estate development company that has made a significant impact in the industry. They have a proven track record of delivering high-end residential and commercial properties.
The company was founded in 1995 by Michael Shvo and has since grown to become a leading player in the global real estate market. They have a strong presence in major cities around the world, including New York, Miami, and Dubai.
Crescent Heights has a diverse portfolio of properties, ranging from luxury condominiums to commercial office spaces. Their developments often feature cutting-edge design, top-notch amenities, and prime locations.
Their financial performance has been impressive, with significant revenue growth over the years.
Financial Information
Crescent Heights has raised funding over 1 round.
Its latest funding round was a Conventional Debt round on Mar 06, 2018, which was a significant milestone for the company.
This funding round was worth $27M, a substantial amount of money that can help Crescent Heights achieve its goals.
Only 1 investor participated in its latest round, which is Cane Investment Partners and Ullico.
Crescent Heights has 2 institutional investors, including Cane Investment Partners and Ullico, who have shown their trust in the company by investing in it.
Leadership and Operations
Crescent Heights is led by a team of experienced individuals who have a strong track record in the industry. Russell Galbut, Bruce Menin, and Sonny Kahn are the co-founders of the company.
Russell Galbut serves as the Co-Founder & Managing Principal of Crescent Heights, and is also an angel investor in one startup. He can be reached via one email address.
Bruce Menin is another key member of the team, serving as the Co-Founder & Principal of Crescent Heights. Like Galbut, he is also an angel investor in one startup, and can be contacted via one email address.
The leadership team at Crescent Heights seems well-equipped to drive the company's growth and success.
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Leadership Team
Russell Galbut is the Co-Founder & Managing Principal of Crescent Heights, and he's also an angel investor in one startup.
Bruce Menin is another key member, serving as Co-Founder & Principal of Crescent Heights, and he too is an angel investor in one startup.
Sonny Kahn is the third Co-Founder of Crescent Heights.
Here's a quick rundown of the leadership team:
Dive Insight
NEMA San Francisco, a 754-unit apartment complex, stands 37 stories tall with 9,416 square feet of retail space and 30,000 square feet of indoor and outdoor amenities.
Rents at NEMA range from $2,614 to $6,230, according to Apartments.com, which is relatively high compared to other properties.
The complex has struggled financially since COVID-19 shutdowns, when workers stopped coming to the office and crime reportedly increased.
NEMA's loan was sent to special servicing in August 2023, indicating financial difficulties.
Here are some key statistics about NEMA's loan and property value:
The loan modification agreement in February allowed Crescent Heights to retain control of NEMA if it doesn't default on debt connected to the property, and lenders reduced the interest rate of a $60 million note.
Century City Apartment Tower Condos
The Century City apartment tower is a significant development in the area. If approved, the conversion to condos would be the city's largest condo conversion.
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The developer, Crescent Heights, plans to make the conversion without reconfiguring the units or proposing any construction. This means the conversion is likely to take between four and six months.
The median condo price in Century City is nearly $1.6M, and even at its lowest point this year, the monthly average was above $1M.
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Article Context
Crescent Heights is a Miami-based developer with a significant presence in the multifamily market. They operate a series of luxury urban apartment towers in major cities like Boston, Miami, Chicago, and San Francisco.
NEMA San Francisco is one of their notable properties, standing 37 stories tall with 9,416 square feet of retail space and 30,000 square feet of indoor and outdoor amenities. Rents at NEMA San Francisco range from $2,614 to $6,230.
In 2018, the collateral behind NEMA San Francisco was valued at $543.6 million, but this was lowered to $279 million last year. This significant decrease in value is likely due to the financial struggles the property has faced since COVID-19 shutdowns.
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Crescent Heights has retained control of NEMA San Francisco after paying its lenders $10.5 million, according to a modification agreement in February. This agreement also reduced the interest rate of a $60 million note and waived payments on a $50 million note until 2029.
Here's a brief overview of the loan modification agreement:
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