JLL’s Capital Markets group has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a premier luxury multifamily tower and the city’s tallest rental residence.
JLL represented the borrower, Crescent Heights, in facilitating the five-year, fixed-rate loan through New York Life Insurance Company. JLL also arranged the mezzanine loan through PGIM’s real estate business.
Located at 1210 South Indiana Ave. along Grant Park, NEMA Chicago stands 76 stories and 893 feet tall, offering 800 residences unobstructed views of Lake Michigan, Grant Park and the downtown skyline. Completed in 2019, the property was designed by architect Rafael Viñoly, with interiors by David Rockwell, and has received multiple honors, including the Council on Tall Buildings and Urban Habitat’s 2021 Award of Excellence for Best Tall Building.
The refinancing comes as downtown Chicago’s multifamily market continues to outperform major U.S. metros
