JLL Arranges $332M Refinancing for NEMA Chicago, City's Tallest All-Rental Tower
JLL's Capital Markets group has secured $332 million in refinancing for NEMA Chicago, a 76-story luxury multifamily tower at 1210 South Indiana Ave. in Chicago, the firm announced July 13, 2026. The transaction includes a $275 million senior loan and a $57 million mezzanine loan, with JLL representing the borrower, Crescent Heights, throughout the process.
Deal Structure: Senior Debt and Mezzanine Financing
The five-year, fixed-rate senior loan was facilitated through New York Life Insurance Company. JLL separately arranged the mezzanine financing through PGIM's real estate business.
JLL Capital Markets' Debt Advisory team was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic, and Analyst Youngsoo Yang.
"NEMA Chicago exemplifies the flight to quality we're seeing in urban multifamily, where properties offering true differentiation through design, amenities and service continue to command premium performance," Kaufman said. "As Chicago's tallest all rental residence with Rafael Viñoly's architectural vision and Crescent Heights' hospitality-driven approach, NEMA has established itself as an instant landmark that redefines luxury apartment living in the city."
About NEMA Chicago
Standing 893 feet tall along Grant Park, NEMA Chicago was completed in 2019 and offers 800 residences with views of Lake Michigan, Grant Park, and the downtown Chicago skyline. The building was designed by architect Rafael Viñoly with interiors by David Rockwell. It received the Council on Tall Buildings and Urban Habitat's 2021 Award of Excellence for Best Tall Building.
The property's 800 units are divided into two tiers: 674 Signature Residences and 126 Skyline Collection units on the upper floors. The Skyline Collection units feature private lobbies, dedicated concierge teams, 10-foot ceilings, and access to the Vista Lounge and Skyline Terrace.
NEMA Chicago includes 70,000 square feet of amenity space encompassing indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie theater, and spa services.
Chicago Multifamily Market Context
The refinancing comes against a backdrop of strong fundamentals in downtown Chicago's multifamily market. According to JLL, the submarket posted 5.4 percent annual rent growth as of the fourth quarter of 2025, which the firm described as the highest among gateway cities. Supply deliveries in 2025 totaled approximately 370 units, while absorption reached roughly 1,700 units, pushing the vacancy rate down to 5.1 percent.
About the Firms Involved
Crescent Heights, founded in 1986, has completed more than 38,000 residential units and over $12 billion in development. The firm's vertically integrated platform spans development, design, and property management, with other projects including Ten Thousand in Los Angeles, NEMA Boston, and FORMA Miami.
JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. JLL's Capital Markets group includes more than 3,000 specialists worldwide with offices in nearly 50 countries.
New York Life Insurance Company served as the senior lender on the transaction. PGIM's real estate business provided the mezzanine component of the financing.
Sources
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