JLL has arranged a combined $332 million in financing for NEMA Chicago, a luxury multifamily tower that holds the distinction of being the city’s tallest all-rental residence. The capital stack includes a $275 million refinancing facility paired with a $57 million mezzanine loan, supporting the high-rise rental property along Chicago’s Grant Park.
Acting on behalf of borrower Crescent Heights, JLL’s Capital Markets Debt Advisory team secured a five-year, fixed-rate senior loan from New York Life Insurance Company. In a companion transaction, JLL also arranged mezzanine financing through PGIM’s real estate business. The dual-tranche structure combines long-term, fixed-rate senior debt from an insurance company lender with additional mezzanine capital, reflecting continued appetite for well-positioned urban multifamily assets.
The JLL team on the assignment was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic and Analyst Youngsoo Yang. Their mandate included sourcing both the senior refinancing and the mezzanine piece, aligning the capital structure with the sponsor’s objectives for the asset while extending the property’s debt profile.
NEMA Chicago is located at 1210 South Indiana Avenue, directly along Grant Park. The tower rises 76 stories and reaches a height of 893 feet, making it a prominent feature on the city’s skyline. Completed in 2019, the building was designed by architect Rafael Viñoly, with interiors by David Rockwell, and is positioned as a high-end rental offering within Chicago’s multifamily market.
In discussing the transaction, Kaufman characterized NEMA Chicago as an example of the broader flight to quality in urban multifamily. He noted that properties delivering clear differentiation through design, amenities and service are continuing to capture strong performance relative to the broader market. According to Kaufman, the combination of Viñoly’s architectural approach and Crescent Heights’ hospitality-focused strategy has helped establish NEMA Chicago as a landmark luxury rental property within the city.
The refinancing and mezzanine execution underscores the ability of institutional lenders and investors to deploy capital into new-generation multifamily towers that demonstrate strong design credentials and sponsorship. It also highlights the ongoing role of intermediary platforms such as JLL in structuring multi-layered debt solutions for large, urban residential assets.
