JLL Secures $332M to Refinance 76-Story Chicago Luxury MF Tower
JLL has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a luxury multifamily tower and the city’s tallest all-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. JLL Capital Market’s Debt Advisory team was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic and Analyst Youngsoo Yang.
Located at 1210 South Indiana Ave. along Grant Park, NEMA Chicago stands 76 stories and 893 feet tall. Completed in 2019, the property was designed by architect Rafael Viñoly with interiors by David Rockwell.
“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,” said Kaufman. “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.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout