Overview
- The refinancing was announced in mid-July and comprises a $275 million, five-year fixed-rate senior loan from New York Life and $57 million in mezzanine financing from PGIM arranged by JLL.
- The new capital stack replaces earlier floating-rate debt tied to the asset and moves NEMA to fixed-rate financing for the near term.
- NEMA Chicago is a 76-story, 893-foot luxury rental tower at 1210 South Indiana Avenue with roughly 800 units and about 70,000 square feet of amenity space that includes pools, a basketball court, a movie theater and private floors with dedicated concierge service.
- JLL cited downtown Chicago fundamentals that showed 5.4 percent annual rent growth and a 5.1 percent vacancy rate as of fourth quarter 2025, plus limited new deliveries, as reasons lenders are willing to finance premium multifamily assets.
- The deal stabilizes Crescent Heights’ flagship South Loop property and may free the firm to focus on other projects after recent local setbacks that included surrendering a nearby vacant development site in 2024 via deed-in-lieu.