JLL Arranges $332M Refinancing for Chicago's Tallest Rental Tower
JLL Capital Markets has secured $332 million in financing for NEMA Chicago, the city's tallest all-rental residential building.
JLL's Capital Markets group has arranged a $332 million refinancing for NEMA Chicago, a 76-story luxury multifamily tower recognized as Chicago's tallest all-rental residence.
The financing package includes a $275 million loan and a $57 million mezzanine loan. JLL represented the borrower, Crescent Heights, in securing the five-year, fixed-rate loan from New York Life Insurance Company, while PGIM Real Estate provided the mezzanine financing.
NEMA Chicago, completed in 2019 and designed by Rafael Viñoly, features 800 residences and has received accolades, including the Council on Tall Buildings and Urban Habitat's 2021 Award of Excellence for Best Tall Building.
The refinancing occurs amid a strong performance in Chicago's downtown multifamily market. NEMA Chicago's status as the tallest rental property, coupled with its extensive amenities and services, has contributed to its favorable market position and operational results.