JLL Completes $332 Million Refinancing for Chicago's Iconic Rental Tower NEMA
In a significant move for the Chicago real estate market, JLL's Capital Markets group has successfully arranged a substantial refinancing deal totaling $332 million for NEMA Chicago, an impressive 76-story luxury apartment building. This all-rental tower stands as the tallest of its kind in the city, reaching a height of 893 feet and offering a stunning view of Lake Michigan and the Chicago skyline. The refinancing package consists of a $275 million refinancing and an additional $57 million in mezzanine financing.
Located at 1210 South Indiana Avenue, NEMA Chicago was completed in 2019 and designed by the renowned architect Rafael Viñoly. The tower boasts 800 residences alongside 70,000 square feet of premium amenities, which include indoor and outdoor pools, a full-sized basketball court, a squash court, a boxing ring, a golf simulator, a movie theater, and luxurious spa services.
This property's unique features have not gone unnoticed. It has received the prestigious Award of Excellence for Best Tall Building from the Council on Tall Buildings and Urban Habitat in 2021, solidifying its status as an architectural masterpiece and a marked addition to Chicago's famous skyline. The building provides an excellent living experience that combines luxury, comfort, and a design ethos that caters to the modern urban lifestyle.
The refinancing comes at a time when Chicago's multifamily market is performing exceptionally well, with annual rent growth of 5.4% as of Q4 2025, the highest growth rate among major U.S. metropolitan areas. A reported 370 new apartment units were delivered in 2025, while 1,700 units were absorbed by the market, resulting in a tightened supply and a drop in vacancy rates to 5.1%. This supply constraint has fostered an environment wherein high-quality assets like NEMA Chicago are favored by investors and tenants alike.
According to Danny Kaufman, Senior Managing Director at JLL, “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. 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.”
JLL represented Crescent Heights, the borrower in this transaction, effectively facilitating a five-year, fixed-rate loan through New York Life Insurance Company. Additionally, JLL arranged the mezzanine loan through PGIM's real estate business, showcasing their broad network and expertise in capital markets.
Crescent Heights is a nationally recognized real estate investment and development company that has successfully completed over 38,000 residential units and amassed a portfolio of more than $12 billion in developments since its inception in 1986. Their comprehensive approach spans development, design, and property management, ensuring that projects such as NEMA Chicago exemplify high standards of quality.
JLL operates as a leading global provider of capital solutions for real estate investors and occupants, with an impressive team of over 3,000 specialists worldwide. Their adept local market knowledge and global investor insights create tailored, best-in-class solutions that encompass investment sales and advisory, debt advisory, corporate finance, and more.
As real estate continually evolves, the refinancing of NEMA Chicago stands as a testament to the resilience and adaptability of the market. With JLL spearheading this venture, both investors and residents can look forward to the future of urban multifamily living in Chicago, elevating the standard for luxury living in the heart of the city.
A Landmark Residence
Located at 1210 South Indiana Avenue, NEMA Chicago was completed in 2019 and designed by the renowned architect Rafael Viñoly. The tower boasts 800 residences alongside 70,000 square feet of premium amenities, which include indoor and outdoor pools, a full-sized basketball court, a squash court, a boxing ring, a golf simulator, a movie theater, and luxurious spa services.
This property's unique features have not gone unnoticed. It has received the prestigious Award of Excellence for Best Tall Building from the Council on Tall Buildings and Urban Habitat in 2021, solidifying its status as an architectural masterpiece and a marked addition to Chicago's famous skyline. The building provides an excellent living experience that combines luxury, comfort, and a design ethos that caters to the modern urban lifestyle.
Market Performance
The refinancing comes at a time when Chicago's multifamily market is performing exceptionally well, with annual rent growth of 5.4% as of Q4 2025, the highest growth rate among major U.S. metropolitan areas. A reported 370 new apartment units were delivered in 2025, while 1,700 units were absorbed by the market, resulting in a tightened supply and a drop in vacancy rates to 5.1%. This supply constraint has fostered an environment wherein high-quality assets like NEMA Chicago are favored by investors and tenants alike.
According to Danny Kaufman, Senior Managing Director at JLL, “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. 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.”
The Financing Process
JLL represented Crescent Heights, the borrower in this transaction, effectively facilitating a five-year, fixed-rate loan through New York Life Insurance Company. Additionally, JLL arranged the mezzanine loan through PGIM's real estate business, showcasing their broad network and expertise in capital markets.
Crescent Heights is a nationally recognized real estate investment and development company that has successfully completed over 38,000 residential units and amassed a portfolio of more than $12 billion in developments since its inception in 1986. Their comprehensive approach spans development, design, and property management, ensuring that projects such as NEMA Chicago exemplify high standards of quality.
JLL's Expertise
JLL operates as a leading global provider of capital solutions for real estate investors and occupants, with an impressive team of over 3,000 specialists worldwide. Their adept local market knowledge and global investor insights create tailored, best-in-class solutions that encompass investment sales and advisory, debt advisory, corporate finance, and more.
As real estate continually evolves, the refinancing of NEMA Chicago stands as a testament to the resilience and adaptability of the market. With JLL spearheading this venture, both investors and residents can look forward to the future of urban multifamily living in Chicago, elevating the standard for luxury living in the heart of the city.
Topics Other）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.