JLL secures $332M refinancing for Chicago's tallest all-rental tower

CHICAGO, July 13, 2026 –  JLL’s Capital Markets group announced today that it has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a premier luxury multifamily tower and tallest 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.

Located at 1210 South Indiana Ave. along Grant Park, NEMA Chicago stands 76 stories and 893 feet tall, offering 800 residences with unobstructed views of Lake Michigan, Grant Park and the downtown skyline. Completed in 2019, the property was designed by world-renowned architect Rafael Viñoly with interiors by David Rockwell and has received multiple honors, including the Council on Tall Buildings and Urban Habitat's 2021 Award of Excellence for Best Tall Building.

The refinancing comes as downtown Chicago's multifamily market continues to outperform major U.S. metros, posting 5.4 percent annual rent growth as of fourth quarter 2025, the highest among gateway cities. With only 370 units delivered in 2025 compared to 1,700 units absorbed, the supply-constrained market has pushed vacancy rates down to 5.1 percent, creating favorable conditions for premium assets like NEMA Chicago.

NEMA Chicago distinguishes itself with 70,000 square feet of curated amenities spanning indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie theater and spa services. The building's two-tiered offering includes 674 Signature Residences and 126 exclusive Skyline Collection units on the upper floors, which feature private lobbies, dedicated concierge teams, 10-foot ceilings and access to the Vista Lounge and Skyline Terrace.

JLL Capital Market’s Debt Advisory team was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic and Analyst Youngsoo Yang.

"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."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL’s Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Crescent Heights, a nationally recognized real estate investment and development firm, has completed more than 38,000 residential units and over $12 billion in development since its founding in 1986. The firm's vertically integrated platform spans development, design and property management, with flagship projects including Ten Thousand in Los Angeles, NEMA Boston and FORMA Miami.