Chicago’s Tallest Residential Tower Lands $332M Refi
New York Life provided the senior loan, while PGIM originated mezzanine financing.
Crescent Heights has secured a $332 million debt package for NEMA Chicago, the metro’s tallest all-rental tower. JLL Capital Markets arranged the financing for the 76-story, 800-unit luxury property.
The package includes a $275 million, five-year, fixed-rate loan from New York Life Insurance Co., as well as $57 million in mezzanine financing from PGIM’s real estate business.
Previous loans include a $280 million note from Bank of China that also backed the property’s 125,000-square-foot retail space, according to Yardi Matrix information. The lender originated it back in August 2021.
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Located at 1210 S. Indiana Ave. within the South Loop neighborhood, NEMA Chicago sits along Grant Park and is close to a host of retail and dining options. Downtown Chicago is less than 1 mile away, while Chicago Midway International Airport is roughly 10 miles from the property.
The high-rise came online in 2019 and was designed by Rafael Viñoly, with interiors by David Rockwell. The property includes 674 Signature Residences and 126 Skyline Collection units on the upper floors, which feature private lobbies, dedicated concierge service and access to the Vista Lounge and Skyline Terrace.
A high-amenity tower along Grant Park
Amenities span 70,000 square feet and include indoor and outdoor swimming pools, a basketball court, a squash court, a boxing ring and a golf simulator. The property also has a movie theater, a children’s playroom and a spa.
Downtown Chicago’s multifamily market has continued to post strong fundamentals, according to JLL’s press release. As of the fourth quarter of 2025, the urban core recorded 5.4 percent annual multifamily rent growth, while vacancy dropped to 5.1 percent. Only 370 units were delivered during the year, compared with 1,700 units absorbed.
JLL Capital Markets’ Debt Advisory Senior Managing Director Danny Kaufman, Director Medina Spiodic and Analyst Youngsoo Yang led the team that arranged the financing on behalf of the borrower.
Crescent Heights has completed more than 38,000 units since its founding in 1986, amounting to north of $12 billion in development. The firm is currently working on another project dubbed Skyline OC, a 349-unit multifamily-to-condo conversion in Orange County. The company obtained a $210 million note for the development just last month.
