JLL’s Capital Markets group secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a luxury multifamily tower and the city’s 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 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% 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%.
The building boasts 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.”
