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

JLL (NYSE:JLL) announced that its Capital Markets group secured a $275 million refinancing and a $57 million mezzanine loan for NEMA Chicago, a 76-story, 800-unit luxury rental tower owned by Crescent Heights.

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Rhea-AI Summary

JLL (NYSE:JLL) announced that its Capital Markets group secured a $275 million refinancing and a $57 million mezzanine loan for NEMA Chicago, a 76-story, 800-unit luxury rental tower owned by Crescent Heights. The five-year, fixed-rate senior loan was placed with New York Life Insurance Company, while the mezzanine financing was arranged through PGIM's real estate business.

According to JLL, the refinancing leverages strong downtown Chicago multifamily fundamentals, including 5.4% annual rent growth and 5.1% vacancy as of Q4 2025, supporting demand for high-end properties such as NEMA Chicago.

Positive

$275M senior refinancing and $57M mezzanine loan mandate completed for NEMA Chicago
Five-year, fixed-rate financing placed with New York Life Insurance Company and PGIM real estate
Transaction showcases JLL Capital Markets execution in a 5.4% annual rent growth Chicago multifamily market
Refinancing tied to a premium 800-unit asset with 70,000 sq. ft. of amenities

Negative

None.

Argus Jul 13 session

-0.77% close to close Open Argus

Details

News Market Reaction – JLL

On Jul 13, the day this news came out, JLL closed 0.77% below the previous close.

Data tracked by StockTitan Argus for the Jul 13 session.

Key Figures

Senior refinancing: $275 million Mezzanine financing: $57 million Loan term: five-year +5 more

Senior refinancing: $275 million; Refinancing for NEMA Chicago
Mezzanine financing: $57 million; Mezzanine loan for NEMA Chicago
Loan term: five-year; Fixed-rate refinancing with New York Life Insurance Company
Annual rent growth: 5.4 percent; Downtown Chicago multifamily, Q4 2025
Vacancy rate: 5.1 percent; Downtown Chicago multifamily market
New supply vs absorption: 370 units vs 1,700 units; Downtown Chicago deliveries and absorption in 2025
Amenity space: 70,000 square feet; Resort-style amenities at NEMA Chicago
Residential units: 800 residences; Total units at NEMA Chicago

Historical Context

5 past events · Latest: Jul 09

5 events

Jul 09
refinancing mandate

24h Move

+0.1%

Arranged $352M refinancing for fully leased Midtown Manhattan Class A office tower.
Jun 25
earnings call notice

24h Move

+1.3%

Scheduled Q2 2026 earnings release and webcast with detailed participation logistics.
Jun 25
construction financing

24h Move

+1.3%

Structured billion-dollar capitalization for large Gowanus multifamily and mixed-use project.
Jun 04
construction loan

24h Move

+3.4%

Arranged $870M senior construction loan for ultra-luxury Four Seasons Lake Austin project.
Jun 03
fortune 500 ranking

24h Move

-2.3%

Announced rise to #175 on 2026 Fortune 500, citing strong revenue progress.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

mezzanine financing, mezzanine loan, fixed-rate loan, vacancy rates

4 terms

mezzanine financing financial

"secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago"

Mezzanine financing is a hybrid form of capital that sits between a company’s senior loan and its ownership, typically structured as a subordinated loan or convertible instrument that pays higher interest and may include rights to convert into equity. Think of it like a second mortgage or a booster seat: it carries more risk than the main loan but is less permanent than selling shares. It matters to investors because it can boost returns for lenders, increase a company’s debt burden, and potentially dilute equity if converted, influencing risk and reward.

mezzanine loan financial

"JLL also arranged the mezzanine loan through PGIM's real estate business"

A mezzanine loan is a type of financing that sits between a primary bank loan and equity ownership: it has a lower priority for repayment than the main loan but ranks above shareholders. Think of it as a bridge loan that fills the gap when a company needs extra cash for a buyout, expansion, or project, often carrying higher interest and sometimes a small equity stake. For investors, mezzanine debt offers higher returns but more risk than senior loans and can affect shareholder value if converted into ownership.

fixed-rate loan financial

"facilitating the five-year, fixed-rate loan through New York Life Insurance Company"

A fixed-rate loan is a debt where the interest rate stays the same for the life of the loan, so periodic payments of principal and interest remain predictable. For investors, that predictability matters because it makes cash flow and interest cost easier to forecast, reduces exposure to rising market rates, and affects the valuation and risk profile of borrowers and debt-funded projects—similar to locking in a fixed monthly bill instead of one that can jump with market swings.

vacancy rates financial

"the supply-constrained market has pushed vacancy rates down to 5.1 percent"

Vacancy rates measure the share of rentable space — apartments, offices, or retail units — that is unoccupied during a given period, usually shown as a percentage. Investors watch them because empty units are like empty seats in a restaurant: they reduce rental income, raise the cost per occupied unit, and signal whether demand for the property type is strengthening or weakening, which directly affects cash flow and valuation.

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07/13/2026 - 01:03 PM

NEMA Chicago is a 76-story luxury residence building designed by Rafael Viñoly, with 70,000 square feet of resort-style amenities

CHICAGO, July 13, 2026 /PRNewswire/ -- 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.

NEMA

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.

For more news, videos and research resources, please visit JLL's newsroom.

About Crescent Heights
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.

About JLL
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.

Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/jll-secures-332m-refinancing-for-chicagos-tallest-all-rental-tower-302824007.html

SOURCE JLL

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What refinancing transaction did JLL (JLL) arrange for NEMA Chicago in July 2026?

JLL arranged a $275 million refinancing and a $57 million mezzanine loan for NEMA Chicago. According to JLL, the deal provides five-year, fixed-rate financing for the 76-story luxury multifamily tower, with New York Life Insurance Company and PGIM real estate as lending partners.

Who are the financing partners in JLL’s $332 million refinancing of NEMA Chicago (JLL)?

The senior loan partner is New York Life Insurance Company and the mezzanine lender is PGIM’s real estate business. According to JLL, these institutions provided the $275 million refinancing and $57 million mezzanine financing for NEMA Chicago’s five-year, fixed-rate capital structure.

How does the Chicago multifamily market support JLL’s NEMA Chicago refinancing?

The refinancing is supported by strong downtown Chicago multifamily fundamentals, including 5.4% annual rent growth and 5.1% vacancy. According to JLL, limited new supply and 1,700 units absorbed in 2025 create favorable conditions for premium rental assets like NEMA Chicago.

What are the key features of NEMA Chicago financed through JLL’s 2026 refinancing?

NEMA Chicago is a 76-story, 893-foot tower with 800 luxury rental residences and 70,000 square feet of amenities. According to JLL, features include pools, sports courts, a golf simulator, theater, spa services, and differentiated Signature and Skyline Collection units.

Who owns NEMA Chicago and how was JLL involved in its refinancing?

Crescent Heights owns NEMA Chicago, and JLL represented the borrower in securing new financing. According to JLL, its Capital Markets Debt Advisory team arranged the $275 million senior loan and $57 million mezzanine facility with New York Life Insurance Company and PGIM real estate.

What does the NEMA Chicago refinancing mean for JLL (JLL) Capital Markets business?

The transaction highlights JLL Capital Markets’ ability to structure large, fixed-rate loans for high-end multifamily properties. According to JLL, the deal reinforces its role as a global capital solutions provider, leveraging local market insight and institutional lender relationships in a key gateway city.

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