JLL secures $332 million refinancing for Chicago’s NEMA tower

JLL’s Capital Markets group facilitated the transaction, which consists of a $275 million fixed-rate loan from New York Life Insurance Company and an additional $57 million in mezzanine financing through PGIM. The borrower, developer Crescent Heights, will use the funds to support the luxury property, which has maintained a strong market position since its completion in 2019.

Designed by Rafael Viñoly, the 893-foot tower features 800 residences and 70,000 square feet of amenities, ranging from a full-size basketball court to private spa services. The building currently capitalizes on a supply-constrained environment in downtown Chicago, where annual rent growth reached 5.4 percent by the end of 2025. With vacancy rates sitting at 5.1 percent, the tower’s performance reflects a broader trend of tenants gravitating toward high-end, service-oriented developments. The JLL debt advisory team, led by Danny Kaufman, Medina Spiodic, and Youngsoo Yang, noted that the asset remains a prime example of how differentiated design continues to command premium results in urban real estate.