JLL secures $332M refinancing for Chicago's tallest all-rental tower
JLL's Capital Markets group arranged $332 million in financing for NEMA Chicago, comprising a $275 million five-year fixed-rate loan from New York Life and a $57 million mezzanine facility from PGIM. The 76-story tower, located at 1210 South Indiana Ave., contains 800 residences and ranks as Chicago's tallest all-rental building, benefiting from the city's 5.4% annual rent growth and low vacancy rates.
Key figures
- Loan term years
- 5
- Total financing
- 332000000
- Mezzanine amount
- 57000000
- Residential units
- 800
- Refinancing amount
- 275000000
AI analysis
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