Crescent Heights Secures $332 Million Loan For 800-Unit NEMA Chicago Multifamily Property

The property involved in this transaction is NEMA Chicago, an 800-unit multifamily asset located at 1210 South Indiana Avenue in the Chicago, IL market. The lending value associated with this property includes a loan amount of $332 million, comprised of $275 million for refinancing and a $57 million mezzanine loan, supporting its operations in a supply-constrained apartment market.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $332,000,000
• Loan Type: Refinance & Mezzanine
• Units: 800
• Lender: New York Life Insurance & PGIM
• Landlord: Russell Galbut, Sonny Kahn & Bruce Menin - Crescent Heights
• Brokers: Danny Kaufman, Medina Spiodic & Youngsoo Yang - JLL

The financing arrangement was orchestrated by JLL, which facilitated the refinancing from New York Life Insurance Company and the mezzanine loan from PGIM for the property. This financing arrangement underlines Crescent Heights' strategic position in the Chicago apartment market, benefiting from ongoing rent growth and occupancy stability.