Crescent Heights snags $332M ($415k/unit) loan for Chicago’s tallest apartment tower, 800-unit NEMA Chicago

7/13/2026

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The Real Deal

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• Subcategory: Capital Markets: Debt, MF: Market Rate

• Tag: Closing

• Additional Filters-Subcategory: Capital Markets: Debt-Refinance, Capital Markets: Debt-Senior Loan, Capital Markets: Mezzanine

Highlights
Crescent Heights secured a $332 million debt package to refinance the 76-story NEMA Chicago luxury apartment tower.
The financing includes a $275 million senior loan from New York Life and a $57 million mezzanine loan from PGIM Real Estate.
The deal follows the developer surrendering an adjacent South Loop development parcel via a deed-in-lieu of foreclosure.