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NEMA Chicago Rental Tower Secures $345M Refi
Crescent Heights has secured a refinancing on its NEMA Chicago luxury rental tower in the South Loop. Financial terms weren’t disclosed, but published reports say the financing package from KKR and Bank of China is $345 million.
The mezzanine portion of the financing represents KKR’s first debt investment through KKR Real Estate Select Trust. “NEMA Chicago is delivering a luxury live and work experience that is in high demand and we believe the property is well positioned for continued growth and outperformance.” said Matt Salem, KKR’s head of real estate credit.
“KKR has been a trusted lending partner to NEMA Chicago and multiple phases of its lifecycle. We are appreciative to KKR’s entire team for their capital flexibility,” said Casey Klein, Crescent Heights managing director.
Delivered in 2019, the 76-story, 800-unit NEMA Chicago features 71,000 square feet of state-of-the-art amenities and finishes.
- ◦Financing
