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Chicago & Midwest  + Finance  | 

Nema Chicago Tower Lands $340M Refi Ahead of Completion

Crescent Heights, which is developing Chicago’s tallest apartment building, has refinanced the project with a $340-million loan months before completing the project, Crain’s Chicago Business reported. The lender on Crescent Heights’ 76-story Nema Chicago was reportedly KKR Real Estate Finance Trust, which announced the loan on Monday but didn’t identify the borrower.

The new loan allows Miami-based Crescent Heights to pay off the project’s original construction financing of about $328 million, and lock-in a lower interest rate, the developer’s Casey Klein told Crain’s.

One of several new multifamily projects in the South Loop, Nema Chicago is about 35% leased. Crescent Heights expects to complete construction this fall.

The KKR mortgage REIT also said that it provided a $186-million loan on a new 492-unit apartment building in Chicago. It didn’t identify the property, but Crain’s noted that the only project matching that description is Fifield’s 727 W. Madison St.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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