KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST”) has provided a mezzanine loan to leading urban real estate firm, Crescent Heights, to support the refinancing of NEMA Chicago, an 800-unit luxury residential building located in the heart of Chicago’s South Loop. This represents KKR’s first debt investment through KREST, a continuously offered, registered closed-end fund designed to deliver access to income-oriented private real estate investments.
Built in 2019, NEMA Chicago is the tallest multi-family residential apartment tower offering unobstructed views of Grant Park, Lake Michigan and the Chicago skyline, as well as convenient access to Chicago’s downtown employment centers and nearby universities. The 76-story property features 71,000 square feet of state-of-the-art amenities and finishes, including indoor and outdoor pools, extensive fitness facilities, conference meeting spaces and a diverse mix of units.
“We are thrilled to build on our longstanding relationship with Crescent Heights and participate in the refinancing of this premier property as it enters into the next phase of its business plan,” said Matt Salem, KKR Partner and Head of Real Estate Credit. “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.”
Read more/Source: Business Wire
