PGIM provides $57 million mezzanine loan to refinance class-A Chicago multifamily property

NEWARK, N.J., July 22, 2026 - PGIM has provided a $57 million mezzanine loan to Crescent Heights for the refinancing of a class-A multifamily property in the city's South Loop neighborhood.

NEMA Chicago consists of 800 units and amenities, including a golf simulator, Pilates studio, pet spa, indoor and outdoor pools, wellness spa, and gym. The property is located across the street from Grant Park in Chicago's South Loop neighborhood and offers easy access to public transportation. Residents also benefit from proximity to wellness destinations, shopping centers, dining options and cultural attractions, including the Field Museum, Soldier Field and Shedd Aquarium.

"We are pleased to provide financing for NEMA Chicago, a high-quality multifamily asset in one of the nation's most dynamic urban rental markets," said Shaunak Tanna, executive director for PGIM's Real Estate investment group who led the origination of the loan on the firm's behalf. "This transaction reflects our continued focus on providing mezzanine loans on behalf of our structured debt platform to experienced sponsors. Chicago continues to demonstrate resilient renter demand, a diverse economic base, and strong appeal among residents seeking high-quality housing options, which we believe positions the property for long-term success."

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management.¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions - including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

ABOUT CRESCENT HEIGHTS
Crescent Heights is America's premier urban real estate developer specializing in the development, ownership, and operation of architecturally distinctive mixed-use high-rises in major cities across the United States. The architecture, interior design, and amenities of each project are infused with the history, climate, and character of its local neighborhood. Crescent Heights actively engages local stakeholders to ensure that each project supports the long-term well-being of its community. The firm is committed to creating projects of enduring value and prestige that help communities thrive long into the future.

¹As of March 31, 2026.

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The brand "PGIM" (and the formerly-used brand "PGIM Real Estate") encompass both (1) a real estate fund advisory business headquartered in Newark, New Jersey, which operates as a business unit of PGIM, Inc ., an SEC-registered investment adviser organized as a New Jersey corporation, formerly under the name "PGIM Real Estate", and (2) a commercial real estate debt origination and asset management platform which operates through a separate, affiliated legal entity known as PGIM Real Estate Finance, LLC ("PGIM REF"), a Delaware limited liability company. Several officers of PGIM REF are also associated with PGIM, Inc., and, from time-to-time, may provide services to PGIM in their capacities as officers of PGIM that are separate and distinct from the services they provide as officers of PGIM REF. PGIM Real Estate Finance, LLC is registered with the California Department of Financial Protection & Innovation under license number 60DBO-105210. Loans made or arranged pursuant to a California Finance Lenders Law license.

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