Optima refinances Signature apartment tower with $215M loan

The refinance replaces a 2015 construction loan for $160M on the 57-story Streeterville tower

Nov.November 01, 2018 04:00 PM

Optima, Inc. CEO David Hovey, Optima Signature, 220 East Illinois Street

Optima Inc. refinanced its 490-unit Optima Signature apartment tower in Streeterville with a $215 million loan from Bank of America.

The Chicago-based developer converted its $160 million construction loan from 2015 into a long-term loan for the 57-story tower on Sept. 28, according to a spokesperson for law firm Perkins Coie, whose attorneys represented the developer on the refinancing.

Originally called Optima Chicago Center II, the tower at 220 East Illinois Street was pitched by CEO and architect David Hovey as a companion to the adjacent Optima Chicago Center. It was completed in 2017.

Earlier this year, Optima sold the Optima Chicago Center, completed in 2013, to New York-based Edge Principal Advisors for $155 million.

With a full-size basketball court and 40-yard-dash track, the Optima Signature is one of a string of new luxury apartment towers that have pushed the envelope of tenant amenities in the hopes of attracting residents.

Last month, three separate users signed leases combining for about 18,000 square feet of commercial space in the building.

The building’s website advertises one-bedroom apartments starting at $2,950 per month.

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