Optima refinances Signature apartment tower with $215M loan

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

TRD CHICAGO /
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.


Related Articles

arrow_forward_ios
Managing director of Wanxiang American Real Estate Larry Krueger and CEO of Riverside Investment & Development John O’Donnell

Riverside JV looks to recap or sell 1.2M sf West Loop office tower

Amazon CEO Jeff Bezos and 315 S. Hicks Road in Palatine (Credit: Getty Images, Google Maps)

Amazon nails down another 650K sf worth of Illinois warehouses

SEC chair Jay Clayton (Credit: Getty Images)

SEC investigating financially troubled housing nonprofit

Founder and CEO of Level Ex Sam Glassenberg and 180 North LaSalle St. (Credit: Google Maps)

Medical gaming company inks sublease deal in the Loop

Ald. Andre Vasquez (40th) and 5500 N. Wolcott Ave. (Credit: Google Maps)

Ald. Vasquez says Temple Steel campus won’t give way to luxury housing

A rendering of the Target warehouse at 3501 S. Pulaski Road and Target CEO Brian Cornell (Credit: Hilco Redevelopment, Target)

Target takes aim at massive warehouse in Little Village

Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

WeWork has troubles, but it also has a new location in River North

arrow_forward_ios
Loading...