Chicago Luxury Tower Lands $215M Refi

Perkins Coie represented the borrower, Optima Inc., in arranging a loan to refinance construction debt on the 57-story Optima Signature high-rise.
Optima Signature

Optima Inc. has landed $215 million to refinance Optima Signature, a luxury residential tower in Chicago, which was listed as the number one largest multifamily completion in the Midwest, based on Yardi Matrix data. Perkins Coie represented the borrower in negotiations for the loan, in which Bank of America served as the administrative agent and lender. The proceeds will serve to refinance previous construction debt on the community. 

Located at 220 E. Illinois St., the 57-story property is located within the Streeterville neighborhood and is LEED Silver certified. Apartment layouts are offered in convertible, one-, two- or three-bedrooms from levels nine through 36 at the Tower Residences, or penthouse suites on level 20 or 37 through 52 in the Apex. Interior features include stainless steel appliances, quartz kitchen countertops, Snaidero cabinetry, Balterio wide-plank flooring, floor-to-ceiling windows with sunshades, specialty plumbing fixtures, quartz or granite bathroom counters, Emser Tile bathrooms and accents, washer/dryers, choice of light or dark finish packages and wine refrigerators. Exclusive Apex features include 9- to 10-foot ceilings, zero radius sinks, built-in closets with shelving and shoe racks in master bedrooms, bathtubs in all two- and three-bedroom apartments and Nest thermostats.

Luxury amenity offerings 

Optima Signature offers 1.5 acres of community amenity space across three floors, both indoor and outdoor. Apex residents have exclusive access to Club 52, a specialized amenity floor with wine lockers, an alfresco kitchen, lounge and terraces. Amenities offered to all residents include:

  • golf simulator and putting green
  • basketball, squash and bocce courts
  • locker rooms with steam, sauna and lounge areas
  • indoor and outdoor heated swimming pools
  • whirlpool spas
  • sundeck terraces with fireside lounges and private dining areas
  • business center
  • wired conference room
  • resident library
  • coffee bar
  • WELLBEATS virtual workout studio and yoga studio
  • onsite dry cleaning
  • bike storage with repair zone
  • car wash station
  • 24-hour package lockers
  • indoor and outdoor children’s play spaces
  • party room
  • showcase kitchen 
  • theater room
  • lobby-level retail
  • indoor and outdoor dog park and grooming facilities

“Perkins Coie is honored to have assisted with this term financing, which reinforces the success of the development of Chicago luxury residential tower Optima Signature,” Daniel Marre, co-chair of Perkins Coie’s Hotels & Leisure industry group, told Multi-Housing News.

The Perkins Coie team was led by Marre and included Counsel Jordan McCarthy and Associate Neva Wagner. 

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