Holliday Fenoglio Fowler, L.P. (HFF) announced the sale and acquisition financing of Optima Chicago Center, a 325-unit, high-rise apartment community in Chicago’s Streeterville neighborhood.
Optima Chicago Center is located at 200 E. Illinois Street, one block east of Michigan Avenue and just a few blocks from the Chicago Riverwalk, lakefront beaches and Navy Pier. Constructed in 2013, the 42-story property was designed by David C. Hovey, FAIA and features a mix of one-, two- and three-bedroom units along with two penthouses totaling 328,451 rentable square feet.
The property also encompasses a 233-space structured parking garage and 20,644 square feet of commercial space fronting North St. Clair and Upper Illinois Streets. In addition to condo-quality finishes, the property also offers residents access to a wide array of amenities, including a green rooftop, hydro-therapy spa, outdoor terrace with grilling stations and fire pits, fitness center, yoga studio, indoor swimming pool, great room with lounge and coffee bar, recreation area with billiards and ping pong, party/event space, pet wash station, concierge services and skyline views.
The HFF team marketed the property on behalf of the seller, a partnership comprising Optima, Inc., DeBartolo Development LLC and OPTrust, and procured the buyer. Additionally, the HFF team worked on behalf of the new owner to secure financing through Pacific Life Insurance Company. The HFF investment advisory team included managing directors Sean Fogarty and Marty O’Connell and managing director Danny Kaufman handled debt placement.
