HFF Announces Sale and Financing of Optima Chicago Center

Business Wire 17-Apr-2018 4:23 PM

Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and acquisition financing of Optima Chicago Center, a 325-unit, high-rise apartment community in Chicago's Streeterville neighborhood.

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.

Optima Chicago Center is located at 200 East 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 the renowned David C. Hovey, FAIA and features a mix of 323 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, rooftop hydro-therapy spa, outdoor terrace with grilling stations, outdoor lounge with fire pits, state-of-the-art 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 investment advisory team included managing directors Sean Fogarty and Marty O'Connell.

HFF's debt placement team consisted of managing director Danny Kaufman.

"Optima Chicago Center is a superb multi-housing property situated in a tremendous Streeterville location just steps from North Michigan Avenue and the new Apple Store as well as a short walk from lakefront and Chicago River amenities," Fogarty said.

About Optima

For over four decades, Optima has been developing, designing and building some of the most striking urban and suburban luxury residential communities in the United States. With locations across Illinois and Arizona, Optima is committed to design, innovation and sustainability. For more information, visit http://www.optimaweb.com/.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE:HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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