Finance N Illinois

Luxury residential tower Optima Signature refinances for $215 million

Luxury residential tower Optima Signature refinances for $215 million,ph1

Perkins Coie represented luxury residential development firm Optima, Inc. in the negotiation of its $215 million term loan for its Optima Signature project, which refinances previous construction debt on the property. Perkins Coie had previously represented Optima, Inc. in the negotiation of the original construction financing.

Optima Signature is a 57-story residential community in the Streeterville neighborhood of Chicago. The building is LEED Silver-certified and contains 1.5 acres of community amenity space across three floors, including indoor- and outdoor-heated swimming pools, cabanas, bars and a fitness center offering a virtual workout studio and steam rooms.

Bank of America served as the administrative agent and lender in the transaction. The bank originated the construction loan for Optima, Inc. in 2015, and with this transaction, converted the construction loan into a term loan. The deal closed on September 28, 2018. The Perkins Coie team included counsel Jordan McCarthy, associate Neva Wagner and was led by Perkins Coie Chicago partner Daniel Marre.