Updated Apr 28, 2026
David Hovey Sr. Of Optima Inc. Secures $59.98M Loan For Multifamily Property In Wilmette
1210 Central Avenue
$59,980,000
Units
100
Asset Type
MultiFamily
Closing
Apr 27, 2026
About this deal
AI
The transaction involves a multifamily asset comprising a 100-unit luxury apartment building located at 1210 Central Avenue in Wilmette, Illinois. The property is a six-story transit-oriented development that includes high-end amenities and ground-floor retail, part of a larger two-phase project.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $59,980,000
- Lender: Freddie Mac
- Landlord: David Hovey Sr. - Optima Inc.
- Broker: Walker & Dunlop
- Loan Terms: fixed-rate, interest only
Walker & Dunlop arranged the financing, which refinances construction debt for the property that opened three years ago. This key transaction involves David Hovey Sr. representing Optima Inc., the owner of the asset.
Players
Wilmette MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93