David Hovey Sr. Of Optima Inc. Secures $59.98M Loan For Multifamily Property In Wilmette

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.