June 19, 2017
Chicago’s Magellan Development Group and China’s Dalian Wanda Group secured a $700-million construction loan from Ping An Bank for Vista Tower, which broke ground last year at 363 E. Wacker Dr. in Chicago. The financing for the 94-story residential and hotel building is believed to be the largest construction loan ever issued in Chicago.
The $1-billion Vista Tower, which will be Chicago’s third-tallest building when completed in 2020, has already pre-sold more than 35% of the residential units. The development which includes a range of configurations from one-bedroom units to full-floor penthouses, is planed for 406 condo units and roughly 190 hotel rooms.
The loan for a high-end, large-scale condo project reflects the strength of the Chicago CRE market, with brokers calling it a “fantastic endorsement” for the Windy City.
The lender is a subsidiary of Chinese conglomerate Ping An Insurance.
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