Connect Media > Chicago News > Magellan Buys Out Wanda Hotel Stake in Vista Tower

July 31, 2020 Comments Off on Magellan Buys Out Wanda Hotel Stake in Vista Tower Views: 1569 Chicago News, Top Chicago

Magellan Buys Out Wanda Hotel Stake in Vista Tower

Order Reprints...

Wanda Hotel Development has agreed to sell its ownership stake in Vista Tower for $270 million, the Chicago Tribune reported. Locally based Magellan Development Group has agreed to buy the 90% ownership stake from the unit of Dalian Wanda Group.

Magellan owns the other 10% stake in the 1,191-foot-tall condominium and hotel project, which has been under construction for almost four years at 363 E. Wacker Dr. It’s part of Magellan’s Lakeshore East mixed-use development.

The sale agreement was reached July 24, according to a Hong Kong stock exchange securities filing. The deal was first reported by Bloomberg.

Construction of the 101-story skyscraper along the Chicago River is expected to cost $1 billion, including construction debt.

It’s backed by a Chicago-record $700 million construction loan, which the developers secured in 2017, almost a year after the project broke ground without financing in place. Construction topped out in April.

Read more at Chicago Tribune

Connect With Magellan

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , , , ,

Comments are closed.