general economy chatter moved to the general discussion thread: https://forum.skyscraperpage.com/sho...d.php?t=208431
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Cirrus Listings
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^ "A natural staircase leads directly to Chicago's lakefront & riverwalk"
What? Lol. Weird to call a staircase natural, and that staircase is on the other side of lakeshore east.. Why not put renderings of the ... nevermind. You guys know what I mean. Funny stuff |
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Curious if Magellan/LendLease are advertising this on 8chan and Sputnik as well?
I like the interiors generally. Looks good. Just wish Magellan didn't hold this seemingly intractable belief that a residential high-rise needs balconies to move units in Chicago. It's just not a thing. Also, that sub-9' ceilings don't hinder the movement of units........I puzzle over that one re Magellan as well.... |
Quick question:
Why is construction about to start so quickly on a condo tower? Don't they usually need a certain amount of presales before financing? |
^ I was just going to comment on that very thing.
It is unusual. It could be that LendLease is simply not doing the formulaic Chicago condo tower financing here. Internally financed? Seeking appreciably lower LTV? Foreign debt source? Vista did their own thing as well - they launched with presumably no or very little in the way of pre-sales (relative to typical Chicago deals). LendLease is also a global development behemoth. Development pipeline of AUD$71 bil as of end-2018. Not your typical outfit that's putting up a Chicago condo tower, to say the least. |
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What will finish first, these buildings or the Navy Pier flyover?
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wow.. it will have the views
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On financing, let's be honest. The only thing that will drop land values at that spot in Chicago is turmoil to the point that banks get bailed out or it doesn't matter.
So let it ride. |
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They could continue to build the Cascade building while pre-leasing continues at Cirrus. . . I'd be surprised if they built both towers at the same time, but it's not impossible. . . How or when they're financing it is a question I can't answer. . . . . . |
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Given their string of highly successful rental projects (Gino's, wpw, coast, etc) it's probable that Magaellan has enough cash to do whatever the fuck they want here. They probably have nine figures in cash at any given time just marinating in a bank account. They can put up 100% of the costs of this tower, the bank is probably financing both buildings off their rental resume and cash pile as a line of credit.
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^ It's still a legitimate question on financing.
Banks generally give a shit. There aren't too many Corus's (remember them?) left out there. A bank that's making lots of news when it comes to condo/apartment/large scale construction financing in general, and with respect to their exposure and practices is OZK. They probably warrant enhanced scrutiny. |
U/C
Case on site and in the ground... |
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