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-   -   CHICAGO | Cirrus & Cascade (LSE) | 562' & 403' FT | 52 & 37 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=239946)

Steely Dan Aug 15, 2019 4:16 PM

general economy chatter moved to the general discussion thread: https://forum.skyscraperpage.com/sho...d.php?t=208431

rivernorthlurker Aug 17, 2019 8:47 PM

Cirrus Listings
 
Whelp, that was fast.

https://i.imgur.com/myy9hV9h.png

Yes I read Zerohedge, don't judge me.

rivernorthlurker Aug 17, 2019 9:17 PM

Cirrus Condos
 
Via https://cirruscondos.com/

https://i.imgur.com/qy05zWdh.jpg

https://i.imgur.com/DyWIwxjh.png

https://i.imgur.com/6CIvROCh.png

https://i.imgur.com/EKjIOeSh.png

https://i.imgur.com/T2NjTrah.png

https://i.imgur.com/Byg5kWmh.png

https://i.imgur.com/35kGduNh.jpg

https://i.imgur.com/yaESKNjh.png

https://i.imgur.com/iHfipwCh.png

https://i.imgur.com/tZTNVa4h.png

https://i.imgur.com/vEdenK1h.png

https://i.imgur.com/KOy7j8ch.png

cozy Aug 18, 2019 3:51 PM

^ "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

HomrQT Aug 18, 2019 6:29 PM

Quote:

Originally Posted by cozy (Post 8661824)
^ "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

Right? Wouldn't a "natural staircase" be like stacked rocks or something?

SamInTheLoop Aug 19, 2019 7:34 PM

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....

the urban politician Aug 19, 2019 9:31 PM

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?

SamInTheLoop Aug 20, 2019 12:47 AM

^ 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.

BonoboZill4 Aug 20, 2019 1:27 AM

Quote:

Originally Posted by SamInTheLoop (Post 8663195)
^ 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.

Perhaps they leveraged the rest of LSE's success and got their financing off that sort of argument with a bank? I could see the argument of it being a money machine with the location and history... if that's something that is even possible to argue that is lol. Otherwise it's probably like you said, internally financed.

Freefall Aug 20, 2019 2:49 AM

What will finish first, these buildings or the Navy Pier flyover?

maru2501 Aug 20, 2019 11:49 AM

wow.. it will have the views

aaron38 Aug 21, 2019 4:18 AM

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.

Tom In Chicago Aug 21, 2019 6:01 PM

Quote:

Originally Posted by the urban politician (Post 8662987)
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?

They only have permits to work on the foundation up to the 3rd floor - or what I assume is upper Harbor Drive - the common components of both buildings. . .

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. . .

. . .

BonoboZill4 Aug 21, 2019 6:07 PM

Quote:

Originally Posted by Tom In Chicago (Post 8665158)
They only have permits to work on the foundation up to the 3rd floor - or what I assume is upper Harbor Drive - the common components of both buildings. . .

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. . .

. . .

Unless my memory is totally failing me, they've been stating they'd build both simultaneously for a while now. I see no reason to not expect both to be built. It's not like we don't see the initial permit of foundation to third floor happen all the time on other buildings that don't have a second tower anyway. No reason that it should indicate them not building both at the same time to me

LouisVanDerWright Aug 21, 2019 6:16 PM

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.

Tom In Chicago Aug 21, 2019 6:27 PM

Quote:

Originally Posted by BonoboZill4 (Post 8665164)
Unless my memory is totally failing me, they've been stating they'd build both simultaneously for a while now. I see no reason to not expect both to be built. It's not like we don't see the initial permit of foundation to third floor happen all the time on other buildings that don't have a second tower anyway. No reason that it should indicate them not building both at the same time to me

I'm not suggesting that they're /not/ going to build the buildings. . . I'm suggesting that they have yet to file permits to do so. . . I'm sure they'll find the money, but I could see a very realistic scenario where they build Cascade before Cirrus. . .

. . .

SamInTheLoop Aug 21, 2019 10:04 PM

Quote:

Originally Posted by LouisVanDerWright (Post 8665179)
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.

LendLease is in all probability the real equity money here.

LouisVanDerWright Aug 22, 2019 3:15 AM

Quote:

Originally Posted by SamInTheLoop (Post 8665545)
LendLease is in all probability the real equity money here.

Ok so with lend lease involved they have probably ten figures liquid. Point being the banks don't give a shit because they are probably funding like 40% of the project...

SamInTheLoop Aug 22, 2019 3:44 AM

^ 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.

LouisVanDerWright Aug 22, 2019 8:33 PM

U/C

Case on site and in the ground...


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