Can we move this to U/C?
Salesforce Tower lands $500 million-plus loan; construction of 60-story office building kicks off along Chicago River despite coronavirus slowdown
https://www.chicagotribune.com/colum...ivq-story.html
Quote:
Development of the 60-story Salesforce Tower office has kicked off along the Chicago River after the project secured a $500 million-plus construction loan that is one of the largest in Chicago history.
Financing was finalized amid a major economic slowdown resulting from the coronavirus pandemic, which has put into question the fates of big real estate projects throughout the world.
Salesforce Tower was able to move forward because of its deep-pocketed investors and a 500,000-square-foot lease in hand from the namesake tenant, the San Francisco-based software firm.
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Lenders included JPMorgan Chase, Wells Fargo and U.S. Bank, among others, according to Van Schaack.
He said the loan is for more than $500 million, but Van Schaack declined to be more specific. The exact amount was not yet recorded with Cook County.
“It’s a tough time for any project that has smaller investors distracted by other issues,” Van Schaack said. “With the lenders and investors that we have, we were able to stay on course. We’re very lucky for that.”
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Salesforce Tower is expected to cost more than $800 million to build.
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The loan was finalized April 2, said Greg Van Schaack, a Chicago-based senior managing director at development firm Hines. Work on the skyscraper’s foundation began a day or two later on the site at Orleans Street and the Chicago River, he said.
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