Developers for the 94-story, $1 billion Vista Tower in Chicago have secured a $700 million construction loan, the largest real estate-related financing deal in the city's history, from China-based Ping An Bank, according to the Chicago Tribune.
Magellan Development Group and Wanda Commercial Properties of China broke ground on the Jeanne Gang-designed hotel and condominium tower nine months ago without full financing in place, which is unusual for a project of that size. Developers said they believed they would get better loan terms if they could deliver more presales — 35% of the pricey units have been sold thus far — and successfully complete the risky underground portion of work.
Magellan and Wanda will pay for the rest of the project with $300 million in equity financing, up to $200 million of which could come from foreign investors through the EB-5 visa program, Crain's Chicago Business reported.
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