April 16, 2008 – It looks as though the Waterview Tower is going stay afloat after being thrown a financial lifeline. The Chicago Tribune reported today that the project, which is already under construction, is now being funded by the Beijing Construction Engineering Group Co. With $300 in new financing, the Tower won’t have to halt construction as was speculated this past week.

The Beijing Group’s U.S. main office is located in Dallas and CEO Joe Schuelke stated that the Export Bank of China was the lender for the construction loan. He didn’t say whether the loan was secured by a stake in the development or not, but that is most likely the case. Waterview Tower developer Teng and Associates manager Ivan Dvorak was quoted in the article as saying that, “BCEG is a huge company that has a strategic plan to enter the U.S. market and they want to be part of this iconic project. They will be part of our team involved in construction.”

The Shangri-La Hotel that is set to anchor the Waterview Tower will be the first of its kind on American soil. The project was conceived and designed at the same time as several other luxury condo hotel developments, but up until now hasn’t been able to resonate with buyers, judging from sluggish sales. The high-rise will stand 90 stories tall when it is completed in 2010 and contain 223 condo hotel suites as well as 243 residential Chicago condos.

We’ll have to wait and see if the recent financial scare has an effect on future sales of these Chicago Luxury Condos or if once the tower starts to climb, interest in purchasing a unit at this Chicago real estate development will be renewed.

[tags]Waterview Tower, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Wednesday, April 16th, 2008 at 11:50 pm and is filed under Mortgage Information.