CHICAGO | Waterview Tower | 1,047' Official / 1,035' Roof | 89 FLOORS |NEVER BUILT - Page 100

jjk1103 · #**1981** Posted **Jun 21, 2008, 2:00 AM**

Quote:

Originally Posted by Himechme

Hello again all:

I finally remembered my password

Status Update:

Here is what I have been told:

The board of XM Bank in Bejing is meeting on June 30 to make the final decision weather or not to give Teng the Loan. It is expected to be approved as long as all of the contractors sign some document agreeing to some quite unfavorable terms to them. To date none of the contractors have signed this and they have had the documents for four weeks.

I guess that they will sign the document at the last minute because if the Bejing deal falls through it does not appear that there is anyone else in line to loan the money. That would leave the contractors in quite a pickle as most likely they would have to file leins and that would about kill the possibility of any other lender getting involved.

That is it for now. As I know more I will post!!

..so in other words, this thing is hanging by a thread......well, I'll be in Beijing on the 30th ....I could put in a good word for the project with XM Bank on behalf of all Chicago forumers !!

photoLith · #**1982** Posted **Jun 21, 2008, 4:38 AM**

Hey ill be in Beijing too by then, are you seeing the olympics?

Beck4ABigChicago · #**1983** Posted **Jun 21, 2008, 5:31 AM**

^^^Without knowing anything about the details, probably subordination agreements....but there are others on this board that are much more versed in R.E. law I'm sure.

i_am_hydrogen · #**1984** Posted **Jun 21, 2008, 5:41 AM**

Hmm, I hope the bank hasn't asked for personal guarantees.

Nowhereman1280 · #**1985** Posted **Jun 21, 2008, 7:47 AM**

^^^ I doubt it would. However, it seems likely that they are probably trying to force through a clause in the contract that prevents any contractors from filing liens against the property. That sounds unreasonable at first, but when you think about it, the contractors better do it or they lose all of the money they are already owed by this project...

chi-arch · #**1986** Posted **Jun 21, 2008, 2:22 PM**

Probably more to do with subordination and locking in prices than anything else with the subcontractors. Lots of crazy pricing has occured over the past couple of years and we still have over two years to go on this project with more fluctuations to go. I'm sure Bejing doesn't want to see any escalation or the profits go bye-bye. My opinion only.

BVictor1 · #**1987** Posted **Jun 21, 2008, 4:49 PM**

I think it's time to send an email to XM Bank

i_am_hydrogen · #**1988** Posted **Jun 21, 2008, 5:42 PM**

Quote:

Originally Posted by BVictor1

I think it's time to send an email to XM Bank

I can just see it now: A bank employee bursts into the boardroom where XM executives are debating whether to extend financing and proclaims: "Wait! Wait! I have an email from Mr. BVictor1. He says: 'Give Teng the loan.'" After receiving this information, the board immediately cuts short its deliberations and unanimously approves the loan.

chi-arch · #**1989** Posted **Jun 21, 2008, 5:51 PM**

^

You have no idea how much power Victor wields!

honte · #**1990** Posted **Jun 21, 2008, 8:29 PM**

"Beware!! He who provides no loan shall endure 1000 years' bad PR on Chicago architecture boat tour."

Alliance · #**1991** Posted **Jun 21, 2008, 10:02 PM**

I once saw vic build a skyscraper through sheer willpower.

It was a fearsome sight.

jjk1103 · #**1992** Posted **Jun 22, 2008, 12:47 AM**

Quote:

Originally Posted by photolitherland

Hey ill be in Beijing too by then, are you seeing the olympics?

...no I'm leaving on July 14th....send me a private message and I'll give my hotel address.......

Eventually...Chicago · #**1993** Posted **Jun 22, 2008, 1:43 PM**

Quote:

Originally Posted by honte

"Beware!! He who provides no loan shall endure 1000 years' bad PR on Chicago architecture boat tour."

BVic will make sure Dave Matthew's band bus is driving over a bridge when you're on the boat under it!

Dr. Taco · #**1994** Posted **Jun 22, 2008, 3:34 PM**

^

to everything

harryc · #**1995** Posted **Jun 26, 2008, 3:59 AM**

Not sure if this is for stuff coming or going ....

.... but Adjustable Forms has upgraded to the luxury tractor to pull it.

ardecila · #**1996** Posted **Jun 26, 2008, 6:50 AM**

Man, no wonder there were cost overruns....

johnandahalf · #**1997** Posted **Jun 26, 2008, 1:20 PM**

Quote:

Originally Posted by harryc

.... but Adjustable Forms has upgraded to the luxury tractor to pull it.

I sure hope that Caddy has run-flat tires. Nails seem to be unnaturally attracted to my tires, & I don't park in construction sites!

ô¿ô

kayosthery · #**1998** Posted **Jun 26, 2008, 3:58 PM**

Quote:

Originally Posted by Alliance

I once saw vic build a skyscraper through sheer willpower.

It was a fearsome sight.

BVic walked defiantly to the edge of the site, glaring menacingly

toward the banking executives. He turned his scowl toward the developer and gave a slight

. BVic rubbed his hands together, ala Mr. Miagi KK part I, in an effort to call forth all the power the force could muster. As he began to lift his arms; a cloud of smoke appeared at the top of the building and a deep rumble could be felt and heard for miles.

As he raised his arms even higher the smoke and rumble rose with it, leaving behind fully finished storeys of a highrise.

Dropping his arms to his side, BVic stumbled backwards, exhausted from the effort. The onlookers raced to his aid and a

ensued in celebration.

AnotherPunter · #**1999** Posted **Jun 26, 2008, 8:27 PM**

Quote:

Originally Posted by kayosthery

The onlookers raced to his aid and a

ensued in celebration.

I think the word you are reaching for at the end there is "banaculation"

LaSalle.St.Station · #**2000** Posted **Jun 27, 2008, 7:05 AM**

Well, worst case... the garage and hotel structure are formed, just needs finishing, much better than an empty lot.... plus LaSalle Wack building's tower is still prominent. But ....I've said this a few times..... this site sits in the original North Loop redevelopement track and should qualify for the Tax Inc Financing subsidy that the district was intendended for within it[s boundries.

What a shame for the last parcell to get shrimped when they spent all the tif proceeds on everything but North Loop Redevelpoment.....