Quote:
Originally Posted by SamInTheLoop
^ 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.