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Originally Posted by cozy
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As usual Magellan probably killed it on this deal by taking advantage of the stupidity of others. They timed everything similarly perfectly with Aqua when they finished selling all the condos (or most of them) right before the crash hit, then we're able to collect a huge fee for the hotel backing out in the recession, then a short time later secured an even better hotel deal as Chicago's tourism boom picked up steam, and then finally scored massively on the apartment component as the apartment boom ramped up.
The same thing is likely happening here. Odds are they took Wanda for a ride on this deal and are probably using bank money to buy them out now that the project is nearly done. Pretty sweet deal to borrow hundreds of millions of dollars from an investor who is then forced to sell to you right when the biggest bump in equity is achieved. Refinance, give them their money back, and enjoy your new supertall. Magellan isn't as flashy as Sterling Bay or Related, but they sure as hell are just as shrewd if not moreso.