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  #1401  
Old Posted Dec 4, 2019, 4:55 PM
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Originally Posted by Skyguy_7 View Post
^^SSP convention dictates that bananas shall remain idle until actual caisson drilling has commenced. I thought I saw holes Monday night but that report appears to have been inaccurate. I redact my previous bananas but will instruct them to stretch their legs for imminent dancing.

While we're a long ways away from seeing the base of a tower crane, it looks like they erected the crawler crane yesterday, which is essential to caisson sleeve/rebar installation. Another step in the right direction.
Yeah! No bananas until drilling commences!
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  #1402  
Old Posted Dec 4, 2019, 5:00 PM
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this is too funny

im excited to finally whip out our bananas together when the time is right
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  #1403  
Old Posted Dec 4, 2019, 6:05 PM
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  #1404  
Old Posted Dec 4, 2019, 6:08 PM
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  #1405  
Old Posted Dec 4, 2019, 6:29 PM
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And there we go....



Now, once we get confirmation of actual financing, my skepticism will go onto hibernation.
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  #1406  
Old Posted Dec 4, 2019, 6:34 PM
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  #1407  
Old Posted Dec 4, 2019, 6:36 PM
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Hmm could just be mud on that auger from the previous project.

JK. WAHOO Thanks Solar! What a time to be alive!

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  #1408  
Old Posted Dec 4, 2019, 7:16 PM
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Originally Posted by BVictor1 View Post
And there we go....



Now, once we get confirmation of actual financing, my skepticism will go onto hibernation.


https://www.chicagobusiness.com/resi...ower-get-built

'Oct. 28 update: After this story was published, Francis Greenburger, chairman and CEO of Time Equities, announced that Goldman Sachs has committed to funding the $470 million project, and that construction will start in December.'
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  #1409  
Old Posted Dec 4, 2019, 8:27 PM
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Originally Posted by BVictor1 View Post
And there we go....



Now, once we get confirmation of actual financing, my skepticism will go onto hibernation.
Amen "B".
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  #1410  
Old Posted Dec 4, 2019, 8:44 PM
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Originally Posted by Chisouthside View Post
https://www.chicagobusiness.com/resi...ower-get-built

'Oct. 28 update: After this story was published, Francis Greenburger, chairman and CEO of Time Equities, announced that Goldman Sachs has committed to funding the $470 million project, and that construction will start in December.'
And I certainly hope that deal has closed.

Teng said back in 2008 (I think it was) that they had a commitment for the Inport/Export Bank of China for Waterview Tower, until they didn't.
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  #1411  
Old Posted Dec 4, 2019, 8:51 PM
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  #1412  
Old Posted Dec 4, 2019, 9:48 PM
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Originally Posted by BVictor1 View Post
And I certainly hope that deal has closed.

Teng said back in 2008 (I think it was) that they had a commitment for the Inport/Export Bank of China for Waterview Tower, until they didn't.
Right but that tower it was financed with Chinese dollars this is American money…..and not likely we are not facing another 2008 situation theres a reason that was a great recession. This time is different so back to bananas
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  #1413  
Old Posted Dec 4, 2019, 10:18 PM
SamInTheLoop SamInTheLoop is offline
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Kudos to the development team if in fact they have landed complete project financing. Looking forward to any details of that.

I think it's worth reiterating that this would be the largest (by no. of units - 421) new construction condo tower developed in Chicago since the global financial crisis/great recession. Unless I'm missing any, the only other tower that would remotely approach the number of units here is Vista. This entire cycle, the condo projects that have been successful are primarily super high-end boutique buildings with few - or even very few - units. There may be a small number of exceptions - for example, 1345 S. Wabash is one that comes to mind for not fitting that mold. But those are the exceptions. I mean, the absolute poster child for a successful product this cycle is No. 9 Walton (which of course fits the above mold to a T). I believe that tower (it's not a tiny building, floor area-wise to be sure) has fewer than 70 units!

So, all of this is to state that the 1000m developer making it this far (and certainly if they've landed financing) is quite a significant achievement given the condo market dynamics in Chicago this decade. It remains to be seen of course whether they have landed complete financing, or GS is just a piece of a larger debt package that has not been finalized yet. I'll retain a healthy skepticism here until there's reporting on the financing being closed.

I will be very curious to learn the details of any debt package. Not much to compare it to, so downtown condo developers - and lenders - will be very interested in having a comp up on the board, if you will. Also, have we even heard a solid stat on the % of units sold? I've seen some inferences from the number of units that are being marketed and what not, but I don't recall seeing a firm stat mentioned recently. Same question actually for Vista. My suspicion is that Vista - despite approaching completion - might still be well under 50% sold - but that's just a guess. I still don't know how they will be moving all of those significant numbers of $5-10 mil+ units at that tower. I think that was prefaced on a poorly thought-out thesis that a lot of foreign capital would be streaming into the Chicago condo market.
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Last edited by SamInTheLoop; Dec 4, 2019 at 10:32 PM.
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  #1414  
Old Posted Dec 4, 2019, 11:03 PM
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Banana time!


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  #1415  
Old Posted Dec 5, 2019, 12:45 AM
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Quote:
And I certainly hope that deal has closed.

Teng said back in 2008 (I think it was) that they had a commitment for the Inport/Export Bank of China for Waterview Tower, until they didn't.
I'd imagine Goldman Sachs is more legit than whoever was behind the Waterview Tower
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  #1416  
Old Posted Dec 5, 2019, 3:10 AM
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Originally Posted by Zapatan View Post
I'd imagine Goldman Sachs is more legit than whoever was behind the Waterview Tower
I'm glad you said you "imagine". Goldman Sachs? Ummm...
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  #1417  
Old Posted Dec 5, 2019, 3:40 AM
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Walked past the site a few minutes ago. They're not working through the night. Lame. Probably fake.
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Last edited by SIGSEGV; Dec 5, 2019 at 3:56 AM.
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  #1418  
Old Posted Dec 5, 2019, 4:41 AM
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Quote:
Originally Posted by Chisouthside View Post
https://www.chicagobusiness.com/resi...ower-get-built

'Oct. 28 update: After this story was published, Francis Greenburger, chairman and CEO of Time Equities, announced that Goldman Sachs has committed to funding the $470 million project, and that construction will start in December.'
You can all thank me and my Marcus account for helping fund this project
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  #1419  
Old Posted Dec 5, 2019, 2:13 PM
chicubs111 chicubs111 is offline
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While obviously this building is going foward its defienlty understandable for people to be a little wary.. Can anyone think of a building of this size where there wasnt a significant article posted that funding has been secured?... beside that little tidbit quote, we are all used to seeing the crains/tribune article once a large loan has been secured (similiar to the one just release for BMO tower) on all projects of this size
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  #1420  
Old Posted Dec 5, 2019, 4:53 PM
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Originally Posted by SamInTheLoop View Post
I still don't know how they will be moving all of those significant numbers of $5-10 mil+ units at that tower.
I was Googling around and the most expensive unit I saw was the 5488 sqft penthouse on the highest (71st) floor, for $8,100,000. There are $10 mil+ units?
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