Vista Tower Developer Buys Out Partner For $270 Million
Posted by Leo Clark. on
After a six-year partnership, one of the developers behind the Vista Tower is buying out its majority partner for $270 million. Wanda Hotel Development recently agreed to sell its own 90-percent stake in the building to an affiliate of its Chicago partner to cut debt.
Previously, Magellan Development Group owned just 10-percent of the project. The Chinese partner had been looking for a buyer for its stake in the property for at least two years. The on-going pandemic has made its current financial woes even more challenging.Â
The $270 million buyout accounts for Wanda’s equity stake in the estimated $1 billion condo and hotel project. Wanda and Magellan collectively financed construction of the tower with a $700 million loan.Â
The 101-story tower…
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