BCEG Arranges Construction Loan for the Waterview Tower and Shangri-La Hotel, Chicago
Released on: April 15, 2008, 1:29 pm
Press Release Author: Waterview, LLC
Industry: Construction
Press Release Summary: Beijing Construction Engineering Group Co has arranged construction financing in an amount in excess of $300 million to construct the Waterview Tower & Shangri-La Hotel, Chicago, a 90-story iconic structure in Chicago.
Press Release Body: Beijing Construction Engineering Group Co., Ltd ("BCEG") a Global leader in the building and
construction industry along with BCEGZ-USA, its US subsidiary, announced today that it has
signed a trade agreement with Waterview, LLC, to finance and construct the Waterview Tower
& Shangri-La Hotel, Chicago, a 90-story iconic structure along the Chicago River at the corner
of West Wacker Drive and Clark Street.
BCEG and BCEGZ-USA has arranged construction financing in an amount in excess of $300
million to complete the project, currently under construction, according to Zac Henson and Sean
Johnson, BCEGZ-USA's CEO and CFO . Maintaining a bullish attitude to continue construction
of the 5-Star Hotel and luxury condominiums amid a contracting US financing market, Ivan
Dvorak, the developer of the project, took matters outside the United States. U.S lenders have
pulled back from financing construction projects due to tightening legislative requirements
imposed by the government. "We are honored to have established this partnership with such a
world-class organization," Dvorak said. The building is currently constructed 4 levels below
Wacker Drive and up to the 26th floor and is expected to be occupied by mid 2010.
"We have reached an agreement, and are presently working on the legal documentation both in
the US and here in Beijing," said Johnson. "Our relationship banks are very cooperative and
wish to be good international trade partners with Waterview, LLC." Mr. Johnson was not at
liberty to disclose the details of the terms at this time, but stated he expects the loan to close by
June. When asked about other construction developments BCEGZ-USA was involved with,
Johnson replied that, "we are currently reviewing in excess of $2 Billion dollars worth of
contracts for additional US developments and we are engaged in various levels of negotiations
with Beijing construction lenders through our BCEG corporate affiliates."
Beijing Construction Engineering Group Co., Ltd (BCEG) was founded in 1953. During the past
50 years, BCEG has completed the construction of more than 90 million square meters and has
branches in Asia, Africa and Europe and in the Americas. BCEG is composed of more than 200
companies and factories, engaging in architectural design, scientific research, construction,
equipment installation, building material supply. It possesses altogether over 44,000 personnel
and its annual projects completion amounts to 3,000,000 square meters. BCEG is currently
building many of the Olympic facilities, the US Embassy in Beijing, and recently completed the
new Terminal at Beijing International Airport, all to be open for the highly anticipated 2008
Olympic Games in August.
For more information on BCEG, BCEGZ-USA, and Waterview Tower & Shangri-La Hotel, Chicago:
2022
