A development group led by Related Cos. has landed a loan to resume construction of Waterview Tower, the 27-story concrete structure on Wacker Drive that has sat unfinished since its prior developer ran out of money in 2008.
U.S. Bank said Wednesday that it and Bank of America Corp. have led a bank group that provided a $115-million construction loan for the project at 111 W. Wacker Drive.
The Related venture plans to finish the development as a 60-story tower with 504 apartments. Demolition of parts of the existing structure is under way; Related expects to finish the building in the spring of 2014.
