Vancouver is moving ahead with plans to shore up the financial footings for the new downtown Olympic Village condo development.
The city, putting another $253 million (U.S.) of its credit on the line, has bought out Fortress Investment Group's original stake in the troubled real-estate development that will house half of the 2010 Winter Olympics athletes. (The other half will be housed at a more modest Whistler Olympic Village.)
Fortress, a troubled U.S. hedge fund, originally offered principle financing for the project, on the city's Southeast False Creek waterfront. The buyout will essentially allow the city, which has secured $400 million in a credit line from the Bank of Montreal, to refinance the debt and ensure the project is complete on schedule by November.
