X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Four years after the first announcement, a joint venture has secured a $170 million construction loan to build the Lincoln Park 2520 condo project. Ricker-Murphy Development LLC, joined by GE Pension Trust affiliate Lake Tower Development LLC, said a group of lenders led by the Japan-based Sumitomo Mitsui Banking Corp. will front the money.

Demolition began for the project in late 2006 on the former Columbus Hospital site in the Lincoln Park neighborhood along Lakeview Avenue. American Invsco Corp. sold the site for $45 million. Rickey-Murphy touted the $300 million plan as including 314 condos in three buildings, as well as 13 townhomes along St. James Place and Deming Place. After the recession ravaged condo projects, the venture, still seeking development funds for its 50% sold complex, said in July 2009 that it would lower the unit count to 198.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.