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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.

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