Lincoln Park 2520 developers land $170M construction loan, anticipate 2012 deliveries

Lincoln Park 2520

Well, this comes as a surprise.

According to a late-breaking press release (PDF), Ricker-Murphy Development and a development arm of the GE Pension Trust have finally secured a $170 million construction loan for the completion of the long-planned Lincoln Park 2520. The loan comes from a consortium of lenders led by the Americas Division of Japan-based Sumitomo Mitsui Banking Corporation.

Ricker-Murphy recently received approval to increase the size of the tower to 39 stories with 229 condos. Last summer the developer announced it was cutting the tower down from 41 stories and 292 units to 33 stories and 198 units, in an attempt to boost its overall percentage of homes pre-sold and increase its chances of securing a loan.

Floor plans include one to four bedrooms and range in size from 899 to 4,703 square feet. Prices range from $1 million to $5.7 million. Penthouses with 3,500 to 8,300 square feet are also available from $4 million to $11 million.

First deliveries in the tower are anticipated for early 2012, with completion following sometime that summer.

Crain’s has more.

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