Ritz-Carlton gets its financing

Ritz-Carlton ResidencesIt’ll be a happy new year for the Ritz-Carlton Residences after all. Arabian Business reports that Kuwait Finance House, which has a 95-percent stake in the project, has signed an investment deal for $242 million. That should pave the way for construction of the 40-story tower at 664 N Michigan Ave.

Ritz-Carlton most likely will be the only new condo tower to start rising in 2010 and will be the only downtown project that starts delivering homes in 2011. More than 40 percent of its 86 homes are under contract, according to Arabian Business. Prices start around $1.4 million for a two-bedroom unit and go all the way up to $13 million for a penthouse.

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