Chicago�s Lincoln Park 2520 Secures Construction Loan
Ricker-Murphy Development LLC and Lake Tower Development LLC, an affiliate of the GE Pension Trust, have secured a $170 million construction loan for the completion of Lincoln Park 2520 in Chicago.
The loan is being provided by a consortium of lenders led by the Americas Division of Sumitomo Mitsui Banking Corporation with partnership between the Real Estate Finance and the Financial Institutions Departments.
Lincoln Park 2520, a luxury condominium tower, located at 2520 N. Lakeview Ave., becomes one of the largest residential construction projects in Chicago to receive financing since early 2007, according to developers.
Construction is underway with the first deliveries in the tower anticipated early in 2012 and substantial completion anticipated in summer 2012.
The loan is significant not only because of its size and the environment in which it was originated, but also because of the impact construction will have on the local economy.
The developer estimates that, from pre-construction to completion, Lincoln Park 2520 will create 429 construction-related jobs, 50 architectural and engineering jobs and 40 other full-time positions. At the peak of construction activity, 375 skilled tradespeople per day will work on site.
In July 2009, Ricker-Murphy reduced the size of the tower from 41 to 33 stories and from 292 to 198 units.
In conjunction with the loan announcement, the developer has confirmed that they have filed the amendment and received approval to construct Lincoln Park 2520 as a 39-story tower with 229 residences.