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August 24, 2010
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| The recession sure made those who draw renderings (renderers? renderpeople?) popular, but we'll be seeing the real thing soon.Lincoln Park 2520 is back on track after Ricker-Murphy Development and Lake Tower Development (a GE Pension Trust affiliate, advised by GE Asset Mangement) secured a $170M construction loan. The loan allows Ricker-Murphy to add units, previously scrapped, back onto the building, taking the three-building project from 198 to 229 units and creating more than 400 new jobs for the construction of the project. The lender is a consortium led by the Americas Division of the Japanese Sumitomo Mitsui Banking Corp., providing the biggest construction loan since the $137M Ritz-Carlton Residences loan in 2008. | |
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| Ricker-Murphy's John Murphy says there's been an increase in potential buyer traffic since they announced the loan last Friday. The finish date for some units is spring 2012 with substantial completion by that summer. Lincoln Park 2520 was designed by Lucien Lagrange and boasts a prominent location on the former Columbus Hospital site across the street from Lincoln Park. Units, of which about 30% are sold, range from 899 SF to more than 4k SF and start around $1M, says Peter Ricker. Foundation construction continued during the recession, but slowed and some buyers who had signed contracts pulled out because they were unsure about a completion date. Now that the future is more certain, John and Peter are seeing rekindled interest from a buyer pool that incudes new families, empty-nesters, and professionals looking for luxury units. |
