Lincoln Park condo project lands $170-million loan
By: Andrew Schroedter August 16, 2010
A development venture backed by the General Electric Corp. pension fund obtained a $170-million loan from a Japanese bank for a high-end condominium project overlooking Lincoln Park, the first major condo construction loan in Chicago since the credit crunch began nearly two years ago.
...As a result of the financing, the development venture is increasing the number of units to 229 condos
, after slashing the number of proposed units last year by about one-third, to 198 condos, amid the widespread downturn in the market, the developers say.