Ricker-Murphy Development LLC and Lake Tower Development LLC, a GE Pension Trust affiliate, announced Monday that they had secured a $170 million construction loan needed to complete the long-delayed Lincoln Park 2520 high-rise.

The development, on the site of the shuttered Columbus Hospital, opened a sales office and began selling units in early 2007 as the credit markets were collapsing. Thirteen months ago, the size of the Lucien Lagrange Architects-designed tower was trimmed, to 198 condos in 33 stories, from 292 units in 41. However, Ricker-Murphy said Monday it received approval for 229 residences in three connected towers — a 22-story north tower, a 39-story central story and a 16-story south tower. The condos  will sell for $1 million to $5.7 million, excluding penthouses that will be priced at up to $11 million.

About 30 percent of the units are under contract, a spokesman said.

Lenders are a consortium led by the Americas Division of Sumitomo Mitsui Banking Corp.’s real estate finance and financial institutions departments.

The developer said the first deliveries in the tower are expected in early 2012.