EVANSTON, IL-The Carlyle Group, based in Washington, DC, has agreed to provide $12 million to help a joint venture of Atlantic Realty Partners and Focus Development finance a $43 million new apartment building here. The eight-story, 175-unit building, going up on the grounds of a faltered condo development, will be named Seventeen17 after the address 1717 Ridge Ave.

In 2004, developer Thomas Roszak’s TR Sienna Inc. lined up $66.8 million in construction financing to build four buildings of 244 condos here at property bounded by Ridge Avenue and Clark and Oak Streets. However, financier Corus Bank folded during the condo bust, and only two of the buildings were completed. The Atlantic-Focus JV acquired the property through a bank-owned foreclosure process.

The building will be built on a 1-acre site that already includes a two-story parking garage. The third floor of Seventeen17 will have an outdoor courtyard and pool, a fitness facility and a cybercaf