May 12, 2017

$19.8M approved to remake Hartford building trio

Street view of 101 and 111 Pearl St. office towers in downtown Hartford.

Three proposed Hartford commercial-renovation projects -- two of them downtown -- received state Bond Commission approval Friday for $19.8 million in state loan assistance.

The Capital Region Development Authority (CRDA) requested the funding on behalf of the developers for a pair of derelict office buildings at 101-111 Pearl St., at the corner of Trumbull Street, and the former M. Swift & Sons gold-leaf factory in the city's North End "Promise Zone."

The largest funding requests cover the Pearl Street pair, according to bond commission papers.

New York developer Girona Ventures is in line to receive from CRDA a $9.42 million, 3 percent loan towards the $29 million redevelopment of 101 Pearl Street, the taller, 11-story neighbor to 111 Pearl.

At 101 Pearl, Girona proposes to create 157 apartments. The bond commission agenda shows Girona would obtain a $13.6 million first mortgage to pair with its $3.6 million in equity. In addition, the project will have a $2.4 million state brownfield loan to remediate hazardous materials on-site.

For 111 Pearl, Girona wants to create another 101 apartments using a low-interest $6.06 million CRDA loan to partly fund that $21.7 million project, papers show. Additional financing includes an $8 million first mortgage; $3 million apiece in developer equity and a tax-credit bridge loan; and a $1.6 million state brownfield loan.

This will be Girona's second and third CRDA redevelopment loans. It received loan assistance to redevelop the former Sonesta/Clarion Hotel in downtown's Constitution Plaza into the $26 million, 193-unit Spectra Boutique Apartments.

For the Swift project, nonprofit developer Community Solutions asked CRDA for a $4.3 million loan towards the $32.4 million conversion of the building at 10 Love Lane into a central commissary for the city's public schools, office space, food-business incubator space, a community health center, and a commercial laundry spot that would employ residents in the Upper Albany Avenue and Clay-Arsenal neighborhoods, commission files show.

Swift financing includes: $9.2 million in new market tax credits; $9 million in federal/state historic tax credits; $3.4 million in federal grants; a $3 million state brownfield loan; and a $1.1 million mortgage.

CORRECTION: An earlier version incorrectly reported the number of apartments for 111 Pearl St.

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