February 8, 2018
Deal Watch Today

KeyBank stakes $12.6M for 101 Pearl redo

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

The New York development partnership converting two derelict downtown Hartford office buildings into apartments has gotten $12.6 million in bank financing for work on one of them, an Ohio lender says.

Cleveland-based KeyBank Real Estate Capital announced Thursday that it has provided construction-to-permanent financing for conversion of 12-story 101 Pearl St. into 157 market-rate apartments and 6,113 square feet of ground-floor retail space.

Girona Ventures Inc. and Wonder Works Construction and Development also are converting the abutting 7-story 111 Pearl building into 101 apartments. Interior remediation to clear away asbestos or other hazardous, unwanted materials is underway.

As previously reported, the partnership is relying on private and public funding for both redevelopments. At 101 Pearl, the $28.4 million tab was to be financed with combination of $15.6 million in private financing and equity, plus a $9.2 million loan from the Capital Region Development Authority; and another $3.6 million in brownfield remediation funding.

111 Pearl's redevelopment price tag of $21.5 million was to be funded with $10.1 million in bank financing and equity; a $6 million CRDA loan; $2.8 million in historic tax credits; and $2.5 million in brownfield-remediation grants.

Jeff Ravetz and partners and CRDA previously teamed in redevelopment of the former Sonesta/Clarion Hotel, at 5 Constitution Plaza downtown, into the 190-unit Spectra Boutique Apartments.

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