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April 6, 2022

Hartford’s Front Street Lofts apartments sell for $35.3M

COSTAR Front Street Lofts in downtown Hartford.

Downtown Hartford’s Front Street Lofts apartments, built in 2015 as the first residential component of the city’s Front Street Entertainment District, have sold for $35.3 million, the Hartford Business Journal has confirmed.

The 121-unit residential, mixed-use development was sold last month to Front Street Lofts Ventures LLC, which is controlled by Shlomo Katz and Shloime Rosenberg who share a Lakewood, New Jersey business address, state records show. 
Katz and Rosenberg, operators of SRK Management LLC,  have been active investors in Connecticut. 

In January, they paid $18.5 million for a recently built luxury apartment development in New Haven. A year earlier they paid $50 million for the “Westville Village” apartment complex, also in New Haven, according to the New Haven Independent. 

As part of its Front Street Lofts purchase, the buyers took out a $29.1 million mortgage from Greystone Servicing Co. LLC, land records show.

The seller of the Front Street Lofts was Greenwich-based HB Nitkin Group, which was the overall developer of Hartford’s Front Street Entertainment District. 

Michael Freimuth, executive director of the Capital Region Development Authority, said the deal is a good sign for the Hartford apartment market. 

“While we have attracted developers to downtown Hartford, this represents a bit of a change in that we're now seeing investors purchase stabilized multifamily properties in the downtown and it shows that the downtown housing market held firm during COVID,” Freimuth said. 

Freimuth has said occupancy rates for most downtown apartments remain above 90%, and hundreds of new units are expected to hit the market this year. 

Bigger picture
Front Street is part of the larger Adriaen’s Landing revitalization development that also includes a number of shopping and entertainment options, in addition to the Connecticut Convention Center, Connecticut Science Center, Hartford Marriott Downtown and 81 Arch St. apartments.

It cost about $36 million to develop The Lofts apartments, which marked the second phase of the overall Front Street project. It houses 15,000 square feet of street-level retail space and five stories of apartments. Retail space is occupied by Starbucks and UConn’s Barnes and Noble bookstore.

COSTAR
A Front Street Lofts apartment.

The building features market rate apartment units, a fitness center, roof-top deck, pet bathing station and balconies in select units. 

The apartments were partly funded by a $12 million state grant provided by CRDA's predecessor, the Capital City Economic Development Authority (CCEDA).

Completion of the 53-unit, 81 Arch St. apartments in 2019 marked the fourth and final phase of the Front Street project.
 

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