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March 13, 2024

Major downtown Hartford office complex faces foreclosure

PHOTO | COSTAR The Constitution Plaza office complex in downtown Hartford.

A lender is seeking to foreclose on much of the Constitution Plaza office complex in downtown Hartford.

In January, Wilmington Trust and its special servicer LNR Partners LLC filed a foreclosure petition in Hartford Superior Court against Constitution Plaza Holding LLC.

Wilmington is the lead holder of a $55 million commercial mortgage-backed security loan originally granted to Constitution Plaza Holding LLC in 2018.

The loan was secured by 1, 10, 100, 250, 260, 280, 290 and 292 Constitution Plaza in Hartford, according to the foreclosure filing.

City assessing records for the properties are unclear but indicate a complex mixing hundreds-of-thousands of square feet of office, retail, garage and support space.

The properties at 1, 10 and 100 Constitution Plaza are listed to Constitution Plaza Holding LLC, of Monsey, New York. The property at 200 Constitution Plaza is listed to a different LLC that shares the same Monsey, New York address, as well as a common principal in Aaron Berger.

Attorney Stuart C. Johnson, representing Constitution Plaza Holding LLC, declined comment.

Constitution Plaza Holding LLC failed to repay the loan in full by its May 6, 2023 maturity date, according to the suit. A letter outlining the default and demanding the $51.45 million unpaid principal balance was sent July 17, 2023.

This is the second major downtown Hartford office property to face foreclosure. The Stilts Building, at 20 Church St., has been in foreclosure since 2022.

Refinancing office building loans has been a challenge amid a high interest rate environment, and in a post-pandemic world where vacancy rates have risen as employers embrace more flexible work models, including remote work, that require less office space.

See related stories: Hartford’s struggling office sector shows cracks with new foreclosure, falling property values.

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