Enhancing Economic and Cultural Vitality in Hartford
In 2013, lawyers from the Firm’s Real Estate and Public Finance practices represented the Capital Region Development Authority (CRDA) in three innovative financings that, when completed, will bring more than 500 additional rental housing units to downtown Hartford. A newly-created state authority, CRDA’s mission is to bring new investments -- including residential housing projects, tourism, art, education and entertainment facilities, and the relocation of state offices -- into Hartford.
Each of the CRDA housing transactions includes conventional bank construction financing, various loans from federal and state governmental sources, including HUD, CRDA, the state’s Department of Housing, and the state’s Department of Economic and Community Development, as well as federal and state historic tax credit proceeds received from insurance companies and utilities that can use the tax credits. The three projects consist of the conversion of 179 Allyn Street – also known as The Professional Building – into 63 one-bedroom units, the conversion of 5 Constitution Plaza, the old Sonesta Hotel, into a mixed use building that will include 193 apartment units, and the conversion of 777 Main Street, the Bank of America Building, into a mixed use retail and residential building that will include 285 apartment units.
“CDRA was created to take on the tough deals, the ones that are complex, tenuous and time-sensitive. We couldn’t do it without the strong legal counsel a firm like Pullman & Comley provides.”
-- Michael W. Freimuth, Executive Director, Capital Region Development Authority