Representation of Savings Bank for Historic Hotel Revitalization
Members of the firm’s Real Estate practice successfully represented a local savings bank in connection with a non-revolving multiple tranche line of credit to the owner of Goodwin Square, an historic office building in downtown Hartford. The line of credit was in the maximum amount of $20.8 million for capital and tenant improvements. The building had recently been converted into a condominium form of ownership, creating a unit consisting of the building’s commercial office space and a unit consisting of a hotel and restaurant at the property. Our attorneys worked with the lender and the owner’s counsel to efficiently and effectively document and close this transaction, which will assist in the redevelopment and re-purposing of office space in a prime location central to the XL Center and Bushnell Park.