CRDA Approves Funding For Two, Smaller-Scale Apartment Conversions
by KENNETH R. GOSSELIN
March 22, 2013
Two of the smaller-scale apartment conversions planned for downtown Hartford — on Allyn and Ann streets — were approved for funding late Thursday by the Capital Region Development Authority.
The CRDA approved $6.5 million for the conversion of 179 Allyn St. into 63 market-rate apartments — half in an equity investment and half in a below-market rate, second mortgage.
The conversion is expected to cost $14.7 million and take a year to complete. Dakota Partners, of Waltham, Mass., is purchasing the 1880s building out of a foreclosure and expects to start construction later this year.
Financing for the project also includes a $3.5 million bank loan, $2.4 million in state historic tax credits and $2.2 million in federal historic tax credits, according to CRDA documents.
The CRDA also backed a $3.5 million construction loan for creating 20 market-rate apartments at 201 Ann Uccello St., a former Masonic Hall. The loan would be refinanced to a second, below market-rate mortgage of $750,000 once the conversion is complete and leasing is well underway, CRDA’s executive director Michael W. Freimuth told me today.
The $4.1 million project, by owner Universal Enterprise LLC, is expected to take 12 months to complete.
The State Bond Commission must still approve the CRDA funding for the projects.
Reprinted with permission of the Hartford Courant.
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