CBRE Capital Markets’ Debt & Structured Finance team has provided an $18.0 million loan for Front Street Lofts, a 121-unit, Class A, luxury apartment building located at 20 Front Street in Hartford, Connecticut.
CBRE provided the loan through its Freddie Mac program. The 10-year, non-recourse loan provided a ‘take-out’ of the borrower’s existing construction loan.
Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office, and Mike Riccio, Susan Larkin and Anna Pfau of CBRE’s Hartford, Connecticut, office facilitated the loan on behalf of the borrower, FSD Apartments, LLC—a subsidiary of the HB Nitkin Group.
“The developer, HB Nitkin, leased the apartments in less than eight months, and a majority of the retail space is already committed to the UConn Barnes & Noble bookstore,” said Mr. Fisher, senior vice president, CBRE. “HB Nitkin has done a fabulous job developing this property, the Front Street Retail Center, and UConn’s contiguous Hartford campus.”
“We appreciate the partnership we have enjoyed with the various State agencies involved that helped make this project happen,” said Peter Christian, HB Nitkin’s development project manager for the Front Street District. “CBRE has been our partner in this development since its inception and has done an excellent job arranging financing with the most attractive options which allowed us to meet our business objectives.”
Front Street Lofts is a newly constructed luxury rental apartment building located in the heart of the Front Street District in Hartford. Designed by JKRP Architects and built by Whiting-Turner, Front Street Lofts contains a full amenity package, adjacent deck parking and high-end fit-and-finish. The property—managed by Trio Properties—also contains ground floor retail, which will be approximately 75% occupied by the UConn Barnes & Noble Bookstore supporting its new Hartford Campus which will open to students this fall. The property is within the immediate vicinity of numerous restaurants and entertainment venues including The Capital Grille and Spotlight Theater.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.