a historic case study: capitol lofts hartford, ct€¦ · 19.07.2016 · •112 loft-style one and...
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A Historic Case Study: Capitol LoftsHartford, CT
Roberto Arista,Principal, Dakota Partners
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390 Capitol Ave Hartford, CT
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The Hartford Office Supply Company
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A Bird’s Eye View
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Project Summary
• 140,000 SF historic rehabilitation of an 100+ year old building
• 112 loft-style one and two bedroom apartments with oversized windows, exposed brick walls and 14– 17 feet ceiling heights
• Total development costs - $36.5 million
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Partners
• The State of Connecticut (DOH & DECD)
• The City of Hartford
• The Capital Region Development Authority (CRDA)
• Bank of America
• Freddie Mac
• Alden Capital Partners
• Hartford Preservation Alliance
• Hartford Redevelopment Agency
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SourcesSOURCE AMOUNT
Permanent Loan $ 5,300,000
CRDA Loan $ 7,000,000
CHAMP $ 5,000,000
City of Hartford $ 3,335,000
Brownfield $ 1,300,000
Federal LIHTC $ 2,150,000
Federal HTC $ 6,000,000
State HTC (Building 1 + Building 2)
$ 5,675,000
Developer Equity $ 740,000
TOTAL $ 36,500,000
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Financing Issues and Challenges
• State Limit on HTC – Program reduced max amount from $5 million to $4.5 million
• Market vs. Affordable Unit Mix –CRDA funding required no more than 20% affordable
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SHPO Issues and Challenges
• Bridge
• Terra Cotta Parapet Tiles
• Crawl Space Insulation
• Wood Floors in Corridors
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Construction Issues and Challenges
• Environmental Remediation
• Structural
• Masonry
• Stairwells
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Capitol LoftsWelcoming Tenants 12/2016