A Historic Case Study: Capitol Lofts Hartford, CT Roberto Arista, Principal, Dakota Partners
390 Capitol Ave Hartford, CT
The Hartford Office Supply Company
A Bird’s Eye View
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
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
Sources SOURCE 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 $ 5,675,000 2) Developer Equity $ 740,000 TOTAL $ 36,500,000
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
SHPO Issues and Challenges • Bridge • Terra Cotta Parapet Tiles • Crawl Space Insulation • Wood Floors in Corridors
Construction Issues and Challenges • Environmental Remediation • Structural • Masonry • Stairwells
Capitol Lofts Welcoming Tenants 12/2016
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