A Historic Case Study: Capitol LoftsHartford, 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

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

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 LoftsWelcoming Tenants 12/2016