(PRWEB) April 09, 2014
Laura Sklaver, of the law firm of Susman, Duffy & Segaloff, P.C., represented Becker + Becker Associates, Inc. of Fairfield in the recent acquisition and financing of 777 Main Street, Hartford.
The 26 story tower, known to many as the former Bank of America headquarters, will undergo a historic rehabilitation and adaptive reuse to create 285 apartment units, ground floor commercial space and a parking garage. Twenty percent of the newly created units will be affordable to low- and moderate-income households.
The $85 million project was financed in part by a $37 million loan insured by the U.S. Department of Housing and Urban Development, $17.7 million in debt and equity from the Capital Region Development Authority, a $3.9 million loan from the State of Connecticut Department of Housing, additional financing from Boston Private Bank and the Boston Community Loan Fund, and assistance from the City of Hartford and Connecticut Innovations, Inc. Tax credits also play a major role, including $15 million in federal historic rehabilitation and energy credits and $5 million in state historic rehabilitation credits.
Visit our website at http://www.susmanduffy.com to learn more about Susman, Duffy & Segaloff, P.C.