State takes $25M loss on key downtown Hartford apartment redevelopment

State takes $25M loss on key downtown Hartford apartment redevelopment

A heavily subsidized downtown Hartford apartment project that was part of the city’s “six pillars” economic-development plan has fallen into foreclosure and forced the state to take a nearly $25 million haircut on its original investment, the Hartford Business Journal has learned. Elizon DB Transfer Agent LLC, of Greenwich, is suing in Hartford Superior Court, 18 Temple Street LLC, the entity for whom two loans, totaling $42.6 million, were issued over a decade ago, filings show. Elizon had asked the court in March to, among other things, allow it to immediately foreclose on, and take possession of, the downtown properties securing the debts. 18 Temple Street’s attorney declined comment.

https://www.hartfordbusiness.com/article/state-takes-25m-loss-on-key-downtown-hartford-apartment-redevelopment

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