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Classic Auction - Office

$11.1MM Non-Performing Loan Secured by a Connecticut Office Building

East Hartford, CT

Sold Subject To
  • Asset Type
  • Note
  • Property Type
  • Office
  • Loan Status
  • Non-Performing
  • Original Balance
  • $17,000,000
  • Unpaid Balance (UPB)
  • $11,133,404
  • UPB As Of Date
  • Jul 27, 2020
  • Origination Date
  • Sep 27, 2006
  • Maturity Date
  • Feb 01, 2020
  • Loan Rate
  • 6.26%
  • Land Area
  • 7.34 Acres
  • Year Built
  • 1971
  • Year Renovated
  • 2010
  • Number of Floors
  • 5
  • Number of Buildings
  • 1
  • Parking Count
  • 427
  • Occupancy
  • 0%
  • Occupancy as of
  • Jul 27, 2020
  • Office Type
  • Suburban Office
  • Property Size
  • 148,000 Sq Ft

$11.1MM Non-Performing Loan Secured by a Connecticut Office Building

Investment Highlights

  • Non-Performing Loan Sale – $11.1 Million Non-Performing Loan secured by a 148,000 SF office building located in East Hartford, CT. The Loan will trade at an attractive discount to UPB.  
  • Established Business Address – The collateral for this loan was the long-time corporate satellite office for Bank of America and features beautiful views of the Connecticut River and downtown Hartford skyline.  For many commuters, its location before entering downtown Hartford provides access to downtown with a much easier commute. 
  • Economics – Although vacant, the collateral has not been available for lease for a long time and a well-capitalized buyer will be able to take advantage of the low basis to re-tenant the building.
  • Convenience – The collateral is located just outside of downtown Hartford, close to the I-84 and Route 2 Cloverleaf. In addition to there being dining options around the building, the building is also close to all of the dining and recreational opportunities afforded in the Hartford CBD.
  • Dramatic Views – 99 Founders Plaza fronts the Connecticut River and has immediate access to the Great River Park, which features a 350-seat amphitheater, public boat launch and pedestrian access to the Charter Oak, Founders and Bulkeley Bridges (providing access to downtown Hartford).  It also has a view of the expansive downtown Hartford skyline.


Offering Details

Newmark Knight Frank (“NKF”) in conjunction with RealINSIGHT Marketplace is exclusively presenting for sale a $11.1 million Non-Performing Loan (“NPL”) secured by an East Hartford Office Building (the “Property”). The 148,000 square foot, 5-story office building was originally built in 1971 and renovated in 2010.  The collateral is currently entirely vacant as Bank of America, who previously had fully occupied the building as one of their corporate satellite offices, recently moved out.  This building is a prestigious business address in Hartford along the east bank of the Connecticut River and featuring dramatic views of the Hartford skyline.

Hartford, Connecticut is the state capital for Connecticut and boasts a dynamic downtown environment fueled by such industries as insurance and financial services, aerospace, healthcare, broadcasting and logistics and distribution.  This 5-story office building fronts Great River Park and is conveniently located in close proximity to the I-84 and Route 2 Cloverleaf.  This compelling investment allows a well-capitalized investor to purchase a well-located asset at compelling economics.

 

    Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

    Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

    You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

    Sold Subject To

    Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

    Need Help?

    Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

    Auctioneer

    • Michael A. Fine

      c/o Fisher Auction Company Inc.

      License: 0755028