G. Fox Developer Defaults On Mortgage; Building Needs New Lender
November 21, 2011
The developer who renovated a portion of the former G. Fox & Co. building in downtown Hartford has defaulted on the mortgage that financed the work, according to a company that tracks trends in commercial real estate loans.
According to Trepp, a mortgage research and analytics firm, Hartford Downtown Revival has been unable to refinance the mortgage on the portion of the 960 Main St. building not owned by Capital Community College. The mortgage was for $25 million five years ago and has $23.5 million remaining on its balance, Trepp said.
In commercial real estate, mortgages are relatively short-term, and owners must find lenders at maturity, or pay the loan off with a balloon payment.
It's not clear why the developers could not get financing. Anthony Autorino, the developer who owns the majority of the property did not return several calls seeking comment Monday.
The owner was current on the mortgage until it matured in September, as the offices, largely state agencies, are mostly full – about 78 percent occupied, and the revenue from those tenants was enough to pay the mortgage at its 6.6 percent interest rate.
Courant Staff Writer Kenneth R. Gosselin contributed to this story.
Reprinted with permission of the Hartford Courant.
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