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Northland Investment Loses Second Tower In Downtown Hartford

By Kenneth R. Gosselin

July 31, 2012

Northland Investment Corp. has suffered another blow as Greater Hartfordís largest landlord, losing a second property in downtown Hartford to foreclosure in late July, according to city records.

According to the filing, Northland lost control of the property July 25, unable to pay off a $33 million note on Goodwin Square on Asylum Street. Court documents stated that Northland owed $39 million in principal and penalty fees.

In January, 2011, Northland lost downtown Hartfordís Metro Center to foreclosure. It is appealing a judgment of strict foreclosure on its CityPlace II, another downtown Hartford office tower.

Northland couldnít immediately be reached for comment today.

The property fell into foreclosure two years ago and a contentious court battle has ensued between Northland and LNR, which is also pursuing a foreclosure on Northlandís CityPlace II. Northland accused LNR in court of holding one property hostage against the other, making it difficult to refinance.

Typically, after a judgment of strict foreclosure, a property owner is given a deadline for satisfying a debt, or in the case of Goodwin Square, securing new financing to replace the mortgage that matured in October, 2010.

Goodwin Square, which Northland purchased for $41 million in 2005, includes the now-closed Goodwin Hotel and a 30-story office Asylum Street tower. Court documents now peg the fair market value at $21.8 million.

The hotel was shuttered in 2008.

Reprinted with permission of the Hartford Courant. To view other stories on this topic, search the Hartford Courant Archives at http://www.courant.com/archives.
| Last update: September 25, 2012 |
     
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