HFF secures bridge and mezzanine financing totaling $49M for Class A office tower in Hartford, CT

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $49 million in bridge and mezzanine financing for CityPlace I, (top right photo) an 885,000-square-foot, Class A office tower in Hartford, Connecticut.

HFF senior managing director Dana Brome (lower left photo) and senior analyst Carlos Febres-Mazzei placed a $39 million, three-year adjustable-rate bridge loan with People’s United Bank and a $10 million mezzanine loan through Buchanan Street Partners.

Located at 185 Asylum Street, CityPlace I is situated in Hartford’s central business district and is recognized as the tallest office building in Connecticut.

The property is 93% leased to tenants including Brown Rudnick, Morgan Stanley, Deloitte, Smith Barney,PricewaterhouseCoopers and United Healthcare Group.

“We are thrilled by the execution of both lenders in what has been an extremely cautious capital market. The local law firms of Mayo Crowe and Bingham McCutchen worked hand-in-hand to deliver a rapid closing for a very complex transaction,” said Brome.

“Given the current challenges in capital markets and the highly structured nature of this transaction, this closing was attributable to the creativity and hard work of everyone involved in the deal,” added Febres-Mazzei.
Contacts:

Dana E. Brome,HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com