This is an updated version of an earlier story.
The $45 million apartment conversion of downtown Hartford’s former Bank of America skyscraper will begin Monday, with the hopes of moving tenants in by the end of the year.
“We have been waiting two years for this day,” said Bruce Becker, the project’s developer. “We are really excited about it.”
The project’s very complex financing package closed on Friday, allowing construction to move forward. Including soft costs, the total financing package is valued at $80 million, and it includes a U.S. Department of Housing & Urban Development loan and historic tax credits.
Commercial realty financier Walker & Dunlop Inc. provided $37.2 million in Federal Housing Administration Section 221(d)(4) financing for the project, the Bethesda, Md., lender said.
The deal also includes the sale of the 777 Main St. office building for $7 million to Becker from current owner Grunberg Realty.
“It took a lot of effort to go through that major underwriting process,” Becker said.
Becker’s Fairfield firm, Becker + Becker Associates, is the architect. Viking Construction of Bridgeport will lead the construction project.
The redevelopment of 777 Main St. from vacant downtown office space into 285 apartment in the 26-story building is the largest of the efforts in Hartford to create more housing in the downtown area.
