🔒Major Shelton office complex, once leased by Sikorsky, in foreclosure

A large Class A office complex in Shelton is in foreclosure, after the property owner defaulted on a $74.8 million loan in July. The sole tenant of the 307,000-square-foot facility at 1 Far Mill Crossing was Stratford-based aerospace company Sikorsky Aircraft Corp. The office footprint consists of three connected buildings on a 68-acre campus. Its amenities include a bright three-story atrium lobby, full-service cafeteria and fitness center, according to a marketing brochure. The property owner — HN Property Owner LLC — failed to make a required monthly payment of $111,148 that was due on July 11, according to a complaint filed in state Superior Court on July 24. HN Property’s default was triggered by Sikirosky’s termination of its lease on June 30, the complaint states. The lawsuit was brought by the holders of securities backed by the loan, including U.S. Bank National Association. The original lender — Nomura Capital & Credit Inc., which loaned HN Property $74.8 million on May 29, 2007 — is not a party to the lawsuit. The loan has since been sold and securitized. HN property owed about $61.76 million to creditors as of July 11, according to the complaint. After Sikorsky’s lease termination, HN Property did not find a replacement tenant, creating a "vacancy event,” the complaint states. In the lawsuit, the holders of the securities are seeking to:

• Accelerate the entire loan balance;
• Impose default interest rates and late charges;
• Commence foreclosure proceedings.

The complaint also seeks immediate possession of the premises and attorney's fees. In 2021, Sikorsky modified its lease, reducing rental payments to HN Property. As of July 1, 2022, Cushman & Wakefield advertised that 158,936 square feet of space — about half of the entire office footprint — was available for lease.