Northland Investment Corp. has lost control of one its six major downtown properties, as its Metro Center office tower has been repossessed by its lender, court documents show.
The the 12-story office building at 350 Church St., sank into foreclosure in late 2009. Northland had until Jan. 4, 2011 to pay more than the $23 million it owed on the property, court records show.
That date came and went without a payment, forcing its lender to take control of the building.
Northland’s Metro Center loan was securitized, which means no single bank had control of the loan. Bank of America, however, served as a trustee for a group of investors that had an interest in it.
The loss of the property represents the latest blow to Northland’s commercial real estate empire in Hartford. Two of its other properties Goodwin Square and Cityplace II are also in foreclosure.
Meanwhile, Northland’s $80 million loan on the Hartford 21 residential and retail tower is set to mature this month, raising questions about the future of that property as well.
For more information on Northland’s real estate troubles read: Northland Facing Latest Deadline In January On $80 Million Loan.
