The Hardware Block buildings, built between 1890 and 1895, were renovated in 2001 and 2002 into 22 residential condominium units, five commercial condominium units and three office condominium units. Principals of Hardware Block Office Building LLC are Charlie Woolley of the St. Charles Town Co. and Larry Nelson of 620 Corp Inc.
Financing of the US Forest Service Building was unique in that the loan amount was approximately 100% of value and was substantially more than development costs, says NorthMarq Capital executive vice president and senior managing director Steve Bye. Term of the loan is 15 years, matching the US Forest Service lease term. However, amortization is over 19.5 years.
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