(To read more on the debt and equity markets, click here.)

HARTFORD-The ownership of the Constitution Plaza complex here has secured a $60-million refinancing deal with MetLife Inc. Capital Properties, which is headquartered in New York City, committed to a five-year, fixed-rate loan with lender MetLife on the multi-building complex that includes two class A office towers. The loan, which included several years of par prepayment, was at a rate below 6%, say officials with Meredith & Grew, which brokered the transaction.

The property, which was originally developed in the early 1960s, is situated on eight acres and includes an attached 1,650-space parking facility.

EVP Kevin Phelan and assistant VP Seth Rosen of Boston-based Meredith & Grew represented Capital Properties in the transaction. Phelan terms Constitution Plaza “an exception asset located in a challenging office market.”

According to an analysis of the Hartford market published by CB Richard Ellis, the city remains a tenant’s market at the moment. The brokerage firm reported the vacancy rate in the Hartford CBD was 18.3% at year-end 2006. The vacancy rate for the overall City of Hartford office market was 19.4%.

Commenting on the refinance deal of Constitution Plaza, Meredith & Grew’s Rosen states, “MetLife took the time to understand the intrinsic value of the real estate, and the cash flow benefits of the parking facility. They provided a flexible structure that fit nicely with Capital Properties’ strategic plan for the asset.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.