THE CONNECTICUT HOUSING FINANCE AUTHORITY AGREES TO SELL HARTFORD’S PEARL STREET PROPERTIES

CHFA Board approves sale of Trumbull on the Park and 111 Pearl Street to Hartford Development Team

ROCKY HILL, CT – November 1, 2012 – (RealEstateRama) — The Board of Directors of the Connecticut Housing Finance Authority (CHFA) announced that Lewis/Pearl Street Ventures, LLC, a group comprised of local developers The Cloud Company; LAZ Investments LLC, Lexington Partners, and Pennrose Properties, LLC, has been approved as buyers of Trumbull on the Park and 111 Pearl Street in Hartford.

“The Connecticut Housing Finance Authority is delighted that the proposal will help revitalize a critical part of Hartford’s downtown. The Lewis/Pearl Street Ventures, LLC proposal was chosen among the submissions due to the quality of its plan for the Pearl Street properties,” said Eric Chatman, president & executive director of CHFA. “The local partners know Hartford well and Pennrose has over 35 years of experience and is recognized as being an expert in complex, multi-financed urban and suburban developments,” he added.

The building at 111 Pearl Street is a vacant seven-story office building and Trumbull on the Park is a mixed-use market rate development with 100 residential units, ground floor retail and a parking garage. The sale will be coordinated with the City of Hartford’s 101 Pearl, which was included in the same package. It is expected that the deal will close after all approvals are obtained and final deal terms negotiated.