The Hartford Courant reports that Northland Investment Corporation, now one of the city’s biggest commercial landlords, has failed to make a mortgage payment on the Metro Center since April. The trustee for the loan, Bank of America, filed for foreclosure in September.
Northland purchased the Metro Center in 1997 for ten million dollars, but has since refinanced the property with a 25 million dollar mortgage. Northland is reported to be negotiating an extension, as it attempts to find a new lender on better terms – a difficult proposition in the current economic climate.
The center was the first major move into Hartford for Massachusetts based Northland. The developer secured Lincoln Financial as the major tenant for that property, and then went on invest in Goodwin Square, and complete the Hartford 21 tower. But the delinquency is not the first sign of trouble for Northland in the city – last year, the company was forced to close the historic Goodwin Hotel.
For WNPR, I'm Harriet Jones.