Hartford’s Goodwin Square Gets Final Order Before Foreclosure

by Categorized: northland investment corp., Uncategorized Date:

Northland Investment Corp., Greater Hartford’s largest landlord, is now on the brink of losing a second office building in downtown Hartford to foreclosure.

Hartford's Goodwin Square could soon be lost to foreclosure. Courant File Photo.

A judgment of strict foreclosure against Goodwin Square — the last order before an owner loses control of a property — has been handed down by a judge in Superior Court in Hartford, nearly two years after the property fell into foreclosure.

Northland couldn’t be immediately be reached for comment.

The court decision was not accompanied by any other filings, but those are expected to come later. Typically, after a judgment of strict foreclosure, a property owner is given a deadline for satisfying a debt, or in this case, securing new financing to replace a $33 million mortgage that matured in October, 2010.

Goodwin Square, which Northland purchased for $41 million in 2005, includes the now-closed Goodwin Hotel and a 30-story office Asylum Street tower. The hotel was shuttered in 2008.

Commercial real estate landlords have had a tough time refinancing mortgages, especially those that have been packaged as portfolios and sold to investors. That was the case with Goodwin and the nearby CityPlace II office tower, also threatened with foreclosure.

The Newton, Mass.-based real estate company already has lost Metro Center on Church Street to foreclosure.

Northland is appealing a judgment of strict foreclosure in the CityPlace II matter. That option also looms as a possibility for Goodwin Square.

The Goodwin Square and CityPlace II foreclosures turned nasty, with Northland accusing LNR, the mortgage serving firm handling both the foreclosures, of acting in bad faith by improperly holding one office building hostage over the other as Northland tries to renegotiate its loans.

Northland isn’t the only landlord entangled in foreclosure, unable to refinance a mortgage. The mortgage on the office portion of the former G. Fox & Co. building on Main Street also has fallen into foreclosure.

 

 

 

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6 thoughts on “Hartford’s Goodwin Square Gets Final Order Before Foreclosure

  1. Hot Dam

    So, Governator…. What are YOU doing to stop the foreclosures and bleeding ?

    Nothing! You are too preoccupied with your idiotic Busway-to-Nowhere, and Jackson Labs giveaway.

    You, sir, are everything other than an effective leader of this sorry a$$ state.

  2. Napoleon In Rags

    If the powers that be overhaul The XL Arena, and Civic Center Mall again for Howard Baldwin : If the powers that be open again the Park River through Bushnell Park, complete with expensive and ornamental stone masonery …
    Hartford will experience amazing and exponential growth .
    Builders will flock to the dangerous and congested streets of Hartford to build Grand Structures to fill the Booming Needs on all fronts ; Office , retail residential … Hartford is right on the brink of an amazing Renaissance !
    In Bushnell Park , Gondolas piloted by Italian Gondoliers singin opera , wearing bullet proof vests , and packing small arms to fight back muggers and large river rats , will show the palatial Hartford to hoards of Tourists flocking to Hartford to engoy the wonderous things Hartford has to offer .

    1. mark

      Please stay where you are, lock your door and throw away the key. The world will be a better place without you!

  3. Worker Bee

    Everyday as I walk into work from the parking lot, I think to myself: “So this is what a dying city looks like”. It seems like everywhere you look in the small “downtown” area of Hartford, the bodies just keep stacking up. Added to the office building foreclosures one may also see the vacant storefronts where Hartford 21, The Asylum Cafe, and Tapas on Ann used to be. It just seems to me that except for the abysmal bar scene, there is really not much of a draw to this city.

  4. Aries

    Northland is getting what they deserve. They blindsided the workers at the Goodwin Hotel by abruptly closing (they were poised to make a profit the coming year)instead of working with them to negotiate a solution.

    Now they are saying LNR are acting in bad faith? Take a look in the mirror lately?

  5. Aries

    As to the decline in downtown Hartford… to ensure the growth of a city, you need to create businesses that employ and cater to the majority residents of that city. Simsbury and West Hartford are doing well because of that very reason.

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