Northland Investment May Lose Second Hartford Building In July

Northland Investment Corp., Greater Hartford’s largest landlord, could lose its second property in downtown Hartford to foreclosure in late July if it can’t refinance its mortgage.

A Superior Court judge in Hartford has set July 23 and July 24 as the deadlines for paying off a $33 million note on Goodwin Square on Asylum Street, according to court documents.

The deadlines were expected after a judgment of strict foreclosure was recorded earlier this week.

Northland couldn’t immediately be reached for comment. Gary J. Mennitt, a lawyer representing LNR, the mortgage servicing firm pursuing the foreclosure, also did not immediately return a call seeking comment.

According to court documents, Northland owes $39 million in principle and penalty fees.

The property fell into foreclosure two years ago and a contentious court battle has ensued between Northland and LNR, which is also pursuing a foreclosure on CityPlace II. Northland accused LNR in court of holding one property hostage against the other, making it difficult to refinance.

Typically, after a judgment of strict foreclosure, a property owner is given a deadline for satisfying a debt, or in the case of Goodwin Square, securing new financing to replace the 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. Court documents now peg the fair market value at $21.8 million.

The hotel was shuttered in 2008.

Northland is appealing a similar foreclosure on the nearby CityPlace II.