| In December 2008, the Rose Smart Growth Investment Fund and The Hurley Group acquired 45-55 Church Street in downtown New Haven, Connecticut. The property consists of an eight-story office tower, a three-story Greek revival style bank building, and 100-spaces of adjacent parking.
In 2010, the partners completed a green renovation of the asset in order to improve its competitive position in the marketplace. Following completion of this work, 55 Church Street was awarded the Leadership in Energy and Environmental Design (LEED) Existing Buildings (EB) Silver designation, making it a preferred alternative for businesses and institutions requiring green space. In the long-term, the Fund hopes to recertify 45-55 Church Street as LEED EB Gold. Current tenants include the Nature Conservancy, Yale University, the General Service Administration and the U.S. Army.
45-55 Church Street is ideally located near the New Haven Green, City Hall, Yale University’s Central Campus, and the Ninth Square residential and retail district.
New Haven’s State Street Station is two blocks away, offering Metro North Rail Road service to New York City, Shoreline East rail service to New London, CT, and Amtrak service. Significant state and local public investments in the area immediately surrounding 45-55 Church Street include Gateway Community College’s downtown campus expansion across the street (to be completed in 2012) and the redevelopment of the Route 34 connector.
The acquisition and renovation of 45-55 Church Street was financed with a New Markets Tax Credit subsidized interest rate loan from J.P. Morgan Chase at a rate of 3.91%.
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