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Saturday, December 15 Business

Stamford Marriott property sells for eight figures

The Stamford Marriott hotel’s downtown site, at 243 Tresser Blvd., has sold for nearly $32 million, about half of the balance on its distressed loan.

In one of the city’s largest sales of the year, HD Realty Associates LLC sold the property to Stamford Hotel Propco LLC, according to city records. HD Realty has a “care of” address in Manhattan, state records show. Stamford Hotel Propco is also based in Manhattan.

Officials at the two firms could not be immediately reached for comment. A message left for Marriott was not immediately returned.

The sale netted the state about $395,000 in conveyance taxes.

The mortgage loan at 243 Tresser has languished in delinquency for years, including a spell in foreclosure, according to records from Manhattan-based mortgage-tracking firm Trepp. It is now “non-performing beyond maturity,” meaning the borrower could not refinance or pay off the loan before it matured.

Originally given a maturity date of Sept. 1, 2017, the loan subsequently had that milestone updated to reflect its delinquent status. Its current deadline is Oct. 15.

The loan carries a current balance of about $60 million, according to Trepp. In comparison, the property was appraised last year for about $45 million, according to the online Vision Appraisal property database.

Overlooking I-95, Marriott’s hotel at 243 Tresser holds about 500 rooms and includes about 26,000 square feet of meeting space. On top of the hotel, Stark Office Suites operates a shared-office center.

This year, the sale of the Element One apartment building, at 111 Morgan St., on the edge of the downtown, ranks as the city’s largest property sale.

Other major deals in recent months include the $42 million sale of the Park Square West apartment building at 101 Summer St., the $25.5 million sale of the Pine Hill apartments at 112-120 Strawberry Hill Ave., and the $12.4 million sale of two office buildings at 1111-1117 Summer St.

pschott@scni.com; 203-964-2236; Twitter: @paulschott

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