Boston-based WinnCompanies plans to buy and renovate the 84-unit Bedford Gardens affordable housing complex in Hartford, with costs estimated at $21.3 million.
The affordable housing investor plans to buy the 10-building complex along Bedford Street, then spend about $90,000 per unit on “pretty comprehensive” upgrades, WinnCompanies Senior Project Director Matthew Robayna recently told members of the Capital Region Development Authority’s Housing and Neighborhood Committee.
WinnCompanies’ financing plans includes $1 million in city funds administered by CRDA. Mayor Luke Bronin spoke in favor of the proposal at the Sept. 12 meeting.
“In addition to improving the properties there, this is a neighborhood that has experienced significant levels of violence and we think that these improvements — coupled with more active and engaged management — will be beneficial from a broader public policy standpoint as well,” Hartford Mayor Luke Bronin said during Monday’s CRDA meeting.
Robayna said the planned renovations will “take care” of the building roofs and windows, along with interior finishes, heating, cooling and security systems. The planned renovation will also make nine units handicapped accessible, he said.
Robayna said WinnCompanies is working to have the area declared a historic district, which would unlock state and federal tax credits for the project.
WinnCompanies plans for project funding include $7.2 million in low-income housing tax credits; $3.5 million from the Connecticut Department of Housing; $4.5 million in state and federal historic tax credits; $1 million from the Connecticut Housing Finance Authority; $1 million from the city and an $84,000 energy grant, according to a document shared with CRDA board members. The company plans to defer $667,000 of its development fee and mortgage $3.1 million.
WinnCompanies is active throughout New England and the mid-Atlantic regions, owning more than 3,000 units of housing in Connecticut alone, Robayna said.
Bedford Gardens is currently owned by Bedford Gardens 88 LLC, whose principals are Paul Khakshouri, Michael Groothuis and Adam Groothuis.
Bedford Gardens 88 LLC paid $4.1 million for the complex in 2019. A budget for WinnCompanies’ plan that was shared with the CRDA’s Housing and Neighborhood Committee lists a planned $6.7 million acquisition cost.
Robayna said WinnCompanies hopes to finalize a purchase of the complex in spring and “move right into construction.”