Hartford Business Journal

www.HartfordBusiness.com • December 23, 2019 • Hartford Business Journal 5 $100M Pratt St. redevelopment gains steam A major $100-millon redevelopment of the Pratt Street corridor in downtown Hartford has taken major steps forward with several recent developments. First, the state Bond Commission approved $12.5 million for the project, which will be used by the developers — including Martin J. Kenny of Lexington Partners LLC, landlord Shelbourne Global LLC and LAZ Parking CEO Alan Lazowski — to finance first-phase development. That will include conversion of commercial properties at 196 Trumbull St. and 99 Pratt St. into 129 rental units as well as nearly 19,000 square feet of retail space. The development trio also paid $10.1 million to purchase The Lofts at Main and Temple and an adjacent property at 29 Temple St., containing 42 student townhomes, which are key properties for the project's later phases. They will be renovated and/or converted into more apartments. Hartford HealthCare tees up massive $750M bond package Hartford HealthCare is planning a $750-million bond issue to refinance debt and invest in its operations. Hartford HealthCare's proposed deal includes $440 million in tax-exempt debt and $310 million in taxable debt, all issued through the Connecticut Health and Educational Facilities Authority. The health system, which owns seven hospitals and other care providers, would use the bulk of the proceeds to refinance outstanding debt, including loans it took out to purchase St. Vincent's Medical Center in Bridgeport earlier this year. Approximately $50 million would be used for new projects, including IT upgrades at St. Vincent's and building out the system's ambulatory network in Fairfield County. New York Life to acquire Cigna's life, disability insurance biz for $6.3B New York Life has agreed to spend more than $6 billion in cash for Bloomfield health insurer Cigna's group life and disability insurance business. Cigna will receive approximately $5.3 billion after taxes from the deal, which is expected to close in the third quarter of 2020. Cigna said it plans to use the proceeds to meet its debt obligations in 2020 after closing on its $67-billion acquisition of pharmacy-benefits manager Express Scripts last year. An unspecified number of Cigna group insurance employees will transfer to New York Life after the deal closes, the companies said. South Windsor golf course closes abruptly A family-owned, 18-hole golf course in South Windsor has shut down abruptly, giving workers, patrons, and neighbors little indication of what will become of the nearly 85-acre property. In a message posted to the Willow Brook Golf Course's official Facebook page Dec. 14, the Shepard family, which opened the venue in 2002, said the course and its on-site café "will be closed effective immediately." The Topstone Golf Course, also located in South Windsor and developed by the Shepards, will remain in business, the family said. Zachary F. Vasile | Journal Inquirer Starling Physicians hires first non-MD as CEO Rocky Hill-based Starling Physicians has appointed a healthcare executive from North Carolina as its new chief executive. The physician-owned multispecialty group, which has a large presence in central Connecticut, said Jim Faircloth will begin as Starling's CEO on Jan. 6, in place of Tracy King, who was serving on an interim basis. Faircloth's selection as CEO signals a major shift for Starling, which has been led by a physician serving on a part-time basis for over 70 years. LATEST HEADLINES

• Cover