Hartford Business Journal

January 25, 2021

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business development. Farmington financier floats $8M loan to chickenless egg maker Farmington specialty financier Horizon Technology Finance Corp. is lending $8 million to a company that's developing plant-based egg whites and other animal-free proteins for use in food and supplements. The venture loan facility, of which $5 million is initially funded, is for California-based Clara Foods, which says it ferments yeast to produce proteins "that will match the taste and texture and unique culinary functionality of a real egg." Clara, which touts the ethical and environmental benefits of its proteins compared to farm-produced eggs, said the loan will help facilitate its go-to-market strategy and grow its business. Frontier gets FCC nod for Chapter 11 restructuring Troubled phone and internet provider Frontier Communications secured approval from the Federal Communications Commission (FCC) for its Chapter 11 restructuring and expects to emerge from bankruptcy early this year, the company announced. Under the restructuring plan, Frontier will cut its debt by more than $10 billion and give senior creditors an ownership stake in the company. A total of 13 states have reviewed and approved Frontier's restructuring, with an OK from Connecticut's Public Utilities Regulatory Authority (PURA) and three other states still pending. Hamden consultancy merges with expanding Maine accounting firm VantagePoint Healthcare Advisors, a Hamden-based compliance, consulting and credentialing company, merged with Maine's BerryDunn accounting firm earlier this month to expand its services and service area. The firms have worked together in the past for healthcare clients and will now operate under the BerryDunn name. BerryDunn has maintained a Hartford-area office since 2017 and added a Boston presence when merging with Rodman CPAs in July 2019. $100M capital raise for Hartford's Nassau Financial Hartford's Nassau Financial Group said two fellow Connecticut- based insurance businesses have invested $100 million to help grow its insurance and asset management businesses and make additional acquisitions. The equity investment from Norwalk's Wilton Reassurance Co. and Greenwich's Stone Point Credit, aimed at growing Nassau's annuities and asset management offerings, could grow over time, the company said. San Francisco private equity firm Golden Gate Capital, which helped launch Nassau in 2015, remains the lead shareholder. Nassau entered the Hartford market a year later through its acquisition of Phoenix Cos., headquartered in the Boat Building at 1 American Row. Hartford HealthCare- anchored Manchester property sells for $16.9M A Milwaukee-based real estate investment firm has acquired a Hartford Healthcare-anchored medical office building in Manchester for $16.9 million, town records show. The 37,510-square-foot property at 376 Tolland Turnpike, which was built only two years ago, sold in December to Physicians Realty Trust, a real estate investment firm that specializes in healthcare properties. "We are excited to expand our relationship with Hartford HealthCare and the Hartford market, and helping to promote access to exceptional outpatient care provided by Hartford HealthCare," said John Thomas, president and CEO of Physicians Realty Trust. The seller was Lon G. Annulli, president of Manchester construction firm Orlando Annulli & Sons Inc. The property is home to the Hartford HealthCare Cancer Institute, which includes an alliance with Memorial Sloan Kettering Cancer Center. Hartford apartment complex sells for $9.6M The Lafayette Arms Apartments in Hartford's south green neighborhood have sold for $9.6 million, city records show. The 139 units at 194 Washington St. sold last month to Abraham Deutsch, principal of Hartford's BH Property Management LLC. The seller was Lafayette Arms www.HartfordBusiness.com • January 25, 2020 • Hartford Business Journal 3 $270,000 The median sales price for a single-family home sold in Connecticut in 2020, which was up nearly 16% from 2019, according to the Greater Hartford Association of Realtors. $2.5M The amount of money UConn business professor David Bergman recently won in fantasy football using data analytics techniques he teaches. $1,500 The maximum incentive Eversource is offering commercial customers that buy energy-efficient freezers to store COVID-19 vaccines. 3% The proposed tax surcharge Gov. Ned Lamont wants on potential recreational marijuana sales transactions — should the drug be legalized this year in Connecticut — which would be applied in addition to the standard 6.35% sales tax. BIZ BRIEFS BY THE NUMBERS Nassau Financial's Boat Building Hartford headquarters. 376 Tolland Turnpike, Manchester. CREDIT | HBJ FILE PHOTO PHOTO | COSTAR LLC, which is controlled by Massachusetts-based Premier Capital Partners LLC. Premier Capital bought the property in 2015 for $6.9 million, city property records show. In 2017, a fire broke out in a third-floor apartment in the property, which temporarily displaced some residents, according to the Hartford Courant. Growing wealth management firm upgrades to larger Glastonbury digs Needing more space for a workforce that's nearly doubled in size, Glastonbury's C.I.G. Private Wealth Management has left its longtime home office and signed a five-year lease in nearby Somerset Square. For the past 20 years or so, C.I.G. — which provides wealth management and financial planning services to individuals and organizations — had been headquartered at 294 New London Turnpike in Glastonbury, located approximately 2 miles away from its new 6,600-square- foot space on the second floor of 180 Glastonbury Blvd., where it is now one of the larger tenants. Bobby Schneider, C.I.G's director of operations, said that the firm simply needed more room for its growing 19-person team. Some of C.I.G.'s growth in recent years has come from acquiring businesses in Berlin and New York. "No one disliked the old office. We just needed more offices, desks, conference rooms and parking," Schneider said. Bobby Schneider

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