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9 HARTFORDBUSINESS.COM | June 6, 2022 DEAL WATCH SUSTAINABLE FACILITIES COMPETITIVE. EFFICIENT. PRODUCTIVE. The company that builds and installs the critical systems in virtually every type of facility is the same company you can rely on to maintain them. For over 50 years, our clients have trusted us to provide sustainable, more efficient, greener facilities. Experts in: Energy Systems & Incentives, Building Automation Technologies, Sustainable Design & Operation 860.871.1111 Toll Free: 800.741.6367 nemsi.com MECHANICAL | ELECTRICAL | PLUMBING | SHEET METAL | BUILDING AUTOMATION | FACILITIES SERVICES License #'s: E1-0125666 S1-302974 P1-203519 F1-10498 SM1-192 MC-1134 CRDA approves $8.5M for 153-unit apartment redevelopment at former Fuller Brush manufacturing campus The Fuller Brush complex in Hartford's North End. PHOTO | COSTAR By Michael Puffer mpuffer@hartfordbusiness.com E fforts to redevelop a portion of the former Fuller Brush manu- facturing campus in Hartford into 153 market-rate apartments have gained momentum, with the Capital Region Development Au- thority's recent approval of an $8.5 million low-interest loan. The $36.2 million project is being developed by Shelbourne, a major investor in Hartford real estate. A city development fund administered by CRDA will provide $3 million under the recent approval, which took place last month. The remaining $5.5 million will come from state allocations to CRDA, and still requires state Bond Commission approval. The CRDA funding agreement will help Shelbourne lock in bank financing ahead of further potential interest rate hikes, said CRDA Executive Director Michael Freimuth. With rising rates and supply chain issues driving up materials costs, there is a risk the project could become financially unfeasible without quick action, Freimuth said. "I think if we sit around for six months, we are going to be back here asking for some more money," Freimuth said. Shelbourne plans to finance construction with $12 million in conventional loans, $8.5 million through CRDA, $6.9 million from the Connecticut Green Bank, $1 million in federal affordable housing grant funds, $1.1 million in federal historic tax credits, and $5.7 million in equity. Shelbourne paid $4.3 million for the 12.5-acre Fuller Brush property at 3580 Main St. Located in Hartford's North End, the historic complex has 10 buildings with 326,000 square feet of space. The first phase of Shelbourne's redevelopment effort will transform two buildings – totaling 174,565 square feet – into apartments, and a third into a mix of 13 two-bedroom apartments and 140 studio and one-bedroom apartments, according to CRDA. A third building