Hartford Business Journal

www.HartfordBusiness.com August 1, 2016 • Hartford Business Journal 5 REPORTER'S NOTEBOOK BlumShapiro ex-partner Johnson's new groove The kids are out of college. In his rear- view mirror is a solid, 32 ½-year career as a certified public accountant who for nearly half that period led one of New England's largest — if not the biggest — independent accounting firm/business consultancies. That, plus hitting age 56, Carl R. Johnson says made it the right time in June to retire as a part- ner at BlumShapiro LLC of West Hart- ford and hang out his own shingle. "I've always said I wanted to do some- thing different,'' said Johnson, who spent 13 of his last 14 years as BlumShapiro's managing partner, a nearly round-the-clock job. "I figured this was a good time to do something new.'' Working without staff from his Farmington home and a satellite office at a dwelling on Cape Cod, Mass., Johnson says his CRJ Con- sulting LLC already has landed 10 clients, mostly accounting firms spread among Con- necticut, Massachusetts, New Hampshire and Rhode Island. With them, he says he's doing pretty much what he did his last years at Blum- Shapiro — helping with business development and strategic planning. A Bristol native, Johnson graduated from Pennsylvania's Susquehanna Univer- sity and returned to Connecticut, working two years at the utility now known as Ever- source while pursuing his CPA license. In 1984, he joined BlumShapiro, which then had one office and 40 workers. By 1995, Johnson was a partner. In 2002, he was voted managing partner, overseeing 100 workers. Today, through acquisitions and expansion, BlumShapiro has more than 400 staffers in a half dozen New Eng- land offices. — Gregory Seay Southington's Holiday Inn Express note in arrears A $4.9 million, 10-year mortgage secured with Southington's Holiday Inn Express hotel has landed in default, according to a commercial loan tracker. Trepp LLC of New York City says in its latest report that IRNM Fee Southington LLC, the Waterford owner of the 122-room hotel at 120 Laning St., in the shadow of ESPN headquarters, was to make the last of its interest-only payments in July before an August balloon payment to satisfy the outstanding $4.4 million loan balance. The loan, which was a refinanced mort- gage originated through former Wachovia Bank and serviced by Wachovia's succes- sor, Wells Fargo Bank, has been in default since June, according to Trepp's data. The note bears a 6.34 percent interest rate. Built in 1987, the 36,138-square-foot hotel underwent a renovation in 2001. When it was last appraised in 2006, the property was valued at $9.4 million, or $77,049 per room, giving a loan-to-value ratio of 51.7 percent. Average daily occupan- cy for the property through the first three months of 2016 was 50 percent vs. average annual daily occupancy of 65 percent since 2011, Trepp loan data shows. According to Trepp, master servicer LNR Partners Inc.'s commentary about the loan indicates that the hotel is for sale. LNR could not be reached for comment. — Gregory Seay PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. The Eye Center | Hamden and West Haven, CT PDS Engineering & Construction served as General Contractor for interior renovations at two comprehensive medical and surgical eye care facilities located in southern Connecticut. All construction was completed while the spaces were fully occupied, including the demolition and replacement of existing interior finishes. Project Features: - Twenty optometry chairs and test stations - Ophthalmology rooms - Office, reception and patient waiting areas Total Project Size: 6,000 SF 107 Old Windsor Road, Bloomfield, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: Healthcare PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD W hittlesey & Hadley accountants are different. We care about our clients, not just their numbers. Our insight and practical advice is original and has been etched into the region as leadng providers of services to the construction industry for more than 50 years. Who wants ordinary outcomes? Contractors, architects and engi- neers gain our independent perspective on financial statements, tax and business advisory services. Put your trust in advisors passionate about your success. Let our knowledge create your next masterpiece. Real Advisors Real Solutions for Construction It's An Art Please contact Shaun Sheridan for a consultation today. (860) 524.4474 or ssheridan@whcpa.com Whittlesey & Hadley, P.C. Hartford and Hamden, CT • Holyoke, MA www.whcpa.com Carl R. Johnson Holiday Inn Express Southington, 120 Laning St., Southington. P H O T O | G O O G L E . C O M M A P S CT companies raise $89.1M in 2Q Connecticut venture capital activity ticked up in the second quarter, but invest- ment so far this year lags well behind 2015. Venture capitalists injected $89.1 mil- lion in Connecticut companies during the second quarter of 2016, down from $117.5 million in the year-ago period. Overall, 20 Connecticut companies received funding during the April to June period, compared to 16 a year earlier, according to the latest MoneyTree report, a joint effort of PricewaterhouseCoopers and the National Venture Capital Association (NVCA), using data from Thomson Reuters. Nationally, venture capitalists invested $15.3 billion in 961 deals in the second quar- ter. That investment total was up 20 percent from a year earlier, while deal count was down 5 percent. Through the first two quarters of 2016, total venture capital funding is down 44 percent in Connecticut, while there have been three fewer deals. South Windsor 3D-printing manufactur- er Oxford Performance Materials received the largest funding during the second quar- ter, raking in $25.9 million. Other Greater Hartford companies to raise money included: Hartford's Amp Electrical Distribution Services ($6.6 mil- lion), Rocky Hill's Payveris ($4 million), and Middletown's Umbie Health Corp. ($2.6 million). — Greg Bordonaro

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