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10 Hartford Business Journal • May 29, 2017 www.HartfordBusiness.com Gregory Seay Farmington hotel defaults on $44M mortgage T he $44 million mortgage on the sub- urban Hartford Marriott Farmington hotel is in default and is now in the hands of a special servicer, records show. Owner Columbia Property Hartford is behind on the $37.2 million balance of a debt incurred in Feb. 2007 on the 381-room hotel at 15 Farm Springs Road, according to records from New York commercial- mortgage tracker Trepp LLC. The loan was due to mature in June but the most recent payment was in January. According to Trepp, the borrower defaulted in March. Since then, a 2009 appraisal valuing the hotel at $39 million has been reduced by $14 million. Built in 1982 and extensively remodeled in 2006, the Marriott is just off I-84 and sits in the shadow of the relocated headquarters of United Technologies Corp., and the offices for its Carrier heating-cooling and Otis Elevator units, the UConn Health Center, and a number of business parks and office buildings. The hotel is profitable, based on its annual net operating income, Trepp data shows. However, since 2007, its revenues and expenses have steadily fallen from $16 million and $10.7 million, respectively, to $13.9 million and $9.2 million in 2015, Trepp data shows. Through the first nine months of 2016, its revenues were $10.1 million and expenses $6.6 million. Occupancy has been uneven in recent years. The Marriott-Farmington averaged 53 percent occupancy through the first nine months of 2016 vs. 54 percent for all of 2015, and 59 percent in 2007, Trepp data shows. The hotel's securitization pro forma assumes annual net operating income of $5.1 million and occupancy averaging 57 percent. LNR Partners Inc. is the loan's spe- cial servicer. $1.75M Windsor listing A 25,760-square-foot Windsor industrial property is on the market for lease or sale at $1.75 million, brokers say. Built in 1992, the 3-acre property at 134 Addison Road, a mile from I-91, is suitable for a variety of uses, said listing broker Sen- try Commercial. The building has 2,874 square feet of office space, 19-foot ceiling height, a rein- forced-concrete floor, and four doors — three of which are truck height. EDrive's Newington space West Hartford manufacturer EDrive Actuators Inc. has leased a 29,300-square- foot Newington building for its operations. Rogers Sash & Door previously occupied the space at 382 Stamm Road for more than 30 years. RPG Stamm LLC is landlord. After an extensive makeover of the building, including new electrical, mechani- cal and plumbing systems, landscaping and an 8,000-square-foot showroom, EDrive will relocate there, said broker Reno Prop- erties Group LLC. Reno said its affiliate will handle the renovations and landscaping. Launched in 1980, EDrive is housed at 120 Vanderbilt Ave. in West Hartford, where it makes heavy-duty ball screw linear activators mainly for the machine-tool retrofit market. In addition to their use moving control surfaces on airplanes and missiles, ball screws are found in machine tools, robots, and are used in the production of semiconductors. n Deal Watch wants to hear from you. E-mail deals along with contact informa- tion to: gseay@HartfordBusiness.com. Gregory Seay is the Hartford Business Journal News Editor. A D V O C A C Y W R I T I N G | C O N T E N T D E V E L O P M E N T | M E D I A R E L A T I O N S C R I S I S C O M M U N I C A T I O N S | P R O J E C T M A N A G E M E N T w w w . c t b y t h e n u m b e r s . n e w s info@express-strategies.com | 860.729.3021 w w w . e x p r e s s - s t r a t e g i e s . c o m F o l l o w @ C T n u m b e r s | S u b s c r i b e T o d a y ! E V E R Y N U M B E R T E L L S A S T O R Y N e w s e v e r y w e e k d a y m o r n i n g , p e r s p e C T i v e o n w e e k e n d s . BY THE NUMBERS CONNECTICUT www.kelsercorp.com 43 Western Blvd, Suite 150 Glastonbury, CT 06033 860 610 2200 Too small to suffer a cyber attack? That's what the hackers want you to think... 65 percent of cyber attacks are now aimed at small and medium-sized businesses. We make cybersecurity simple for companies of all sizes. www.kelsercorp.com/secure DEAL WATCH P H O T O S | C O N T R I B U T E D (Top) Hartford Farmington Marriott Hotel, 15 Farm Springs Road, Farmington. (Lower left) 134 Addison Road, Windsor. (Lower right) 382 Stamm Road, Newington.