Webster Financial : Bank Loan to Convert Former Sonesta Hotel
July 23, 2014 at 01:05 pm EDT
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Sarah Barr, 203-578-2287 Terry Mangan, 203-578-2318 sbarr@websterbank.com tmangan@websterbank.com
Webster Bank Loan to Convert Former Sonesta Hotel
HARTFORD, Conn., July 23, 2014 - Webster Bank, a leading regional bank serving businesses and consumers from metro New York City to Boston, Mass., announced today that it has made a $15.3 million loan to convert the former Sonesta Hotel in downtown Hartford, Conn., into apartments. Located at 5 Constitution Plaza, the 12-story former hotel building will be completely rebuilt into 193 apartments and 5,000 square feet of street-level retail space.
"This investment is a commitment to Hartford's revitalization," said Bill Wrang, executive vice president, commercial real estate at Webster. "It will help ease the pent-up housing demand in Connecticut's Capital City as well as serve as a vehicle to help recruit and retain workforce talent."
The project's developers are Wonder Works Construction and Girona Ventures. Funding is also being provided by the State Department of Economic and Community Development (DECD) and the Capital Region Development Authority (CRDA). Work has been underway for several months on the project. It will receive state and federal historic tax credits upon completion, which is expected in
May of 2015.
About Webster
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Webster Financial Corporation is the holding company for Webster Bank, N.A. With $22 billion in assets, Webster provides business and consumer banking, mortgages, private banking, trust and investment services through 166 banking offices; 311 ATMs; telephone banking; mobile banking; and the Internet. Webster Bank owns the asset based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.comor follow us on LinkedIn
http://linkedin.com/company/webster-bankand Twitter https://twitter.com/WebsterBank.
Webster Financial Corporation is the holding company for Webster Bank, N.A. and its HSA Bank division. The Company's segments include Commercial Banking, HSA Bank, and Consumer Banking. The Commercial Banking segment serves businesses with more than two million dollars of revenue through its commercial real estate and equipment finance, business banking, asset-based lending and commercial services, private banking, treasury management and other business units. The HSA Bank segment offers a comprehensive consumer-directed employee benefit and healthcare solution that includes health savings accounts, health reimbursement arrangements, flexible spending accounts, and commuter benefits. The Consumer Banking segment operates a distribution network, throughout southern New England and the New York metro and suburban markets, that comprises approximately 198 banking centers and 349 automated teller machines, a customer care center and a full range of Web and mobile-based banking services.
WEBSTER FINANCIAL CORPORATION 
