Biltmore Commons Condominiums
64-66 Morris Street
$220,000 HCLF participation in $620,000 construction loan from Connecticut River Community Bank

"They were really just in horrendous condition," sighs Ralph Arena, recalling the rental properties next door to the condominium complex where he has lived for more than five years. That was how he described the two buildings he has since developed into twelve condominium units, along with partners Sean Arena and Frank Bisseco. Marketed as Biltmore Commons, the once-dilapidated units are now sunny and cheerful, and selling for upwards of $120,000. "Hartford is doing well, and there’s a lot of development downtown," notes Arena. "Especially since I own a unit next door, I was very interested in turning this from a rental property into an owner-occupied property. We need to get more homeowners into the area."

Built in 1890, Arena describes the now-handsome brick buildings as former rental properties typical for the area, with nobody paying enough attention to upkeep. "I’ve always really liked this neighborhood, and thought it had a lot of potential. These were the only buildings on the street that weren’t condominiums," says Arena. The buildings’ stately brick exterior belied the poor conditions of its interior: holes in the walls, tenants way past due on several months’ rent, units with no utilities turned on for years. It was a definite "gut rehab."

This was the first residential development of this scope that Arena had pursued, and he already had some private funding in place. Already familiar with Hartford Community Loan Fund at the time he decided to develop Biltmore Commons, he approached HCLF for funding. HCLF participated with Connecticut River Community Bank to provide the commercial mortgage and construction line of credit that would help Arena turn the property from neglected rental buildings to stunning owner-occupied condominiums.

"So much more is happening in Hartford, and prices are really going up now. There just aren’t that many condos available where people want them," Arena says. "Working with HCLF was just very easy. They really try to do everything they say they’ll do in a timely manner. There’s really excellent follow-through on everything."

Arena is pleased with his investment already, and has begun selling units in the first building renovated. "The news about Hartford just keeps getting better. Now I hear there’s a botanical garden going in at Colt Park, and the blue-domed building is going to be something like Quincy Marketplace in Boston. Hartford is on the verge now, just like Baltimore in Maryland and Providence in Rhode Island," he envisions.

As for his dealings with HCLF, Arena encourages "anyone with a sound business plan who knows what they want to accomplish" to find out about HCLF’s offerings. "It’s a phenomenal program, and cost-wise it just can’t be beat," he says. "It’s just a great thing for people to know about, whether they’re developers or homeowners. There is funding for both interior and exterior work, and I know there are people in my condo complex next door to Biltmore Commons who have taken advantage of HCLF’s programs. They’ve put in things from new kitchens to new windows," remarks Arena.

When he first came to Hartford, Arena didn’t know much about the community. He originally fell in love with a building in town, bought it and started a nightclub there. "One of the bad things about Hartford is that negative things get exploited and good things don’t get talked about enough in the news. In the ten years since I’ve been doing business and living here, so much has changed for the better," an enthusiastic Arena says. "With Biltmore Commons, the project really got me engaged with the local Neighborhood Revitalization Zone, I got involved in Hartford 2000, and now I feel so much more connected to the city. And I’ll tell you, having HCLF in the South End gives this particular part of town a really big boost, for businesses and homeowners."

Loan funds provided by CT Department of Economic and Community Development.