Stonington-based company acquires 'distressed' downtown Norwich properties
Norwich - A Stonington-based property management company has purchased several downtown rental properties and two commercial buildings from banks that had foreclosed on the buildings.
Denison Capital Partners LLC of 4 Denison Ave., Stonington, on Friday purchased six properties from Jewett City Savings Bank that had been owned by New Renaissance LLC. A week earlier the group also purchased a commercial building at 191 Franklin St. from a different bank.
The company established limited liability companies for each purchase using the property address as the name, 191 Franklin LLC, for example.
Carl Bardy Jr., listed as the business agent for the firm, said Monday the company plans to renovate the properties, rent them out and keep them. Denison Capital Partners had owned 102 Main St., and Bardy said the company hopes to close soon on a rental house at 70 Union St., also foreclosed by Jewett City Savings Bank.
"They're severely distressed," Bardy said of the buildings. "We're going to take care of maintenance and try to find tenants."
Bardy said the company is aware of the $3.8 million in three downtown revitalization incentive programs approved by voters nearly two years ago. He said the group plans to look into the potential funding, but is not sure whether the company will apply for funding.
The programs include loans for renovations and business development, rental rebate programs to attract tenants and an equal matching grant for building code renovations to upgrade upper stories of vacant buildings for occupation.
Jackie Roy, downtown revitalization program manager for Norwich Community Development Corp., said she looked forward to working with the new owners on their plans. She said she has watched the company's work at the nearby Coit building at 102 Main St. and said "they do good work."
Denison Capital Partners purchased the Franklin Street building from Bayview Loan Servicing for $205,000, the highest price of all the purchases. The 1902, split-level building houses one commercial tenant, Franklin Street Laundromat, which plans to stay, Bardy said.
The most notable property in the foreclosure by Jewett City Savings is an 1865 3.5-story commercial building at 50-52 Broadway, where a small fire recently damaged a first-floor ceramics shop. The building is vacant and the front windows are still boarded up. Denison Capital purchased it for $80,000.
Bardy said a commercial tenant had expressed interest in renting the storefront space with bank officials and remains interested. He hopes to contact the person soon.
Denison Capital Partners purchased apartment houses at 49 Union St. for $52,000, 55 Union St. for $75,000, 55 Lake St. for $23,100, 54 Lake St. for $18,000 and 38 N. Cliff St. for $39,750.
Bardy said the buildings have nearly 20 apartment units combined.
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