Windshire Terrace, Middletown
CBRE/Melody, the real estate investment banking arm of CB Richard Ellis, has arranged fixed, permanent financing in the amount of $19.9 million for Windshire Terrace, a multifamily property in Middletown. Michael Riccio, director in CBRE/Melody’s Hartford office, in conjunction with Maury Zanoff, senior director in CBRE/Melody’s office in Washington, D.C., secured financing with Freddie Mac on behalf of the borrower, New Boston Windshire Nominee Trust, an affiliate of New Boston Fund.
“New Boston Fund was faced with an underperforming property in terms of occupancy and rental rates during the first few months of ownership despite a strong multifamily market,” Riccio said. “New Boston Fund was able to improve operations significantly during the underwriting period, and Freddie Mac was flexible in [its] underwriting requirements. The property is now 95 percent occupied.”
Windshire Terrace is a Class A, 226-unit luxury garden-style apartment complex located at 72 Forest Glen Circle off Westlake Drive. It is near Interstate 91, the major north/south thoroughfare through Middlesex County, and 10 miles south of Middletown’s central business district.
OSI Announces Partnership
Glastonbury-based Open Solutions Inc., or OSI, a provider of integrated enabling solutions for financial institutions, recently announced an international reseller partnership agreement with Beijing, China-based Client Services International Inc.
CSII provides e-banking solutions and services to financial institutions in China. The new agreement allows CSII to offer Open Solutions’ products to markets within China. The strategic reseller partnership is designed to further expand Open Solutions’ presence in the international market. In August, Open Solutions announced another reseller agreement with R Systems International’s banking and finance vertical, Indus Soft, to cover Asia, the Far East, the Middle East and Europe.
Under the terms of the agreement, CSII will sublicense Open Solutions’ relational enterprise data processing solutions and integrated strategic products, serving as a nonexclusive distributor to China, Hong Kong and Macau. CSII will be responsible for implementing, customizing, localizing and supporting the products covered by the agreement.
More and more U.S.-based financial institutions have taken advantage of deploying updated enterprise data processing applications. Likewise, there has been an increasing global demand for advanced relational processing technology among international financial institutions.
Most institutions in China are currently running legacy systems based on historical Chinese accounting systems. To remain competitive with the increasing number of foreign banks entering the Chinese market, Chinese financial institutions are demanding a technology platform that will contribute to and accommodate growth, as well as allow them to offer more personalized products and services to customers.
