42 Old Ridgebury Road, Danbury
Jeffrey R. Dunne and Christopher S. Leonard recently represented Danbury Office Center LLC, an entity controlled by Hall Investments, in the sale of 40-42 Old Ridgebury Road for $17.2 million, or $137 per square foot. Dunne and Leonard were also responsible for procuring the buyer, Danbury General Partners, an entity managed by Martin Sands, Steven Sands and Isidore Mayrock.
The property at 40-42 Old Ridgebury Road is a two-building, 126,000-square-foot office complex accompanied by a three-tiered parking garage located less than a mile from Exit 2 of Interstate 84 in the city of Danbury. Officials said in addition to an excellent location proximate to transportation, 40-42 Old Ridgebury Road benefits from a high-quality tenant roster with some tenants who have been at the property for roughly a decade or longer, such as A.G. Edwards & Sons (since 1994), Shemin Nurseries (since 1996) and RMI Marketing Direct (since 1996). General Electric has three different divisions at the property totaling nearly 88,000 square feet and has been a tenant at the building since 1997.
Jeff Dunne had the following comments on the sale: “40-42 Old Ridgebury Road is well positioned to take advantage of the continued residential and corporate growth that is occurring in Greater Danbury.”
CBAC Names VP
CBA Commercial (CBAC), a commercial mortgage finance firm specializing in the purchase and securitization of small-balance multifamily, commercial and mixed-use mortgage loans, has hired mortgage industry veteran Scott Rielly as vice president for the Northeast region. Rielly will be responsible for opening the regional CBAC office in Massachusetts, coordinating and leading all sales and marketing efforts, recruiting and training of commercial account managers and identifying strategic alliances with mortgage brokers, banks and other depositories.
Previously, Rielly was the director of branch development for Silver Hill Financial in Miami. Before that he was director of commercial lending for North American Mortgage Co. in Danvers. He has authored numerous articles in the New England Real Estate Journal and Boston-based newspaper Banker & Tradesman, The Commercial Record’s sister publication, and is an active member of the Massachusetts Mortgage Bankers Association and the Massachusetts Mortgage Association.
“I’ve followed Scott’s rising career for many years now as he has gained remarkable insight and experience in the small-balance commercial market. We welcome his efforts in the Northeast as we build our small-balance commercial loan program throughout the country,” said William Komperda, chairman and chief executive officer of CBAC.
In October, CBAC launched the “CBAC Authorized Lender” Program for financial institutions and mortgage lenders seeking additional sources of revenue. The program provides funding and support services specifically tailored to the small-balance commercial mortgage market. It features loan amounts from $100,000 to $3 million; multifamily, office, retail, light industrial and mixed-use property types; full and stated documentation; average FICO scores of 675; 2-, 3-, 5-, 7- and 10-year ARM products (fixed period, then resets to six-month LIBOR); 30-year final maturities and 30-year amortization. Financial institutions and mortgage lenders interested in learning more about the program can submit a request for more information via the CBAC Authorized Lender section of the company’s Web site (www.cbaloans.com) or call CBAC at (877) 733-1430.
CBAC is a specialty commercial mortgage finance firm that acquires and securitizes small-balance multifamily, commercial and mixed-use mortgage loans. The company draws on the experience and expertise of its founding partners, CBA Receivables, a residential mortgage securitization firm, and Cheslock, Bakker & Assoc., a leading real estate merchant bank. CBAC senior management has been involved for over 30 years in the development, standardization and securitization of various types of specialty mortgages and other innovative financial asset classes. CBAC has created a streamlined process for underwriting, closing and securitizing small-balance multifamily, commercial and mixed-use mortgage loans.
