2858 Old Dixwell Ave., Hamden
Press/Cuozzo Commercial Services Senior Advisor Joel Nesson, who acted as listing broker, recently closed on the sale of an office building at 2858 Old Dixwell Ave. in Hamden.
The free-standing 1,500-square-foot building, set on 0.23 acres, was purchased for $240,000. The sale closed on Dec. 14.
Nesson represented the sellers, Neil Waters and Patrick Linsky. The purchaser, attorney Thomas Farver, was represented by Press/Cuozzo Senior Advisor Albert Scafati. The seller was represented by attorney Edward C. Burt and the buyer was represented by attorney James Walsh.
Press/Cuozzo Commercial Services is a division of Hamden-based Press/Cuozzo Realtors, which also provides residential brokerage and relocation services.
Lenders Join CBAC Program
Stamford-based CBA Commercial, a commercial mortgage finance firm specializing in the purchase and securitization of small-balance multifamily, commercial and mixed-use mortgage loans, has finalized partnership agreements with 35 lenders to participate in the newly launched CBAC Authorized Lender Program. The small-balance commercial mortgage loan program is now being offered to banks, financial institutions and mortgage companies through a Web portal that allows lenders to complete the loan process in an easy and cost-effective manner.
“We’ve seen tremendous response to our small-balance commercial mortgage program from both large and small financial institutions across the country,” said CBAC Chairman and Chief Executive Officer William Komperda.
“The streamlined Web portal that we offer our lending partners makes it very easy for them to process multifamily, mixed-use and commercial mortgage loans,” said CBA Commercial Executive Vice President and Chief Information Officer Craig Knutson. “We offer Web-based pre-qualification and help manage the loan underwriting, due diligence, third-party services and closing. Our program provides standardized documents and minimizes the risk to our partners by reducing required loan-level reps and warranties. This equates to lower borrower costs and more efficient and timely closings. As a result, our partners now have the confidence and flexibility to expand their customer relationships and generate additional fee income.”
“Our new lenders are also finding the partnership rewarding because CBA Commercial does not compete with our program lenders. We invest in our partners’ success,” Komperda said.
The CBAC Authorized Lender Program features loan amounts from $100,000 up to $3 million; multifamily, office, retail, light industrial and mixed-use property types; full and stated documentation; average Fair, Isaac and Co. (FICO) scores of 675; two-, three-, five-, seven- and 10-year adjustable-rate mortgage products (fixed period, which later resets to six-month London Interbank Offered Rate, or LIBOR); 30-year final maturities; and 30-year amortization.
CBA Commercial 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 & Associates, a leading real estate merchant bank. CBA Commercial senior management has been involved for over 30 years in the development, standardization and securitization of various types of specialty mortgages and other financial asset classes.
Recently, CBAC created a streamlined process for underwriting, closing and securitizing small-balance multifamily, commercial and mixed-use mortgage loans. Its standardized loan documentation, underwriting guidelines, appraisal process, environmental risk mitigation techniques, and compliance and quality control procedures enable CBAC to efficiently evaluate and fund commercial loans ranging in size from $100,000 to $3 million.
