Windemere Apartments, Stamford

CBRE Melody’s Stamford office recently arranged interim financing in the amount of $7.8 million for the Windemere Apartments in Stamford. Ron Roth and Tim Harwood, assisted by Bill Catanzaro, secured the funding for the transaction. A regional bank provided the financing on behalf of Luzerin Assoc. Terms of the financing include a 30-month loan with an option to extend for an additional six months.

The borrower purchased the residential apartment building in May 2005 and assumed the existing mortgage. Soon after, the partnership decided to convert the property to a condominium. In early 2006, the partnership began the conversion, which required a payoff of the existing loan. CBRE Melody arranged the interim financing so that the partnership could meet the existing lender’s requirements and could proceed with the condominium conversion.

Windemere Apartments was constructed as an office facility in 1970 and converted in 1995 to residential apartments. The property consists of a 9-story building containing 71 units on a 0.78-acre parcel of land and features two lower levels of structured parking. Common amenities include a fitness center, covered parking, storage space, secure access entry, ground-level patio, cable television and high-speed Internet access.

COCC Selects Cyveillance

Arlington, Va.-based Cyveillance, the leading provider of online risk monitoring and management solutions, recently announced that Avon-based COCC, one of the fastest-growing financial data processing companies in the country, has selected the Cyveillance Anti-Phishing service and will make it available to all of its clients. The new relationship is designed to provide the best threat protection to COCC’s community bank and credit union clients for early detection and mitigation of rapidly escalating phishing attacks that can cause customer distrust and monetary losses.

“Market and regulatory pressures are forcing our financial institution clients to improve efficiencies and ensure that secure controls and processes are put into place,” said COCC Director of Strategic Products Linda Stahl. “Through our Cyveillance partnership, we are confident that we are helping our clients access the best online risk protection available today and ensure that they are doing all they can to fight online fraud.”

The financial services industry is particularly vulnerable to sophisticated threats designed for profit, not just disruption. Celent LLC reported a 338 percent increase in the number of phishing sites in the second half of 2004. More recently, the Anti-Phishing Working Group detected 7,197 unique phishing sites in December 2005, a 55 percent increase over the previous month.

“Criminals rob banks because that is where the money is. Online thieves take a similar approach by targeting online financial establishments with intricate phishing and fraud schemes designed for profit,” said Todd Bransford, vice president of marketing at Cyveillance. “COCC has taken a proactive step in protecting its clients by addressing these threats head on and ensuring rapid mitigation so its clients can focus on what’s most important – the customer.”

Under the terms of the agreement, the Cyveillance Anti-Phishing service monitors and evaluates COCC client domains, and scans junk e-mail messages, Web pages and new domain registrations for suspicious activity. When phishing scams or domain “hijacking” attempts are identified, Cyveillance will immediately alert the impacted financial institution and COCC and take protective measures, which may include the takedown of fraudulent Web sites being used for phishing attacks.