NewHavenBIZ

26 n e w h a v e n B I Z | A u g u s t 2 0 2 1 | n e w h a v e n b i z . c o m 14 Bobala Road 3rd Floor Holyoke, MA 01040 Tel: 413.536.3970 Headquarters 280 Trumbull St 24th Floor Hartford, CT 06103 Tel: 860.522.3111 One Hamden Center 2319 Whitney Ave, Suite 2A Hamden, CT 06518 Tel: 203.397.2525 Largest Connecticut-Based Accounting Firm For over 60 years, Whittlesey's team of professionals has provided superior service and value-added advice, with specialization in the following areas: Assurance Advisory Tax Technology Learn more at WAdvising.com Y E A R S W h a t ' s T h e D e a l ? By Greg Bordonaro and Michelle Tuccitto Sullo $1.5M Milford land sale signals new future development T he owner of Milford-based Total Mort- gage has purchased vacant land near his company's current headquarters that is being eyed for future develop- ment. John Walsh said he purchased the 13.26 acres at 185 Plains Road in July for $1.5 million and is considering several possible development options including a medical office building or warehouse/storage space. "We haven't done a ton of due diligence yet, but the property is close to the highway and I see a lot of opportunity with it," Walsh said. Walsh founded Total Mortgage 24 years ago and the company is headquartered in an office building contiguous to the recent- ly-purchased land. Any new development won't be related to his mortgage business, which has seen significant growth over the past few years. In 2021 alone, Walsh said he expects Total Mortgage to close a record $3 billion-plus in loans, fueled by refinance activity in a low-interest rate environment and a hot housing market. Total Mortgage is licensed in 46 states and in Washington. D.C., and employs 450 people, including about 150 employees in Milford. "I'm actually very bullish on residential real estate," said Walsh, who added the only thing holding back more home sales activity is the lack of inventory on the market. "I think it's going to boom. I think commercial is going to come back as well." e contiguous property Walsh owns also has a 185 Plains Road address and is a three-story, Class A office building with tenants that include Total Mortgage, ADP, Banker's Life, Karp and Langerman P.C., Byram Healthcare, and Jacobi, Case & Speranzini P.C. Senior commercial broker Carl G. Russell, of Pearce Real Estate, represented both the seller and buyer in the land sale. Waterbury's Croft Commons office building sells for $1.5M; eyed for residential mixed-use e Cro Commons commercial office building in Waterbury's central business district has sold for $1.5 million and will be redeveloped into a mixed-use apartment property, according to the deal's broker. e approximately 95,000-square-foot property at 95 Scovill St./20 S. Elm St. sold in late June. e buyer was Corwin Development Fund LLC, which is controlled by Robert B. Annunziata, of Long Beach, New York. e buyer plans to convert the upper floors of the four-story building into resi- dential apartments, while the first floor will remain office or retail space, according to John G. Famiglietti, a broker who represent- ed the seller in the deal. It's unclear how many apartment units will be included in the project. e seller was Code Capital Partners LLC The Croft Commons commercial office building in Waterbury's central business district. PHOTO | COSTAR Total Mortgage Founder John Walsh has purchased vacant land near his current company's headquarters at 185 Plains Road in Milford. PHOTO | COSTAR

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