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July 29, 2021 What's the Deal?

$1.5M Milford land sale signals new future development

PHOTO | COSTAR Total Mortgage Founder John Walsh has purchased vacant land near his current company’s headquarters at 185 Plains Road in Milford.
By Greg Bordonaro

The owner of Milford-based Total Mortgage has purchased vacant land near his company’s current headquarters that is being eyed for future development.

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 recently-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.”

The 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.

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