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  • Deal signals a desire for borrowers to work with a

Spencer Savings Bank’s CRE division closes $19 million deal with retail furniture stores

NORTH BRUNSWICK, NJ — Spencer Savings Bank, a community bank headquartered in northern NJ, recently announced it closed a $19 million deal with one of the nation’s largest furniture stores. It was a refinance of their strip center located in North Brunswick. The center contains the furniture store retailer as well as other retail and food service tenants. This was Spencer’s second transaction with the company. The previous loan was originated within the bank’s commercial & industrial lending department for their store location in Philipsburg. The deal closed just months after the commercial real estate team closed on another $19 million deal - a seven year, commercial mortgage loan on two office buildings, designed for multi-tenant occupancy, located in Clifton. These are two of the largest commercial real estate deals in the bank’s history, signaling an appetite for growth for the thriving bank and the desire for borrowers to work with a community bank - known for providing all the same products and services of larger institutions but with a tailored, customized personal approach that really highlights relationship banking at its finest.

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