Short Hills, NJ — Investors Bank announced solid growth in its commercial mortgage lending during the first quarter of 2017, when compared to the same period in 2016. The Bank’s senior lending team originated $828.8 million in commercial real estate (CRE) loans between January 1 and March 31, 2017, compared to a total volume of $697.9 million during the same period in 2016.
The Investors Bank Commercial Real Estate (CRE) Loan Group’s loan production is divided among three market segments: multi-family housing, office buildings/mixed-use properties and new construction. The CRE Lending Group completed $498.4 million in multi-family loans, $234.7 million in commercial real estate financing, and $95.7 million in new construction credits. The properties are located in New York, New Jersey and the greater Philadelphia area.
In reviewing Investors Bank’s financing transactions, head of CRE Lending Joseph Orefice said, “Our loan volume demonstrates that we have the capabilities and capital resources to meet our clients’ financing needs.”
Investors Bank CRE’s senior lending team initiated and finalized the following commercial mortgage transactions in recent weeks:
• $41.5 million to refinance a 187, 900 s/f multi-family housing property with 200 residential units in Florham Park
• $26.6 million to refinance a 138,600 s/f multifamily housing property with 148 residential units in Sayreville
• $15 million to refinance a 50,500 s/f mixed-use property with 25 offices and three retail units in Hoboken
• $10.5 million to refinance a 60,800 s/f office building in Lakewood.
• $43 million to refinance a 270,000 s/f multi-family housing property with 160 residential units in Orangetown
• $27 million to acquire a 113,500 s/f multi-family housing property with 102 residential units in Brooklyn
• $18 million term loan to refinance a 395,000 s/f co-op apartment building with 446 residential units in Rego Park plus a $1 million line of credit (LOC) for working capital
New York City and State, continued
• $16.5 million term loan to refinance a 365,400 s/f co-op apartment building with 441 residences and two commercial units in Mineola plus a $1 million LOC for working capital
• $17 million to refinance a 49,300 s/f mixed-use property with 42 residences and two commercial units in Brooklyn
• $12.5 million term loan to refinance a 273,900 s/f co-op apartment building with 277 residential units and two commercial units in Brooklyn plus a $2 million LOC for working capital
• $12 million to refinance a 25,000 s/f retail space in Armonk
• $10.8 million to acquire a 25,600 s/f mixed-use property with 35 residences and two commercial units in Manhattan
• $10.4 million to refinance a 27,000 s/f retail property with four units in Brooklyn.
• $25 million commercial mortgage to refinance a 174,900 s/f office building in Philadelphia. ν