SHORT HILLS, NJ—Investors Bank‘s Commercial Real Estate Lending Group reports it has seen a continued robust pace of commercial mortgage financing deals during the first quarter of this year and sees more of the same for at least the next three months.
Senior Vice President and Head of CRE Lending Joseph Orifice, said, “Based on our current financing projections, which includes transactions in the pipeline, we believe demand for commercial mortgage loans will remain strong through the first half of this year. We are also seeing a broadening of loan requests to include office property purchases and more construction of multifamily housing as well as mortgage re-financings.”
The Short Hills, NJ-based firm adds that of late it has widened its geographic reach by closing more transactions in Southern, New Jersey, the Hudson Valley region, and Long Island, NY as well as eastern Pennsylvania.
During the first quarter, the bank has closed 80 financing transactions, ranging in value from $1 million to $47 million. Among some of its more sizeable transactions include: a $26.9-million, fixed rate commercial mortgage loan for the purchase of a 102-unit multifamily property on Banner Avenue in Brooklyn, NY and a $25-million, fixed rate commercial mortgage to refinance a 206,253-square-foot office building on South Street in Morristown, NJ,