Investors Bank CRE Loan Volume Reached Almost $2.5B During 2018
Investors Bank's largest single CRE loan, which was completed at the end of 2018, was a $42 million transaction to refinance the commercial mortgages on 27 retail properties in multiple locations.
SHORT HILLS, NJ—Short Hills, NJ-based Investors Bank says its commercial real estate lending volume exceeded $2.48 billion in 2018. The loans were used to refinance existing commercial mortgages, acquire properties and construct new buildings.
The financing was provided to different CRE sectors including multifamily housing properties, commercial office buildings, industrial warehouses, shopping centers and cooperative apartments. Properties financed are located in New York, New Jersey and Pennsylvania.
During the closing weeks of last year, Investors Bank’s CRE Lending Group originated 19 large CRE financing transactions valued at $385 million.
“The significant increase in the number of CRE loans during the fourth quarter is linked to our continued focus on diversifying our portfolio,” says Joseph Orefice, head of Investors Bank’s CRE Lending. “We use our significant assets, loan processing capacity and financing expertise to meet each client’s specific needs. Our objective was to finish the year in a strong position, which we achieved.”
The largest single CRE loan, which was completed at the end of 2018, was a $42 million transaction to refinance the commercial mortgages on 27 retail properties in multiple locations.
“We are very optimistic about our ability to originate CRE loans this year,” says Orefice. “Yes, challenges lie ahead in terms of the intense competition in our market, potential macroeconomic concerns, and interest rates increases. To balance those forces, we rely on the support of the bank’s senior managers, our reputation as a reliable CRE lender and our strong relationships with leading commercial property owners.”
Among the larger loans that were completed by the bank in New Jersey:
- $32.3 million loan to acquire a 236,600 square-foot multifamily housing property with 146 residential units in Fairview
- $16.1 million loan to acquire a 171,200 square-foot office building in New Providence
- $15 million loan to refinance a 128,700 square-foot office building in Englewood Cliffs
- $11 million loan to refinance a 240,000 square-foot multifamily housing property in East Windsor that has 220 residential units, and
- $10.8 million loan to refinance a 90,000 square-foot multifamily housing property in Morristown, which has 76 residential units and 45 parking spaces.