100 Plaza Drive in Secaucus — Courtesy: Investors Bank
By Joshua Burd
Investors Bank has originated more than $308 million in loans in recent weeks, financing more than a dozen transactions involving multifamily and commercial properties.
The Short Hills-based bank, which said it was diversifying its commercial real estate loan portfolio, said the activity spans 15 large transactions on properties located in New York City, New Jersey and Philadelphia. The loans are on apartment properties and commercial buildings that include offices, warehouses, retail and mixed-use space.
The New Jersey transactions include:
- $42 million for the acquisition of a nearly 265,000-square-foot office building in Secaucus
- $23.4 million to refinance a 229-unit multifamily property in Woolwich
- $27 million to refinance a 759,200-square-foot warehouse in North Brunswick
- $24.2 million to acquire a 104-unit multifamily property in Harrison
- $20 million to refinance a 122,600-square-foot retail building in Woodbridge and a $5.5 million revolving line of credit for working capital
All told, the multifamily transactions comprise more than 1,000 residential units, including one co-op building, Investors said. The commercial activity includes two office buildings with a combined 307,430 square feet, along with two mixed-use properties covering 193,078 square feet of residential, retail space and office space.
Investors also noted that it financed deals involving two warehouses, covering a total of 920,055 square feet, and a 122,600-square-foot.
“Our loan volume remained steady throughout the year and we’re building strong relationships with a broader range of property owners,” Investors Bank Head of CRE Lending Joseph Orefice said in a prepared statement. “While the CRE sector is monitoring changes taking place in a macro-economy — including interest rate increases, a new administration entering the White House and potential for a corporate tax cut — our message to property owners and developers is that we have capital to lend. We’re seeking new loan opportunities and have the expertise to structure and originate financing quickly.”