By Joshua Burd
The owner of a 132-unit luxury apartment building in Jersey City has refinanced for $45 million, in one of several recently announced loans by Investors Bank.
The Short Hills-based lender closed the transaction as part of more than $556 million in commercial real estate activity during the first quarter. According to a news release, the deals helped clients refinance existing mortgages, acquire buildings and construct multifamily housing properties.
“We had modest growth in our CRE lending during the past 90 days as we continue to serve our clients,” said Joseph Orefice, Investors Bank’s head of commercial real estate lending. “We are cautiously optimistic, and we’re taking a balanced, strategic approach to making CRE loans because we see reassuring trends in many commercial property sectors.”
The $45 million loan in Jersey City, which supported a 104,500-square-foot multifamily building with ground-floor commercial space, was among several in New Jersey by Investors. Other transactions in Q1 included:
- $24.7 million to acquire a 271,900-square-foot office building in Iselin
- $23 million to construct a 240-unit multifamily property in Elmwood Park
- $20.8 million to refinance a 172-unit multifamily property in Freehold
- $13.4 million to refinance the mortgage for a 45-unit multifamily property in Kearny
- $11 million to acquire a 56-unit multifamily property in Woodbridge
- $10.2 million to construct an 80-unit multifamily property in Netcong
Investors also completed a larger refinancing loan and a construction loan, both in Philadelphia, and a refinancing transaction in Eastern Pennsylvania.
“The CRE group has been lending in this market for a number of years,” Orefice said. “As the bank increases its presence in this region, we will be ready to use our CRE lending expertise and capabilities to structure loans to more local companies that are seeking financing.”