Investors Bank recently originated a $14 million loan to refinance the mortgage on The Vestry, 46-unit apartment building at 147-155 Bloomfield Ave. in Montclair. — Courtesy: Investors
By Joshua Burd
Investors Bank is touting the completion of more than $2 billion in commercial real estate lending volume in 2020, including continued financing of new construction and acquisitions.
According to the Short Hills-based lender, its recent activity has included a $25 million construction loan for a roughly 144-unit multifamily property in the Camden County borough of Lawnside. The bank has also originated a $14 million loan to refinance the mortgage on The Vestry, a 46-unit apartment building at 147-155 Bloomfield Ave. in Montclair with one commercial space.
Elsewhere, Investors is providing $16 million to a borrower that is refinancing a 136,200-square-foot office building in Ramsey.
“We had a very successful year in 2020,” said Joseph Orefice, the bank’s head of commercial real estate lending. “Our senior lenders continue to work closely with our clients during these trying times to structure financing to meet their specific financing needs.
“Last summer we pivoted and adjusted our lending strategy,” he added. “The trend continues, and we see select financing opportunities among various CRE sectors including construction.”
