By Joshua Burd
Investors Bank has continued its push to lend across different sectors of commercial real estate, originating more than $280 million in financing for 10 major transactions in recent weeks.
The loans have provided financing for warehouses, shopping centers, a large retail space, three multifamily properties and mixed-use construction, the Short Hills-based bank said. They are spread across New Jersey and neighboring states.
The largest among them is the $70 million construction loan for Somerset Development and its 2 million-square-foot Bell Works project in Holmdel. Investors served as the lead bank in structuring the loan package for the project, which also included financing from another New Jersey lender, as part of Somerset’s effort to redevelop the former Bell Labs complex as a modern mixed-use environment.
“As one of the largest banks based in New Jersey, we are proud to finance this significant redevelopment and reuse project,” said Joseph Orefice, head of Investors Bank’s CRE Lending Group. “Our senior lending teams structured this financing package, which gives the developers the flexibility to complete this multiphase revitalization.
“This particular project provides an excellent example of how we stand ready to form alliances with real estate firms that are engaged in repurposing and improving underutilized corporate facilities to meet the needs of today’s tenants.”
The Investors Bank lending team also completed several loans in the $1 million to $3 million range during the same period.
The other larger loan transactions include:
- $27.5 million to refinance a 398,573-square-foot warehouse in Lakewood
- $18.5 million to refinance a Brooklyn multifamily property with 66 residential units covering 63,000 square feet
- $16 million to refinance a co-op building in Manhattan with 350 residential units, two commercial spaces and a parking garage, covering 316,084 square feet, and to provide a $1 million line of credit
- $10 million to purchase an 8,000-square-foot retail space in Manhattan.
- $44 million to refinance a multifamily property near Allentown with 288 units covering 318,480 square feet
- $13 million to refinance an 859,000-square-foot warehouse in Muhlenberg
- $13.7 million to refinance a multifamily property in Vernon with 152 residential units covering 132,000 square feet