Investors Bank recently provided a $11.5 million commercial mortgage loan that was used to acquire a 39,978-square-foot shopping center on Mount Hope Avenue in Rockaway. — Courtesy: Investors Bank
By Joshua Burd
Multifamily projects in Morristown and Monroe are among the latest developments financed by Investors Bank, contributing to more than $2.5 billion in commercial real estate activity completed by the lender in 2017.
The Short Hills-based bank announced that it originated $2.7 billion in commercial real estate loans last year. Spearheaded by its Commercial Real Estate Lending Group, the activity spans everything from multifamily properties to office buildings, warehouse and distribution facilities and shopping centers.
Investors also financed new development, including a $24.8 million loan to build a 58-unit, 86,468-square-foot property in Morristown. The bank did not disclose the address of the project or its client, nor did it identify the exact locations of other properties in it lending portfolio.
Other recent New Jersey loans include:
- $21.8 million to construct a 377-unit, 410,544-square-foot apartment project in Monroe
- $14.3 million to purchase a group of commercial properties totaling 102,230 square feet, which are used by retail and business and professional service companies located across Essex, Hudson, Union, Middlesex and Morris counties
- $11.5 million to acquire a 39,978-square-foot shopping center in Rockaway.
The bank also touted one of its most high-profile deals of 2017, a $70 million construction loan to Somerset Development for its transformative Bell Works project in Holmdel.
“Throughout the year we structured our lending transactions to serve our clients’ strategic financing and property development requirements,” Joseph Orefice, Investors Bank’s head of CRE lending, said in a prepared statement. “We are balance sheet lenders and our senior lenders have the flexibility to develop financing packages that help our CRE clients achieve specific short and longer term objectives.
“Our bank is known in the market as a reliable and dependable source of CRE financing for companies with properties and development projects primarily located in New York City and State, New Jersey and Pennsylvania.”
In addition to its New Jersey activity, Investors highlighted transactions in Philadelphia and New York City:
- $12 million to acquire a 50,505-square-foot, mixed-use property in Philadelphia with 56 residential units, five commercial areas and 21 parking spaces.
- $25.4 million to refinance a multifamily property with 66 residential units and 23 parking spaces, covering 61,599 square feet of space in Brooklyn.
- $10 million to refinance a mixed-use property with 41 residential units and four commercial spaces that together cover 30,000 square feet of space in Manhattan