A warehouse in Elizabeth, where Investors Bank recently closed on a $36 million loan to refinance an existing commercial mortgage — Courtesy: Investors Bank
By Joshua Burd
Investors Bank has inked a $36 million loan for a 144,000-square-foot warehouse in Elizabeth, the largest among 10 recent closings announced by the lender.
The Short Hills-based bank on Friday highlighted its newest commercial and multifamily loans in New Jersey, New York and Pennsylvania. With a combined value of more than $219 million, the transactions include eight loans that will be used to refinance existing mortgages, along with one construction loan and one acquisition loan.
They are among more than $1.6 billion in new commercial mortgages originated by Investors to date in 2018. And Joseph Orefice, the bank’s head of commercial real estate lending, said it expects to continue lending through the end of the year.
“Our efforts to diversify the bank’s loan portfolio have succeeded,” Orefice said. “We are also originating more commercial mortgages for buildings and industrial warehouses, even as our senior loan officers face significant competition from bank and non-banking lenders.
“Our group continues to take a competitive approach to pricing our loans while maintaining Investors Bank’s solid underwriting practices.”
The bank closed on the Elizabeth transaction, which will refinance an existing mortgage, in late October. Its other recent New Jersey loans include:
- $23.9 million to refinance the commercial mortgage on a 112,790-square-foot office building in Cranbury
- $23.4 million in construction financing for a 200,000-square-foot multifamily property in Jersey City
- $22.7 million to refinance a 150,000-square-foot, mixed-used property in Eastampton that houses 140 residential units and four commercial units
- $10 million to refinance a 118,000-square-foot office building in Bridgewater
Investors also highlighted its other recent activity in the region:
New York:
- $22.9 million to refinance a 131,550-square-foot warehouse with three commercial spaces in Port Washington
- $21.5 million to refinance a 455,000-square-foot cooperative building with 361 residential units and more than 200 parking spaces in Manhattan
Pennsylvania
- $28 million to refinance a 302,000-square-foot shopping center in Avondale
- $16 million to refinance a 74,000-square-foot multifamily property with more than 100 units in Philadelphia
- $15 million to acquire a 136,900-square-foot office building with 600 parking spaces in Lower Providence
