The BroadAcres Office Park in Bloomfield — Courtesy: Investors Bank
By Joshua Burd
Investors Bank has closed on a $30 million loan to refinance a nearly 400,000-square-foot office park in Bloomfield, the largest among several newly announced transactions.
The lender on Friday said it completed financing valued at more than $130 million in recent weeks and $412.5 million during the first quarter of 2019. The deals include commercial mortgages for owners and buyers of industrial, office, retail and multifamily properties located within New Jersey and New York City.
Among those highlighted on Friday was the $30 million loan for an undisclosed borrower to refinance the Bloomfield office campus. Located adjacent to the Garden State Parkway, the BroadAcres Office Park is home to roughly 393,000 square feet of space.
“Our team is consistently building relationships with commercial real estate firms by structuring loans that meet our client’s financial needs,” said Joseph Orefice, the head of Investors Bank’s commercial real estate lending group. “We’re cautiously optimistic that the demand for CRE lending will increase at a modest rate from now through December.”
He added that the Short Hills-based lender is “actively refinancing properties” in order to maintain its currently loan portfolio while originating new financing.
“However, one particular head wind is that the number and type of lenders continue to grow, and each day we’re facing more competition,” Orefice said. “Right now, we’re concentrating our resources in the commercial real estate sector while serving our clients in multifamily housing and mixed-use space.”
Investors Banks’ other recent loans in New Jersey include:
- $24 million to acquire a 165,742-square-foot office building in Evesham
- $15 million to refinance a 132,549-square-foot shopping center in Freehold
The bank also highlighted several recent loans in New York, including:
- $23.3 million to refinance a 325,147-square-foot multifamily building with 516 co-op units in Howard Beach
- $16 million to refinance a 42,140-square-foot mixed-use property with 58 residential units and four commercial spaces in Brooklyn
- $15 million to refinance a 184,500-square-foot mixed-use building with 175 residential units and two commercial units in the South Bronx
- $8.9 million to refinance a 47,902-square-foot medical office in Brooklyn