The owner of a 146-unit residential complex in Middlesex recently refinanced the property with a $30.8 million loan from Investors Bank. — Courtesy: Investors
By Joshua Burd
Investors Bank has closed on several loans to support New Jersey multifamily properties in recent months, part of more than $300 million in new lending activity for region.
In a news release Thursday, the bank touted 15 larger financing transactions recently originated by its Commercial Real Estate Lending Group. The deals have supported a range of property types in four states, including structured loans to refinance 10 commercial mortgages, construct two properties and acquire three buildings.
The New Jersey loans include:
- $30.8 million to refinance a 168,700-square-foot multifamily property with 146 residential units, 48 garages and 173 parking spaces in Middlesex
- $15 million to build a 104,200-square-foot multifamily property in Somerville that will have 60 residential units and 66 parking spaces
- $12 million to construct a 45,300-square-foot, mixed-use building in North Bergen with 51 residential units, three commercial spaces and a two-level parking garage
- $10 million to refinance a 91,500-square-foot multifamily property with 108 residential units and 110 parking spaces in Woodbridge
“We began 2018 in earnest with competitive programs and pricing,” said Joseph Orefice, head of CRE lending for the Short Hills-based bank. “Our senior lenders expect to continue broadening the lending platform this year by targeting commercial assets that go along with the Bank’s strong financing in the multifamily housing sector.
“The first half of 2018 looks solid because we have a good market reception that contributes to a positive deal flow.”
The $300.8 million in loans also included refinancing for mixed-use buildings, office space, shopping centers and multifamily properties in New York City, Pennsylvania and Connecticut. Across the four states, Investors said the mixed-use and multifamily properties house a total of 850 residential units and 29 commercial spaces.