Investors Bank’s recent lending activity includes $15 million to refinance the existing loan on a 377,600-square-foot warehouse in Kearny — Courtesy: Investors Bank
By Joshua Burd
Investors Bank has closed nearly a dozen commercial real estate loans valued at $227 million in recent months, including more than $90 million in transactions for its New Jersey clients.
The Short Hills-based lender this week said the deals, which occurred primarily in New Jersey, New York and Pennsylvania, were used to refinance five existing commercial mortgages, finance the construction of five new properties and purchase a parcel of land. Its activity in the Garden State includes:
- $34 million in construction financing for a 177,000-square-foot, 180-unit multifamily project in North Haledon
- $31 million in construction financing for a mixed-use, 172,000-square-foot project in Jersey City with 198 residential units and one commercial space
- $15 million to refinance the existing loan on a 377,600-square-foot warehouse in Kearny
- $10.4 million to finance the purchase of a 23,000-square-foot land parcel in Jersey City
“We are seeing steady activity in the second half of 2020,” said Joseph Orefice, the bank’s head of CRE lending. “Our lenders are serving all segments of the CRE marketplace, including multifamily housing, new construction and office buildings. Investors Bank has significant capital resources, and our senior lenders have the expertise and flexibility to structure financing to meet our borrowers’ specific needs.”
He added that, in the wake of the coronavirus pandemic and the changes that have occurred in the market, “We continually communicate and work closely with our CRE clients to provide the type of services they require right now.”
The combined size of the assets in Investors’ recent loan activity, which includes existing properties and those planned to be built, equals about 1.6 million square feet, according to a news release. Among the largest loans completed by its team was a $38 million transaction to refinance a 257-unit multifamily housing property in Warminster, Pennsylvania.
The bank’s other recent activity includes:
New York
- $27 million to refinance a 325,000-square-foot cooperative apartment complex with more than 500 residential units in Howard Beach, including an additional $2 million in financing
- $19.5 million in construction financing for a 40,600-square-foot mixed-use property in Brooklyn that will have 46 residential units and one commercial space
- $16.1 million in construction financing for a 72,350-square-foot, 108-unit multifamily property in the Bronx
- $12.1 million in construction financing for a 47,400-square-foot mixed-use property in Brooklyn that will have 30 residential units and one commercial space
- $10.6 million to refinance the loan on mixed-use buildings with 28 residential units and one commercial area, covering a total of 24,000 square feet, in Manhattan
Pennsylvania
- $13.3 million to refinance an 88,100-square-foot, 128-unit multifamily property in Philadelphia
