An 111,000-square-foot office building in Branchburg was among the recent properties financed by Investors Bank’s CRE Lending Group. — Courtesy: Investors Bank
By Joshua Burd
With an uptick in demand that started last fall, lenders with Investors Bank have financed more than $100 million in commercial real estate transactions in recent weeks.
The six loans include a $14.8 million refinance of an 111,000-square-foot office building in Branchburg and a $13 million refinance of nine retail properties in northern New Jersey, the Short Hills-based bank said Thursday. The retail portfolio spans 169,000 square feet.
In a news release, Investors said the uptick in commercial real estate loan activity began after Election Day, gained momentum in December and has continued into 2017. All told, the deals total $107 million, spanning a mix of asset classes in New Jersey, New York and Pennsylvania.
“We expect that more of our commercial clients prefer to lock in financing now because of the uncertainty around interest rates,” said Joseph Orefice, Investors’ head of CRE lending. “Even though rates may move higher, we see a renewed optimism among our clients that businesses are entering a new phase of positive growth.
“Anticipating an increase in demand for CRE financing, we have expanded our lending team to deliver the exceptional service our clients expect for us.”
The other recent transactions include:
- A building, project and land loan for $27.6 million for a 146,400-square-foot multifamily property in Poughkeepsie, New York, that will have 139 residential units
- A term loan and line of credit for $20 million for a 415,600-square foot co-op building in Forest Hills, Queens
- A term loan of $17 million to refinance an 83,000-square-foot office building in Brooklyn
- A $12.5 million term loan to refinance a mixed-use property with 47 residential units and three commercial spaces in 35,500-square foot building in Tuckahoe, Pennsylvania
- A $16.7 million term loan to purchase a 124,600-square-foot office building in King of Prussia, Pennsylvania
As 2016 came to an end, Investors Bank’s senior lenders completed 11 transactions valued at more than $202 million, the institution said. For the entire year, its CRE Lending Group originated $3.2 billion in new loans, in what it described as a record year in financing commercial projects in the office, retail, and mixed-use sectors.
The bank is now concentrating on financing multifamily housing and commercial properties in New Jersey, the greater Philadelphia area, New York City and New York State, the bank said. The lending group is also gaining traction in diversifying its loan portfolio by providing more financing to owners of office buildings, large-scale retail properties and warehouse facilities.
