The Fairview at 371 Bergen Blvd. in Fairview — file photo
By Joshua Burd
Investors Bank inked nearly $2.5 billion in commercial real estate loans in 2018, including $385 million in volume across 19 transactions to close out the year.
The Short Hills-based lender on Tuesday detailed a series of originated loans, including deals to refinance existing commercial mortgages, acquire properties and construct new buildings in the multifamily, office, industrial and retail sectors. The lending activity spanned New Jersey, New York and Pennsylvania.
“The significant increase in the number of CRE loans during the fourth quarter is linked to our continued focus on diversifying our portfolio,” said Joseph Orefice, Investors Bank’s head of commercial real estate lending. “We use our significant assets, loan processing capacity and financing expertise to meet each client’s specific needs.
“Our objective was to finish the year in a strong position, which we achieved.”
Investors CRE lending group ended the year with 19 large transactions valued at $385 million, according to a news release. The largest among them, which was completed at the end of the year, was a $42 million transaction to refinance the commercial mortgages on 27 retail properties in multiple locations.
The others include:
- $32.3 million to acquire a 236,600-square-foot, 146-unit multifamily property in Fairview
- $16.1 million to acquire a 171,200-square-foot office building in New Providence
- $15 million to refinance a 128,700-square-foot office building in Englewood Cliffs
- $11 million to refinance a 220-unit, 240,000-square-foot multifamily property in East Windsor
- $10.8 million to refinance a 76-unit, 90,000-square-foot multifamily property in Morristown, which has 45 parking spaces
“We are very optimistic about our ability to originate CRE loans this year,” Orefice said. “Yes, challenges lie ahead in terms of the intense competition in our market, potential macroeconomic concerns and interest rates increases. To balance those forces, we rely on the support of the bank’s senior managers, our reputation as a reliable CRE lender and our strong relationships with leading commercial property owners.”