A refinancing loan of $26.6 million for this 138,600-square-foot, 148-unit multifamily property in Sayreville is one of several commercial mortgages originated by Investors Bank during the first quarter. — Courtesy: Investors Bank
By Joshua Burd
Commercial mortgage lenders with Investors Bank originated nearly $830 million in loans during the first quarter, marking an uptick of nearly 20 percent from the same period last year.
That volume includes some $498.4 million for the multifamily sector, $234.7 million for commercial properties and $95.7 million in new construction financing, the Short Hills-based bank said recently. The properties are located in New York, New Jersey and the greater Philadelphia area.
“Our loan volume demonstrates that we have the capabilities and capital resources to meet our clients’ financing needs,” Joseph Orefice, Investors’ head of commercial real estate lending, said in a prepared statement.
By comparison, Investors’s commercial lending team originated $697.9 million worth of loans during Q1 in 2016.
Some of the team’s most recent loans include:
- $41.5 million to refinance a 187,900-square-foot, 200-unit multifamily housing property in Florham Park
- $26.6 million to refinance a 138,600-square-foot, 148-unit multifamily housing property in Sayreville
- $15 million to refinance a 50,500-square-foot mixed-use property with 25 offices and three retail units in Hoboken
- $10.5 million to refinance a 60,800-square-foot office building in Lakewood.
- $43 million to refinance a 270,000-square-foot, 160-unit multifamily property in Orangetown
- $27 million to acquire a 113,500-square-foot, 102-unit multifamily property in Brooklyn
- $18 million term loan to refinance a 395,000-square-foot co-op apartment building with 446 units in Rego Park, plus a $1 million line of credit for working capital
- $16.5 million term loan to refinance a 365,400-square-foot co-op apartment building with 441 residences and two commercial units in Mineola, plus a $1 million line of credit for working capital
- $17 million to refinance a 49,300-square-foot mixed-use property with 42 residences and two commercial units in Brooklyn
- $12.5 million term loan to refinance a 273,900-square-foot co-op apartment building with 277 units and two commercial units in Brooklyn, plus a $2 million line of credit for working capital
- $12 million to refinance a 25,000-square-foot retail space in Armonk
- $10.8 million to acquire a 25,600-square-foot mixed-use property with 35 residences and two commercial units in Manhattan
- $10.4 million to refinance a 27,000-square-foot retail property with four units in Brooklyn
- $25 million commercial mortgage to refinance a 174,900-square-foot office building in Philadelphia