By Joshua Burd
Lenders with Investors Bank have closed $15.6 million in financing for a planned mixed-use building in Jersey City, one of three major loans closed by the bank in recent weeks.
In a news release, the bank said the construction loan will finance a project calling for 91 residential units and two commercial spaces at Baldwin Avenue and Academy Street. The overall building is expected to span 75,800 square feet.
The other recent loans by Investors’ CRE Lending Group include $14.9 million to refinance a 86,640-square-foot shopping center in Brooklyn and $10 million to refinance multifamily housing properties in Philadelphia. The latter comprises a combined 90 residential units, four retail spaces, 21 offices, one parking lot and a large 93,900-square-foot storage facility.
The activity for Investors follows more than $1.4 billion in commercial real estate loans during the first half of 2017, the news release said. The Short Hills-based bank has focused on diversifying its loan portfolio, with a mix that now includes multifamily housing, mixed-use properties, office buildings, warehouses, shopping centers and distribution facilities.
The bank primarily finances commercial real estate properties in New York City, New Jersey and Philadelphia, as well as the surrounding eastern Pennsylvania region.
“We are very satisfied with type, number and total value of the financings we have completed so far this year,” said Joseph Orefice, head of CRE lending for Investors. “Our senior lenders have developed significant relationships with building owners and developers because we have the capabilities to meet their credit needs in a timely, an efficient and a responsive manner.
“We have the capital, and we’re ready to make CRE and multifamily housing loans.”