The Spencer Savings Bank headquarters in Elmwood Park By Joshua Burd
By Joshua Burd
Spencer Savings Bank has closed on a $19 million loan for a major furniture store in North Brunswick, touting its second large commercial real estate transaction in recent months.
The lender, which is based in Elmwood Park, said the borrower will use the loan to refinance its strip center in the Middlesex County township. The deal is Spencer’s second transaction with the company, one of the nation’s largest furniture chains, following a loan that was used for a store in Philipsburg.
The deal closed just months after the bank’s commercial real estate team closed on an earlier $19 million deal, according to news release. The prior loan, a seven-year commercial mortgage, was tied to a pair of multitenant office buildings in Clifton.
The North Brunswick and Clifton deals are two of Spencer’s largest commercial real estate deals in its history, the lender said in a news release, signaling an appetite for growth and the desire for borrowers to work with a community bank.
“With nearly $3 billion in assets, Spencer has the capacity to fulfill everyone’s financing needs with transactions up to $20 million,” said Michael Claisse, senior vice president and director of commercial real estate lending with Spencer. “Combine this with the fact that we make it our business to really connect with our customers — and you having a winning strategy.
“The bank’s success is rooted in building long-lasting relationships, truly understanding the customer’s needs, local decision-making, access to decision makers, flexible financing, quick turnaround and the ability to attract a highly talented staff.”
Claisse noted that the bank over the past decade has expanded its footprint into the commercial market.
“Commercial real estate financing continues to be Spencer’s main focus. Not only are we taking on stabilized properties, we are also capable of offering our development clientele bridge and construction financing,” he added. “As a direct lender, our team is committed to guiding borrowers through all phases of their project from customization of their loan package to helping evaluate future growth opportunities once the project is complete.”
