Spencer Savings Bank’s headquarters in Elmwood Park
By Joshua Burd
Spencer Savings Bank has closed a $22 million mortgage tied to a distribution center in the Meadowlands, touting it as the single-largest transaction in its history.
The Elmwood Park-based lender said the client is a global manufacturing company based in New York, with $300 million in revenue and 7,000 employees worldwide. The bank announced the loan Monday, noting that it signals a continued appetite for growth and the desire for borrowers to work with a community bank.
“We were delighted to have the opportunity to provide a substantive financing for such a well- managed global company,” said John Duncan, executive vice president and chief lending officer at Spencer. “We worked very closely with the company to structure a credit package which matched their long-term financing requirements.”
The loan was a mortgage securing a distribution facility.
“This transaction, right in the heart of the Meadowlands and in the shadow of MetLife Stadium, is the epitome of the customer focus, service and attention to detail that our lending clients have come to expect from Spencer Savings Bank,” said Ryan Peene, the bank’s senior vice president and director of market growth.