Investors Bank — strong first quarter
Investors Bank completes $1.2 billion in commercial loans in 2015
Investors Bank — strong first quarter Investors Bank completes $1.2 billion in commercial loans in 2015 Check out this story on mycentraljersey.com: http://mycj.co/1I1E7Zq
Published 12:04 a.m. ET May 30, 2015 | Updated 11:34 a.m. ET June 1, 2015
The Investors Bank CRE Lending Group recently provided $16.4 million to refinance the commercial mortgage for a multifamily housing property in Aberdeen and this garden apartment complex in Matawan.(Photo: ~Courtesy Investors Bank)
Investors Bank generates record-breaking volume of commercial real estate loans and expects the current pace of lending to continue through most of 2015
MILLBURNInvestors Bank Commercial Real Estate (CRE) Lending Group successfully originated nearly $1.2 billion worth of commercial real estate mortgages in a range of sectors during the first four months of 2015. This is the first time the bank's lending teams have produced this record-breaking amount of commercial loans in just four months.
From January to April, the CRE Lending Group finalized more than 20 larger financing transactions — for a range of commercial properties — with a combined value of $523 million.
In discussing the remarkable level of loan production, Investors Bank's Head of CRE Lending Joseph Orefice said, "When we opened our loan office in New York City in 2010, we set a goal of originating $1 billion in financing during a 12 month period. Six years later, we're originating more than a billion dollars of new loans in 120 days. Based on our loan pipeline, capital resources, and capacity, we expect the current pace of lending to continue throughout the year."
The majority of the Bank's commercial mortgage loans were made to the multifamily housing sector. For example, during the first four months of 2015, the Bank provided loans to building owners whose properties contain a total of more than 4385 residential units. These multifamily buildings comprise 3.5 million square feet of space, and the structures are in such areas as New Jersey, Brooklyn, Lower and Upper Manhattan, Roosevelt Island, and Northern Virginia.
In addition, Investor Bank continued to provide financing to firms that own retail, mixed-use, and industrial properties.
During first four months of this year, loans were made to owners of four commercial properties, with a total of 471,000 square feet of space, and these structures are in the Greater Philadelphia suburbs and Brooklyn.
The CRE Lending Group's larger transactions include the following loans: $40 million adjustable-rate mortgage (ARM) to refinance a 756,781-square-foot, shopping center in Ocean Township; $35.8 million ARM to acquire a 843,545-square-foot, multifamily housing property with 1,193 living units in Upper Manhattan (Investors is one of the lenders financing this acquisition); $34.9 million to refinance the fixed-rate commercial mortgage on a 401,242 square-foot, multifamily property in Neptune City, $16.4 million fixed rate mortgage to refinance a 256-892-square-foot, multifamily building with 268 living units in Matawan; $16 million interest-only construction loan to build a 44,323-square-foot, multifamily housing building with 44 living units in Brooklyn; $10.8 million ARM to refinance a 109,500-square-foot, multifamily building with 60 living units in Philadelphia; $10 million ARM to refinance the commercial mortgage on a 43,770-square-foot, retail space in Lower Providence Township, Pennslvania; $10 million ARM to refinance a 23,904 square feet of multifamily properties with 29 living units on the Upper West Side of Manhattan.
Investors' Commercial Real Estate Lending Group is based at 101 JFK Parkway, Short Hills, N.J. and operates offices at 60 E. 42nd Street in Manhattan; 1001 Highway 71 in Spring Lake Heights, N.J.; 81 Court Street in Brooklyn; 31-33 31st Street, Astoria, Queens; and 2300 Route 93, Robbinsville, N.J.
To speak with Investors about commercial lending needs, call: George Campbell, Spring Lake office at 732-282-7101 (Central NJ and Philadelphia); Bert Owens, Short Hills office at 973-924-5251 (North Jersey and Eastern Pennsylvania); Marc Katz, New York City office at 646-358--8382 (New York and Connecticut); Tim Touhey, Robbinsville, at 609.937.0037 (Central and South Jersey); Chris Koutsis, Astoria office at 718.956.2845 (Queens)/
Investors Bank's website is www.myinvestorsbank.com , and the Bank can be followed on Facebook and Twitter.
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