The Investors Bank CRE Lending Group recently originated six larger commercial mortgages valued at $128 million.
The loans will be used to purchase multifamily properties and refinance mortgages as well as finance the construction of an apartment building in New York City.
All together, the buildings have a total of 1,542 living units spread over four million square feet of multifamily housing space.
During June, the Bank’s CRE Lending group also originated a range of financing in the $1 million to $3 million range for multifamily and commercial properties in N.J., N.Y. and nearby regions.
In announcing the latest lending transactions, Investors Bank’s Head of CRE Lending Joseph Orefice said, “As a constant force in real estate financing, we are known as a stable and consistent player that has significant capital resources to lend. Based on the pace of our loan originations during the first six months, we are well along the path to closing a record level of financing this year.”
Investors Bank recently completed these larger lending transactions:
- $41.3 million adjustable rate mortgage that will be used to purchase a multifamily housing property with 674 living units in a building with 680,364 square feet of residential space in Washington, D.C.
- $34 million adjustable rate mortgage to refinance the loan on a multifamily housing property with 288 living units in a building with 266,430 square feet of residential space in Camp Hill, Penn. (which is outside of Harrisburg)
- $16.6 million adjustable rate mortgage, which is syndicated loan transaction, to purchase a multifamily property with 142 living units in a building with 183,728 square feet of residential space that is in Teaneck, N.J.
- $14.5 million fixed rate mortgage to refinance the loan on co-op building with 235 living units in a building with 384,680 square feet of residential space in Fort Lee, N.J.
- $11.5 million interest-only loan to construct a multifamily property that will have 43 living units in building with 37,566 square feet of residential space in Upper Manhattan
- $10 million fixed rate mortgage to refinance the loan on nonprofit organization’s facility with 160 living units in building with 49,644 square feet of residential space in Far Rockaway, Queens