Investors Bank recently increased its multifamily housing and CRE loan portfolio by originating 14 large loan transactions valued at $309 million.
The properties, which are being financed, are located in Eastern Pennsylvania, Northern and Southern New Jersey, Delaware as well as New York City.
These commercial mortgage loans range in size from $10.7 million to $39 million. In total, Investors Bank provided financing for multifamily buildings that contain over 2,080 residential units as well as retail space and offices.
Investors Bank CRE Lending team also continues to broaden the scope of its financing to include more commercial properties.
Senior lenders just originated a $25.6 million mortgage for the acquisition of a 400,050-square-foot warehouse in Greencastle, Penn; A $15 million loan to refinance the mortgage for 204,334s/f shopping center in Voorhees, NJ and; $11 million loan to buy a 109,841 s/fretail store in Maple Shade, N.J.
Discussing the financing transactions, Investors Bank Head of CRE Lending Joseph Orefice said, “We will remain an active lender in the market throughout 2016 and into 2017. Our team is sticking with and supporting those companies and individuals we’ve been serving for over eight years, as well as developing new relationships.
“We remain bullish about offering exceptional financing opportunities to new and existing clients in the multifamily and commercial real estate sectors.”
Among the bank’s most recent multifamily housing transactions are:
- $39 million commercial mortgage to acquire a multifamily housing property in Jackson, N.J., with 372 residential units that cover nearly 1.3 million square feet of space.
- $25 million fixed-rate commercial mortgage and a $2 million, 10-year line of credit for a cooperative apartment building in Cliffside Park, N.J., with 312 residential units that cover 440,850 square feet of space.
- $16. 2 million commercial mortgage to refinance a multifamily housing property in Brooklyn, with 65 residential units that cover 66,932 square feet of space.
- $38.3 million commercial mortgage to refinance a multifamily housing property in Upper Macungie, Penn., with 326 units spread over 450,399 square feet of space.
- $22 million commercial mortgage to refinance a multifamily housing property in Claymont, Del., with 330 residential units within 284,936 square feet of space.