Investors Bank originated 10 major commercial real estate (CRE) lending transactions in recent weeks, and the combined value of the loans surpasses $283 million.
The Investors Bank CRE Lending Group also completed a number of loans in the $1 million to $3 million range during the same period.
The financings, which were divided among various CRE sectors, demonstrate Investors Bank’s focus on diversifying its commercial lending portfolio. The loans fell into different CRE sectors as follows: two industrial warehouses, two shopping centers, one large retail space, three multifamily housing properties and one structured construction loan.
The construction financing was provided to Somerset Development, and the loan will be used to make significant renovations to the Bell Works complex, which was formerly the Bell Labs facility, in Holmdel, New Jersey.
Investors Bank served as the lead bank in structuring the $70 million construction loan package for this project, which also included financing from another New Jersey lender.
The developers will invest in revitalizing and reimaging the sprawling, 1.4 million-square-foot property. The original Bells Labs facility, a landmark structure, was designed by world-renowned architect Eero Saarinen. Completed in 1962, the facility once housed more than 6,000 scientists, engineers, and telecommunications experts engaged in advanced research and development programs.
In discussing recent loan production, Investors Bank Head of CRE Lending Joseph Orefice said, “As one of the largest banks based in New Jersey, we are proud to finance this significant redevelopment and reuse project. Our senior lending teams structured this financing package, which gives the developers the flexibility to complete this multi-phase revitalization. This particular project provides an excellent example of how we stand ready to form alliances with real estate firms that are engaged in repurposing and improving underutilized corporate facilities to meet the needs of today’s tenants.”
Details about some of the major financing transactions inlcude:
- $27.5 million loan to refinance a 398,573-square-foot industrial warehouse located in Lakewood, NJ.
- $18.5 million loan to refinance a multifamily housing property with 66 residential units covering 63,000 square feet of space, located in Brooklyn
- $16 million loan to refinance a co-op building with 350 residential units, two commercial spaces and a parking garage, that covers 316,084 square feet of space in Manhattan, and to provide a $1 million line of credit
- $10 million loan to purchase an 8,000-square-foot retail space located in Manhattan.
- $44 million loan to refinance a multifamily housing property with 288 units covering 318,480 square feet of space, located near Allentown, PA.
- $13 million loan to refinance an 859,000-square-foot industrial warehouse located in Muhlenberg.
- $13.7 million loan to refinance a multifamily housing property with 152 residential units covering 132,000 square feet of space, in Vernon, CT.