Focused on diversifying its portfolio of commercial real estate (CRE) loans, Investors Bank recently closed multi-million dollar financings to retail shopping centers, mixed-use properties, warehouses and multifamily buildings.
Also, the bank is expanding its relationships to include a broader base of building owners and property developers in the New York Metropolitan area and the Mid-Atlantic region.
As the third quarter ended, Investors CRE Lending Group originated nine, larger loans valued at over $114 million.
According to Investors Bank Head of CRE Lending Joseph Orefice, “Our goal is two-fold. First, we are adjusting the mix of loans in our commercial portfolio. Secondly, we are looking to create opportunities for our business bankers to build direct relationships with CRE firms that can use our cash management and professional banking services.”
The larger financing packages originated by Investors’ CRE Lending Group included:
• $18 million adjustable rate mortgage (ARM) loan to refinance a 166,379 s/f shopping center in Malvern, Penn.
• $15.6 million fixed-rate loan from Investors, which participated in the financing of a 128,599 s/f, office building in Hauppauge, N.Y.
• $15.5 million fixed-rate loan to refinance a multifamily building with 53 units in 75,000 s/f of space in Elmwood Park, N.J.
• $14.1 million fixed-rate loan from Investors, which participated in the financing of a mixed-use property with 7,500 s/f of retail space and 88,000 s/f of office space in midtown Manhattan.
• $11 million fixed-rate loan from Investors, which participated in the financing of mixed-use property with 56,000 s/f of retail space and 33,850 square feet of office space in Nesconset, N.Y.
• $10.9 million fixed-rate loan from Investors, which participated in the financing of a mixed-use property with 55,516 s/f of office space and 10,570 square feet of retail space in the Bronx.
• $10.5 million fixed-rate loan from Investors, which participated in the financing of a 60,000 s/f retail building in Queens.
• $10 million fixed-rate loan to refinance a 143,214 s/f shopping center in Old Bridge, N.J.
• $10 million ARM loan to refinance a 213,373 s/f warehouse in Union, N.J.
