Investors Bank reported that its commercial real estate (CRE) lending volume exceeded $2.48 billion for the year ending on December 31, 2018.
The loans were used to refinance existing commercial mortgages, acquire properties and construct new buildings.
The financing was provided to different CRE sectors including multifamily housing properties, commercial office buildings, industrial warehouses, shopping centers and cooperative apartments. The properties are located in New York, New Jersey and Pennsylvania.
During the closing weeks of last year, Investors Bank’s CRE Lending Group originated 19 large CRE financing transactions valued at $385 million.
“The significant increase in the number of CRE loans during the fourth quarter is linked to our continued focus on diversifying our portfolio,” said Investors Bank Head of CRE Lending Joseph Orefice.
“We use our significant assets, loan processing capacity and financing expertise to meet each client’s specific needs. Our objective was to finish the year in a strong position, which we achieved.”
Orefice added, “We are very optimistic about our ability to originate CRE loans this year. Yes, challenges lie ahead in terms of the intense competition in our market, potential macroeconomic concerns, and interest rates increases. To balance those forces, we rely on the support of the bank’s senior managers, our reputation as a reliable CRE lender and our strong relationships with leading commercial property owners.”
One of the largest single CRE loans, which was completed at the end of 2018, was a $42 million transaction to refinance the commercial mortgages on 27 retail spaces in New York City.
other transactions included:
• $25.5 million loan to refinance a 161,700-square-foot office building in Brooklyn
• $23.8 million loan to refinance a 42,600-square-foot office building in Midtown Manhattan
• $20 million loan to refinance a 45,800-square-foot multifamily housing property with 51 residential units in Brooklyn
• $15.5 million loan to refinance a 79,300-square-foot office building in Brooklyn
• $12 million loan to refinance a 261,700-square-foot cooperative apartment building in Manhattan that has 292 residential units.
Headquartered in Short Hills, New Jersey, Investors is a full-service community bank that has been serving customers since 1926. With over $25 billion in assets and a network of more than 150 retail branches, Investors Bank delivers personalized services and products tailored to the needs of its customers. Investors Bank’s banking services include complete deposit, loan and cash management products for consumers and businesses.
Investors Bank closes on $385M as lender continues to diversify
