As Investors Bank expands its operations within the Northeast and Middle Atlantic regions, the Commercial Real Estate (CRE) Lending Group is providing commercial mortgage financing for properties located in a wider geographic area.
The Bank’s CRE lenders recently completed four larger financing transactions for multifamily housing properties located in an area that stretches from Duchess County, N.Y. to Wilmington, Del.
The properties contain a total of 855 housing units, and the value of these lending transactions is $88 million.
In announcing the Bank’s recent loan volume, senior vice president and Head of CRE Lending Joseph Orefice said,
“As Investors expands its retail banking footprint, we are building relationships with property owners in new regions. While we are one of the top multifamily lenders in New York City, we now expect to establish our brand in a wider range of markets.”
Following are reported details on the four recent deals:
• $30 million, fixed rate loan to refinance the commercial mortgage on Colonnades Apartments that has 560 units covering 557,200 square feet in Newark, N.J.
• $21.9 million, adjustable rate mortgage loan to refinance a multifamily building consisting of 178 units spread over 190,244 square feet in Pleasant Valley, N.Y.
• $21 million, adjustable rate mortgage loan to refinance a 43,215 square-foot multifamily property with 42 units in Brooklyn, N.Y.
• $15.1 million, fixed rate mortgage loan to purchase a multifamily building with 75 units covering 213,425 square feet in Wilmington, Del.
Investors’ Lending Group is based in Short Hills and operates offices in Manhattan; Spring Lake Heights, N.J.; Brooklyn; Astoria, Queens; and Robbinsville, N.J.