Investors Bank’s Commercial Real Estate (CRE) Lending Group achieved record results during 2013 by completing 695 financing transactions valued at $2.37 billion.
At the end of the year, the CRE Lending Group closed seven large loans valued at nearly $147 million and a number of loans in the $2 million to $5 million range.
In announcing the most recent transactions, Investors Bank’s director of the commercial real estate Lending Joseph Orefice said, “Our senior lending teams closed a flurry of loans in late December, which is always a busy time for the year-end crunch.
“Also, we are broadening our business relationships by serving more clients in Central and Southern New Jersey and Eastern Pennsylvania. Our success in established and new territories has encouraged us to forecast very strong commercial loan growth for the first half of 2014.”
The Commercial Real Estate Lending Group completed the following large transactions from late November through the end of December:
• $31.9 million, adjustable rate mortgage to refinance a 463-unit, multifamily building with a total of 359,908 square feet of space on Makerfield Road in Morrisville, Pa.
• $30 million, fixed rate mortgage to refinance a 144,566-square-foot warehouse on Bayway Avenue in Elizabeth, N.J.
• $25 million, adjustable rate mortgage to refinance a 272-unit, multifamily building with 254,631 square feet of space on South Parkway Boulevard in Broomall, Pa.
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