Two big apartment financing deals with Kushner Companies helped lead Investors Bank to a record month in lending.
Bank president and CEO Kevin Cummings said six of the largest commercial real estate (CRE) lending transactions completed by Investors Bank in June have a combined value of over $116 million.
Two of the June CRE transactions were closed with Kushner as it continued its recent apartment buying spree with the purchase of 338-units in Hasbrouck Heights, NJ. Investment Bank arranged $42 million in financing for those deals.
The remaining loans went to finance properties in Brooklyn, New York, and Pennsylvania.
“Our commercial real estate lending continues to grow steadily, and in June 2012 we produced our strongest loan volume in Investors Bank’s history,” said Cummings. “Going into the third quarter, we already have a substantial pipeline of loans, especially in the multifamily housing sector.”
Among the banks other June transactions were a $25 million five-year mortgage with a five-year option to refinance a one million-square-foot, office property in Philadelphia, Pennsylvania;
A $10 million adjustable rate mortgage to acquire a 38,184 s/f, multifamily building with 32 units in Brooklyn, N.Y.;
A $28 million fixed rate mortgage to refinance a 229,473 s/f, multifamily property with 216 units in Palmer, Pennsylvania.
A $11.1 million construction loan for a 47,605 s/f, mixed use property with 56 residential units and four commercial units in Brooklyn, New York.
Investors’ Commercial Lending Group is based at the bank’s headquarters in Short Hills, NJ. The bank also has offices on Manhattan’s East 42nd Street.