Investors Bank’s Commercial Real Estate (CRE) Lending Group announced a robust first quarter in commercial mortgage financing. To date, the bank has closed 80 deals this year ranging from $1 to $47 million.
Joseph Orefice, senior vice president and head of CRE lending, said, “Based on our current financing projections, which includes transactions in the pipeline, we believe demand for commercial mortgage loans will remain strong through the first half of this year.
“We are also seeing a broadening of loan requests to include office property purchases and more construction of multifamily housing as well as mortgage refinancings.”
Investors is widening its geographic reach by closing more transactions in Southern, NJ, the Hudson Valley region, eastern Pennsylvania, and on Long Island.
Recently completed loans include a $26.9 million, fixed rate commercial mortgage to purchase a multifamily property with 102 units in a 113,479 s/f building on Banner Avenue in Brooklyn, NY;
$25 million, fixed rate commercial mortgage to refinance a 206,253 s/f office building on South Street in Morristown, NJ;
$18.5 million, adjustable rate commercial mortgage to purchase a multifamily building with 200 units on Ocean Avenue in Brooklyn, NY.
$16 million, fixed rate commercial mortgage to refinance a multifamily property with 456 units in a 1,075,932 s/f building on Swarthmore Court in Pemberton, NJ.
Investors’ Commercial Real Estate Lending Group is based at Short Hills, NJ, and operates offices in Manhattan, Brooklyn and Queens.