Investors Bank recently reported that its commercial real estate lending volume exceeded $2.48 billion for the year ending on Dec. 31, 2018.
The loans were used to refinance existing commercial mortgages, acquire properties and construct new buildings in New Jersey, New York and Pennsylvania, the Short Hills-based institution said.
During the closing weeks of last year, Investors Bank’s CRE Lending Group originated 19 large commercial real estate 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 Group 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.”
The largest single CRE loan, which was completed at the end of 2018, was a $42 million transaction to refinance the commercial mortgages on 27 retail properties in multiple locations.
Larger loans completed by the bank in the state include:
$32.3 million loan to acquire a 236,600-square-foot multifamily housing property with 146 residential units in Fairview,
$16.1 million loan to acquire a 171,200-square-foot office building in New Providence,
$15 million loan to refinance a 128,700-square-foot office building in Englewood Cliffs,
$11 million loan to refinance a 240,000-square-foot multifamily housing property in East Windsor with 220 residential units, and $10.8 million loan to refinance a 90,000-square-foot multifamily housing property in Morristown, which has 76 residential units and 45 parking spaces.
This article provided by NewsEdge.