Short Hills-based Investors Bank recently originated 10 large commercial real estate (CRE) and multifamily housing loans that are valued at more than $219 million. Eight of the loans will be used to refinance existing commercial mortgages. The remaining two loans are for construction financing on a multifamily property and an acquisition of an office building. Overall, the properties are located in New Jersey, New York and Pennsylvania.
The bank’s Commercial Real Estate Finance Group also reported its volume of loan originations met projections during the first nine months of 2018. Head of the CRE Finance Group Joseph Orefice said, “We have produced more than $1.6 billion in new commercial mortgages, and we are comfortable with our loan production so far this year and will continue to originate through the end of the year.”
According to Orefice, “Our efforts to diversify the bank’s loan portfolio have succeeded. We are also originating more commercial mortgages for buildings and industrial warehouses, even as our senior loan officers face significant competition from bank and non-banking lenders. Our group continues to take a competitive approach to pricing our loans while maintaining Investors Bank’s solid underwriting practices.”
In late October, the largest loan Investors’ CRE Lending Group completed was for $36 million to refinance the commercial mortgage on a 144,000-square-foot industrial warehouse in Elizabeth. Below is a list of additional, larger transactions that were produced by the Bank’s CRE lenders:
Investors Bank’s CRE Lending Group is based in Manhattan, and it is led by Senior Vice President Joseph Orefice.
To access more business news, visit NJB News Now.Related Articles: