Investors Bank Uses Structured Financing To Originate Over $300 Million in CRE Loans
On May 11, 2018
The Investors Bank Commercial Real Estate (CRE) Lending Group recently originated 15 larger financing transactions that are valued at $308.3 million for a range of buildings. The structured loans were used to refinance 10 commercial mortgages, construct two properties, and acquire three buildings. The acquisitions include a commercial building on Staten Island as well as multifamily housing properties – one in Manhattan and the other in Stamford, Connecticut.
The refinancing was provided to owners of mixed-use buildings, office space, retail shopping centers and multifamily properties in New York City, Pennsylvania, New Jersey and Connecticut. Those mixed-use and multifamily properties house a total of 850 residential units and 29 commercial spaces. The shopping center that was refinanced on Staten Island has 10 retail spaces and a parking garage, and the one refinanced in Ardmore, Pennsylvania has 13 stores with parking.
In discussing the recent financing transactions, Investors Bank Head of CRE Lending Joseph Orefice said, “We began 2018 in earnest with competitive programs and pricing. Our senior lenders expect to continue broadening the lending platform this year by targeting commercial assets that go along with the Bank’s strong financing in the multifamily housing sector.
Orefice also explained, “The first half of 2018 looks solid because we have a good market reception that contributes to a positive deal flow.”
The following are financing transactions that were completed by the Bank’s CRE Lending Group:
$30.8 million loan to refinance a 168,700-square-foot multifamily housing property with 146 residential units, 48 garages and 173 parking spaces in Middlesex
$15 million construction loan to build a 104,200-square-foot multifamily housing property in Somerville that will have 60 residential units and 66 parking spaces
$12 million loan to construct a 45,300-square-foot, mixed-use building in North Bergen that will have 51 residential units, three commercial spaces and a two-level parking garage
$10 million loan to refinance a 91,500-square foot multifamily housing property with 108 residential units and 110 parking spaces in Woodbridge
New York City
$35 million loan to acquire a 254,100-square-foot office building on Staten Island with 28 office units and a parking lot
$34 million loan to refinance a 59,000-square-foot multifamily housing property with 90 residential units in Ridgewood, Queens
$29.2 million loan to refinance a group of mixed-use buildings in Brooklyn with a total of 52 residential units and two commercial spaces that together cover 74,600 square feet of space
$20.4 million loan to refinance a mixed-use building in Brooklyn with 42 residential units, two commercial spaces and a parking area with a combined area of 37,300 square feet
$20.2 million loan to refinance a shopping center on Staten Island that has 10 retail units and a parking garage that, when combined, cover 40,600 square feet of space
$20 million loan to acquire a 42,200-square-foot multifamily housing building with 49 residential units on the Upper West Side of Manhattan
$13.5 million loan to refinance a mixed-use property in Brooklyn with 47 residential units, eight commercial spaces and a parking area, with a combined area of 60,100 square feet
$12.5 million loan to refinance a 40,900-square-foot multifamily housing property with 45 residential units and 24 parking spaces in Brooklyn
$25 million loan to refinance a 45,000-square-foot shopping center with 13 stores and 161 parking spaces in Ardmore
$11.7 million loan to refinance a mixed-use building in Scranton that has 89 residential units and 14 commercial spaces that cover 99,000 square feet of space
$19 million loan to acquire a 85,700-square-foot multifamily housing property that has 71 residential units in Stamford
To speak directly with Investors Bank about CRE financing, please contact:
Joseph Orefice, New York City office, at 646-358-8381;
Andrew Markey, Short Hills, New Jersey office, at 973-522-3837;
Marc Katz, New York City office, at 646-358-8382; or
Tim Touhey, Robbinsville, New Jersey office, at 609-937-0037.