February 27, 2017
Investors Bank Meets Increasing Demand for Financing in Commercial Real Estate and Multifamily Housing Sectors
Short Hills, New Jersey – Investors Bank is successfully meeting the increasing demand for financing from the commercial real estate (CRE) and multifamily housing sectors. The uptick in CRE loan activity began after Election Day, gained momentum in December and has continued into 2017, according to the Investors Bank CRE Lending Group.
In recent weeks the CRE Lending team closed six large transactions with a total loan value of $107 million. As 2016 came to an end, Investors Bank’s senior lenders completed 11 transactions valued at over $202 million.
Currently, the Bank is concentrating on financing multifamily housing and commercial properties in New Jersey, the greater Philadelphia area, New York City and New York State. The CRE Lending Group is also gaining traction in diversifying its loan portfolio by providing more financing to owners of office buildings, large-scale retail properties and warehouse facilities.
Investors Bank just reported its fourth quarter and full year financial performance for 2016. By 2016 year-end, the company’s results showed that the CRE Lending Group originated $3.2 billion in new loans. Additionally, 2016 was a record year in growing commercial projects in the office, retail, and mixed-use sectors.
Investors Bank Head of CRE Lending Joseph Orefice said, “We expect that more of our commercial clients prefer to lock in financing now because of the uncertainty around interest rates. Even though rates may move higher, we see a renewed optimism among our clients that businesses are entering a new phase of positive growth. Anticipating an increase in demand for CRE financing, we have expanded our lending team to deliver the exceptional service our clients expect for us.”
Mr. Orefice highlighted the following transactions that were recently completed by the Investors Bank CRE Lending Group:
New Jersey –
• $14.8 million loan to refinance an 111,000-square-foot office building in Branchburg
• $13 million loan to refinance nine retail properties with a total of 169,000 square feet of space, located across Northern New Jersey
New York State and City −
• $27.6 million building, project and land loan for 146,400-square-foot multifamily housing property in Poughkeepsie that will have 139 residential units
• $20 million term loan and line of credit for 415,600-square foot co-op building in Forest Hills, Queens
• $17 million term loan to refinance an 83,000-square-foot office building in Brooklyn
• $12.5 million term loan to refinance a mixed-use property with 47 residential units and three commercial spaces in 35,500-square foot building in Tuckahoe
• $16.7 million term loan to purchase a 124,600-square-foot office building in King of Prussia
To speak with Investors about commercial lending needs, please call:
• Joseph Orefice, Manhattan office at (646) 358-8381 (Head of CRE Lending)
• George Campbell, Spring Lake office at 732.282.7101 (Central N.J. and Philadelphia)
• Alex Chiarella, Short Hills office at 973.924.5247 (Northern N.J. and Eastern Pennsylvania)
• Marc Katz, New York City office at 646.358.8382 (New York and Connecticut)
• Tim Touhey, Robbinsville, New Jersey at 609.937.0037 (Central and Southern N.J.)
About Investors Bank
Investors Bank is a full-service commercial bank that has been serving customers since 1926. With more than $23 billion in assets and over 150 retail branches in New Jersey, New York City and on Long Island, Investors Bank delivers personalized services and products tailored to the needs of its customers. Investors’ consumer banking services include complete deposit products, online and mobile banking, home equity loans and lines of credit, and an array of home mortgages.
Serving the business community, Investors provides deposit accounts, cash management services, business loans and lines of credit, and commercial real estate financing solutions to small and middle market companies, professional services firms, municipalities, not-for-profit organizations, healthcare firms and a broad range of businesses.