Short Hills, NJ — 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 the 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 financing 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.”
Orefice highlighted the following transactions that were recently completed by the Investors Bank CRE Lending Group:
• $14.8 million loan to refinance an 111,000 s/f office building in Branchburg, NJ
• $13 million loan to refinance nine retail properties with a total of 169,000 square feet of space, located across Northern New Jersey
• $16.7 million term loan to purchase a 124,600 s/f office building in King of Prussia, PA ν