New Jersey financial institution closes key loans in Bergen County
Elmwood Park, NJ – Spencer Savings Bank, a leading New Jersey-based financial institution, is making significant strides in the commercial real estate sector with a robust construction pipeline totaling approximately $100 million across fifteen projects throughout New Jersey.
The bank continues to originate new construction loans, typically up to $10 million, focusing on for-rent ground-up multifamily construction projects, for-rent and for-sale townhome complexes, and self-storage construction projects. Spencer Savings Bank’s lending footprint primarily spans the following counties: Bergen, Essex, Passaic, Hudson, Union, Morris, Middlesex, Somerset, and Mercer.
Recent Highlights in Bergen County:
● Spencer Savings Bank construction specialist client manager, James Meicke, recently closed a $5,550,000 construction-to-permanent loan in Rutherford, NJ. The project involves constructing a two-story rental apartment building totaling approximately 39,000 s/f, comprising 23 apartment units with 33 surface parking spaces. The loan was approved at a maximum 70% loan-to-cost ratio.
● Spencer also closed a $5,060,000 construction-to-permanent loan for a 12-unit townhome complex in Oradell, NJ. Situated on a 1.4-acre site, the project will offer 30,000 s/f of rentable space within two two-story buildings. Each unit will be 2,930-2,952 s/f, including additional garage space. The development will feature a total of 34 parking spaces.
Beyond Construction Loans: In addition to construction financing, Spencer Savings Bank offers permanent loans secured by asset types such as medical office buildings, multi-tenanted industrial warehouses, small retail strip centers, multifamily properties, and mixed-use properties. Ideal loan sizes range from $1.5 million to $10 million. The bank also provides niche financing options for LLC-owned properties with 1-4 units.
A Trusted Partner in Real Estate Financing Headquartered in North Jersey, Spencer Savings Bank has a proven track record of supporting real estate investors and developers throughout New Jersey and the tri-state area. The bank’s target clientele includes experienced medium-to-large size real estate developers and owners within the market.
Spencer Savings Bank offers comprehensive online banking services in addition to its extensive 27-branch network. To discuss financing options for your upcoming construction project, contact Dana Berlin, senior vice president / director of Commercial Real Estate.
About Spencer Savings Bank
Spencer Savings Bank provides a full suite of financing options for a range of property types, including medical office, flex/warehouse, industrial, retail, mixed-use and multifamily. The bank specializes in construction loans for rental properties and smaller for-sale residential properties. Additionally, Spencer offers financing and refinancing for LLC-owned, smaller-sized, 1-4 family investment properties. Backed by a seasoned team of experts, Spencer Savings Bank is committed to meeting the evolving financing needs of its clients.