Short Hills-based Investors Bank Commercial Real Estate Lending Group announced it has recently given out 15 loans worth $308.3 million for a range of buildings.
Four loans, worth approximately $67.8 million, were provided in New Jersey.
The loans were used to refinance 10 commercial mortgages, construct two properties and acquire three buildings. The refinancing was provided to owners of mixed-use properties, office space, retail shopping centers and multifamily properties in New Jersey, New York City, Pennsylvania and Connecticut. The properties are comprised of 850 residential units and 29 commercial spaces.
“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,” said Joseph Orefice, Investors Bank head of CRE.
“The first half of 2018 looks solid because we have a good market reception that contributes to a positive deal flow,” Orifice said.
The following are the financial transactions that were completed by the bank’s CRE Lending Group in New Jersey:
- $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.