Investors Bank, based in Short Hills, announced Tuesday its commercial real estate lending volume for 2018 exceeded $2.48 billion.
The loans, it said, were used by different CRE sectors to refinance existing commercial mortgages, acquire properties and construct new buildings throughout New Jersey, New York and Pennsylvania.
And, during the last weeks of 2018, Investors Bank’s CRE Lending Group originated 18 CRE financing deals valued at $385 million.
“The significant increase in the number of CRE loans during the fourth quarter is linked to our continued focus on diversifying our portfolio,” Joseph Orefice, head of CRE Lending Group for Investors Bank, said. “We use our significant assets, loan processing capacity and financing expertise to meet each client’s specific needs. Our objective was to finish the year in a strong position, which we achieved.”
“We are very optimistic about our ability to originate CRE loans this year. Yes, challenges lie ahead in terms of the intense competition in our market, potential macroeconomic concerns, and interest rates increases. To balance those forces, we rely on the support of the bank’s senior managers, our reputation as a reliable CRE lender and our strong relationships with leading commercial property owners,” he added.
The largest CRE loan, Investors Bank said, was a $42 million deal to refinance the commercial mortgages of 27 retail properties.
Here are some of the larger loans completed by the bank in New Jersey:
- $32.3 million to acquire a 236,600-square-foot, 146-unit multifamily property in Fairview;
- $16.1 million to acquire a 171,200-square-foot office building in New Providence;
- $15 million to refinance a 128,700-square-foot office building in Englewood Cliffs;
- $11 million to refinance a 240,000-square-foot 22o-unit multifamily property in East Windsor;
- $10.8 million to refinance a 90,000-square-foot 76-unit multifamily property in Morristown with 45 parking spots.
