Investors Bank completes $90M in commercial real estate loans in N.J.

Investors Bank announced it has recently completed 11 large commercial real estate loans totaling $227 million. Four of the loans were for New Jersey properties, the bank said.

The loans refinanced five existing commercial mortgages, the construction of five new properties and the purchase of a parcel of land. The total property equals approximately 1.6 million square feet of space, the Short Hills-based bank said in a news release.

The properties are located in New Jersey, New York and Pennsylvania.

“We are seeing steady activity in the second half of 2020,” Joseph Orefice, Investors’ head of CRE lending, said in a prepared statement. “Our lenders are serving all segments of the CRE marketplace, including multifamily housing, new construction and office buildings. Investors Bank has significant capital resources, and our senior lenders have the expertise and flexibility to structure financing to meet our borrowers’ specific needs.”

The New Jersey transactions include:

  • $34 million construction loan to finance a 177,000-square-foot multifamily housing property (180 units) in North Haledon;
  • $31 million construction loan to finance a 172,000-square-foot mixed-use property (198 units, one commercial space) in Jersey City;
  • $15 million refinancing of a 377,600-square-foot warehouse in Kearny;
  • $10.4 million loan to purchase a 23,000-square-foot parcel of land in Jersey City.