Cross River Bank on Tuesday said it finished 2023 with impressive year-over-year origination growth across multiple asset classes. The group’s Lender Finance, Construction and Health Care teams achieved 48%, 34% and 16% YOY growth in originations, respectively. Combined, the division of the newly rebranded Commercial Banking Group, originated $803 million across 68 loans nationwide for various asset classes.
“This past year, our team capitalized on opportunities in the market, highlighting our capabilities in adapting to evolving trends and challenges, while maintaining a keen focus on credit culture, high-quality asset selection and active portfolio management,” Shimon Eisikowicz, executive vice president and chief lending officer at Cross River, said. “We remain committed to strategically tailoring financing that allows us to meet the needs of our borrowers, while maintaining a strict underwriting discipline.”
The Fort Lee-based financial institution’s Lender Finance division closed out strong on the year, touting 48% YOY growth in originations, with $105 million in key originations during the final week of December alone.
To continue the momentum and support plans to scale further in 2024, the team added Tim Wolf as director of lender finance. Wolf brings a wealth of knowledge and experience and will serve an instrumental position helping the team increase loan growth.
As part of the Construction Lending team’s 34% YOY origination growth in 2023, loans were made to facilitate the development of apartments under New York City’s affordability programs including: the Mandatory Inclusionary Housing program; the FRESH, or Food Retail Expansion to Support Health, initiative; Brownfield development projects; and community facility spaces, such as charter schools, medical offices, etc.
The group’s Healthcare Lending team, which originates and services health care financing solutions with a focus on term loans and bridge loans, achieved 16% YOY origination growth due to the strength of the existing portfolio and by concentrating on the core product of first mortgage loans to facilities and housing properties. This strategy was part of efforts to focus on facilities in states with strong reimbursement programs.
“Looking ahead this year, we are strategically scaling our business and broadening our capabilities,” Eisikowicz added. “Our ability to continue growing is thanks to the dedication and monumental achievements of our team, and I am excited to build on our strong foundation.”
