From its Brooklyn office, the Investors Bank CRE lending group originated $3.2 billion in new loans last year.
NEW YORK CITY—An uptick in loan activity for commercial real estate—and in particular, multifamily housing—that began after Election Day and gained momentum in December has continued into 2017, according to the Investors Bank CRE lending group.
In recent weeks the CRE lending team closed six large transactions with a total loan value of $107 million. As 2016 came to an end, Investors Bank’s senior lenders completed 11 transactions valued at over $202 million.
Currently, the bank is concentrating on financing multifamily housing and commercial properties here and in New York State, New Jersey and the greater Philadelphia area. The CRE lending group is also gaining traction in diversifying its loan portfolio by providing more financing to owners of office buildings, large-scale retail properties and warehouse facilities.
Investors Bank just reported its fourth quarter and full year financial performance for 2016. By 2016 year-end, the company’s results showed that the CRE Lending Group originated $3.2 billion in new loans. Additionally, 2016 was a record year in financing commercial projects in the office, retail, and mixed-use sectors.
Says Investors Bank head of CRE lending Joseph Orefice, “We expect that more of our commercial clients prefer to lock in financing now because of the uncertainty around interest rates.’
He continues, “Even though rates may move higher, we see a renewed optimism among our clients that businesses are entering a new phase of positive growth. Anticipating an increase in demand for CRE financing, we have expanded our lending team to deliver the exceptional service our clients expect for us.”
Orefice highlighted the following transactions that were recently completed by the Investors Bank CRE Lending Group:
In New York State and City, $27.6 million building, project and land loan for 146,400-square-foot multifamily housing property in Poughkeepsie that will have 139 residential units; $20 million term loan and line of credit for 415,600-square foot co-op building in Forest Hills, Queens; $17 million term loan to refinance an 83,000-square-foot office building in Brooklyn and $12.5 million term loan to refinance a mixed-use property with 47 residential units and three commercial spaces in 35,500-square-foot building in Tuckahoe.
In New Jersey, $14.8 million loan to refinance an 111,000-square-foot office building in Branchburg; and $13 million loan to refinance nine retail properties with a total of 169,000 square feet of space, located across Northern New Jersey.
In Pennsylvania, $16.7 million term loan to purchase a 124,600-square-foot office building in King of Prussia.