Investors Bank said May 18 that it completed commercial real estate (CRE) lending transactions valued at more than $556 million during the first quarter of 2021.
The loans were provided to refinance existing commercial mortgages, acquire facilities, and construct multifamily housing properties.
“We had modest growth in our CRE lending during the past 90 days as we continue to serve our clients. We are cautiously optimistic, and we’re taking a balanced, strategic approach to making CRE loans because we see reassuring trends in many commercial property sectors,” head of CRE Lending, Joseph Orefice said.
One of the bank’s largest recent transactions was a $45 million loan to refinance the existing commercial mortgage for a 104,500-square-foot mixed-use building in Jersey City. The property houses 132 residential units and commercial space.
Additionally, Investors Bank completed a larger refinancing loan and a construction loan, both in Philadelphia, and a refinancing transaction in Eastern Pennsylvania, Orefice said.
Here is a rundown of the bank’s recent CRE transactions in New Jersey:
• A $24.7 million loan for the acquisition of a 271,900-square-foot office building in Iselin. The property contains 22 commercial units.
• A $23 million loan for construction of a 231,000-square-foot multifamily housing property in Elmwood Park. The building will house 240 residential units.
• A $20.8 million loan for refinancing an 828,500-square-foot multifamily housing property in Freehold. It contains 172 residential units.
• A $13.4 million loan to refinance the existing commercial mortgage for a 46,600-square-foot multifamily housing property in Kearny. The property houses 45 residential units.
• An $11 million loan to acquire a 56,000-square-foot multifamily housing property in Woodbridge. The property houses 56 residential units.
• A $10.2 million loan to construct a 95,500-square-foot multifamily housing property in Netcong. The property will house 80 residential units.