Investors Bank Closes Financings, Expands Relationships
- Oct 30, 2015
Investors Bank had a busy third quarter. The financial institution’s CRE Lending Group originated nine larger loans totaling more than $114 million—but that’s not all.
One of the largest regional banks in New Jersey, Investors’ financing activity in the third quarter offers a hint of what’s to come: expansion. The bank is increasing its mix of commercial loans and casting a wider net among property owners and developers across metropolitan New York and the Mid-Atlantic region.
“We began to diversify our portfolio of commercial mortgage loans in early 2015 by building relationships with more CRE property owners, and we continued to broaden our lending in second and third quarters by financing office buildings, shopping centers and warehouses,” said the Joseph Orefice, head of Investors’ CRE Lending Group, told Commercial Property Executive.
The collection of larger financing transactions closed during the third quarter encompasses loans for three mixed-use properties in Manhattan, the Bronx and Nesconset, N.Y.; three retail assets in Malvern, Pa., Queens, N.Y. and Old Bridge, N.J.; a 128,500-square-foot office building in Hauppauge, N.Y.; a 53-unit multifamily property in Elmwood Park, N.J.; and a 213,400-square-foot warehouse in Union, N.J. The packages include both fixed-rate loans and adjustable rate mortgages.
Investors’ diversification plan is well underway, so more of the same is on tap for the upcoming quarters. “The Bank is interested in creating more direct associations with our CRE borrowers for a variety of reasons and that includes introducing these clients to our commercial banking capabilities,” Orefice added.