SHORT HILLS, NJ—Investors Bank's Commercial Real Estate Lending Group recently completed nine lending transactions that are valued at over $194 million. The loan volume represents a portion of the financing that Investors Bank negotiated and closed during April and May 2013.
The loans are for refinancing commercial mortgages, property acquisition, and new construction. Also, Investors Bank provided an interest-only line of credit that will be used to construct a large, multifamily building in New Jersey. The properties, which received financing from Investors, contain 859 residential units.
Primarily, Investors Bank is financing multifamily housing and mixed-use buildings in New York City and New Jersey as well as Connecticut, Pennsylvania and Delaware.
Investors Bank’s Chief Lending Officer Rich Spengler said in a statement: “We focus on building personal relationships with our clients so we can truly understand their banking and financing needs. And then our lending officers use their knowledge, expertise and ingenuity to develop structured loans that meet a client’s current and longer term requirements, while maintaining our prudent underwriting practices.”
Transactions include the following:
· A $40 million interest-only line of credit for constructing a 166,124-sq.-ft. multifamily building, which will have 240 residential units on East Main Street in Bound Brook, N.J.
· An interest-only mortgage for $30 million to acquire a 326,863-sq.-ft. mixed-use building on West 54th Street in Manhattan that also has 11 residential units.
· An adjustable rate mortgage for $27.75 million to build an 185,184-sq.-ft. multifamily building in Sayreville, N.J., that will have 184 residential units.
· A $22 million fixed-rate mortgage for refinancing a 105,535-sq.-ft. multifamily property with 116 residential units on Meadowlands Parkway in Secaucus, N.J.
· A fixed-rate mortgage for $16.5 million to acquire three mixed-use buildings with a total of 20,625 sq. ft. of space on East Fourth Street in Manhattan; the properties contain a total of 28 residential units and include commercial space that makes up about three percent of the total area.
· A $15.68 million fixed-rate mortgage for refinancing a 66,500-sq.-ft. multifamily property with 79 units on Washington Street in Hoboken, N.J.
· A $15 million fixed-rate mortgage for acquiring two multifamily buildings on East Fourth Street in Manhattan that contain 69 residential units and overall space of 25,713 sq. ft.
· A $15 million fixed-rate mortgage to refinance a 57,502-sq.-ft. mixed-use property with 82 residential units and commercial space on Rutgers Street in Manhattan.
· A $12.4 million fixed-rate loan to refinance the mortgage on two multifamily buildings with a total of 50 units covering 60,180 sq. ft. on Adams and Grand Streets in Hoboken.