Investors Bank Completes Nearly $100 Million in Commercial Loans
Short Hills, New Jersey (May 22, 2012) – Six real estate lending transactions completed by Investors Bank, some of which are the largest that the Bank has closed in the first quarter of 2012, have a combined value of nearly $100 million. The properties are located in a market area that ranges from Pennsylvania to New Jersey and New York City.
Following is an overview of those projects:
• A $20 million fixed rate mortgage to refinance the loan on Hallmark House, a high-rise luxury apartment building consisting of 429 living units on Hill Street in the heart of downtown Newark, N.J.
• A $10.5 million construction loan for site development and construction of a townhome community of 72 single-family townhouses in Lakewood, N.J.
• A $10.9 million adjustable rate mortgage to refinance an office building in Bethlehem, Pa.
• A $25 million fixed rate mortgage to refinance a 240,089 square foot retail space on Columbus Avenue in Manhattan. Investors Commercial Real Estate Lending group is participating in this transaction as a co-lender.
• A $14 million adjustable rate mortgage to refinance a multifamily property in Brooklyn, N.Y.
• A $19.5 million fixed loan to refinance a 260,714 square foot office building in Rockaway, N.J. Investors is the sole lender in this transaction.
According to Investors, more than 40 percent of the Ocean Pointe townhomes in Lakewood were sold even before the model units were built. The townhomes, a combination of four- and five-bedroom units, will range in size from 2,100 to 2,700 square feet. The dwellings also have finished basements.
In announcing the financing transactions, Investors Bank’s Chief Lending Officer Richard Spengler said: “We form alliances with many real estate organizations and provide banking expertise and structured financing for large multi-family properties, office and commercial buildings, retail space, and warehouses. We are prudently using our capital resources to make loans to businesses that are taking advantages of the opportunities that exist in today’s market.”
Investors’ Commercial Lending Group is based at the Bank’s headquarters at 101 JFK Parkway, Short Hills, and operates offices at 60 E. 42nd Street, Manhattan, and at 910 Highway 71, Spring Lake Heights.
To speak with Investors about commercial lending needs, call the Bank’s:
• George Campbell, Spring Lake office at 732.282.7104 for Southern New Jersey and Philadelphia
• Bert Owens, Short Hills office at 973.232.3010 for Northern N.J. and Eastern Pennsylvania, or,
• Marc Katz, New York City office at 646.358.8380 for New York and Connecticut.
About Investors Bank
Investors Bank, headquartered in Short Hills, N.J., is a full-service community bank that has been serving customers since 1926. With $11.3 billion in assets and a network of over 80 retail branches, Investors delivers personalized services and products tailored to the needs of its customers. Investors’ consumer banking services include complete deposit products, online banking, home equity loans and lines of credit, and a full array of mortgage loans.
Serving the business community, Investors provides deposit accounts, cash management services, business loans and lines of credit, and commercial real estate financing solutions to small and middle market companies, professional services firms, municipalities and other businesses. Investors Bank is a member of the FDIC and an Equal Housing Lender.