Investors Bank has provided financing for several New York area transactions as of late, many of them for refinancing, as low rates continue to drive that trend. Over the months of April and May, the bank racked up a total of $40.6 million in mortgages originated for properties located in the New York tristate area.
The deals included a mix of property types—multifamily, industrial and office.
On the multifamily front, Investors Bank provided a $15.1 million first mortgage for the Solomon Organization’s purchase of 178 apartment units at 2 Park Drive in Pleasant Valley, NY—the Village Park Apartments. According to Real Capital Analytics, the broker for that deal was Meridian Capital Group.
Additionally, the bank provided a $12.5 million fixed rate mortgage that was used to refinance the office building at 76-82 River Street in Hoboken, N.J. and a $13 million fixed rate mortgage to refinance a 377,600-square foot industrial building at 849-909 Newark Turnpike in Kearny, N.J.
Joseph Orefice, senior vice president and head of Commercial Real Estate Lending at Investors Bank, told The Commercial Observer that refinances and industrial are both par for the course for the bank.
“While it’s not a specific focus it’s actually something that we like, especially in the Jersey metro area where there is so much transportation infrastructure and it’s just kind of a great market for industrial,” Mr. Orefice said. “I don’t know if we do as much of it as the other for sure, but we’re really relationship lenders and we go where the relationship takes us and sometimes it takes us to industrial buildings.”
As for the refinances, Mr. Orefice said that they are “100 percent attributable to the historically low rates” available today. He added that the bank’s quotient of them is running above average.
Richard Spengler, chief lending officer at Investors Bank, echoed this sentiment in a prepared statement about the $40.6 million in deals.
“Each month, we are financing or refinancing a growing number of commercial mortgages, and we see our current volume of real estate lending continuing into 2013,” Mr. Spengler said. “Also, our bank’s lending officers are working with a wide variety of commercial real estate firms which own or manage properties that are located from Maryland to New York and in Connecticut.”