Mortgage Observer

Eastern Union Brokers $46M Revolving Construction Facility For NJ Townhomes

A rendering of The Avery

New Jersey-based residential developer Weiss Properties received a $46.6 million revolving construction loan for The Avery, a townhome community located at 10 Lincoln Square in Willingboro, N.J., Mortgage Observer has exclusively learned.

Shaya Ackerman of Eastern Union Funding brokered the $40 million construction construction facility, which features a $6.6 million earn-out, from Investors Bank, confirmed Joseph Orefice, head of commercial real estate lending at the bank.  Read More

Mortgage Observer

Commercial Real Estate Lenders Reaching, or Exceeding, 2013 Expectations

InDepth

December is typically a time when real estate leaders, especially the bankers who provide financing for commercial real estate transactions, allocate many evenings to attend year-end holiday parties.

One of the questions on the minds of many in attendance at these elaborate events this year will no doubt be whether the financial institutions have reached or exceeded their goals in providing funding for real estate transactions. One thing is certain: CMBS investment bankers have exceeded last year’s output, yet it is not certain if the Wall Street shops will reach a $100 billion in gross lending. There are also the traditional savings and commercial banks, mortgage REITs, private equity funds and insurance companies, as well as new players in town who joined and/or increased their volume of financing this year.

Read More

Mortgage Observer

Many Lenders Offering Low Rates for Multifamily

indepth

It seems like the perfect storm: investors are paying record prices to acquire residential rental apartments in metropolitan areas. And at the same time, financial institutions—especially regional and local commercial and savings banks—are offering the lowest rates for long-term financing for this asset class. Ramping up the competition, Fannie Mae, Freddie Mac, insurance companies, CMBS and conduits are all offering borrowers low rates, with terms we have not experienced in decades. Read More

Mortgage Observer

New Jersey Lenders Locked in Competition for Multifamily Assignments

NJ Multifamily Harvest

The Garden State has become fertile ground for developers, and commercial real estate lenders both large and small are looking to get in on the action, while others are looking to retain and expand the market share they already have.

Competition among lenders is quickly growing as more people look to rent in New Jersey, the most urbanized state in the country, 94.7 percent of whose population is centered in urban areas, according to 2010 figures from the U.S. Census Bureau. That abundance of multifamily properties just west of the Hudson River coincides with university expansions, new retail and office properties and other large real estate projects throughout the state. Read More

Mortgage Observer

In Development

-1

Doug Stern had a real estate dream. In his early 40s, after years in private equity and managing his family’s commercial real estate properties, he longed for a career change and a development project on his own. His mission became clear in Bayonne, N.J., where, he said, he fell in love with the former headquarters of the intimate apparel company Maidenform. Located two blocks from the Hudson-Bergen light rail 22nd Street station, the four-story, 94,000-square-foot brick complex—over 100 years old—was familiar to generations of Bayonne residents, many of whom had worked there until the company moved to Iselin, N.J. in 2007. Mr. Stern saw the potential for the historic, vacant property into a Brooklyn-style 99-unit residential building.

Although he could buy the building, he figured that he needed upward of $20 million in construction financing to redevelop it. Read More

Mortgage Observer

Competition Hot in Multifamily

indepth_web

Record-low mortgage rates have helped to fuel the nation’s refinancing activity for residential homes. In July, the number of mortgage applications filed hit a three-year high. Freddie Mac also reported that 30-year, fixed-rate mortgages averaged 3.49 percent for the week ending July 26.

Likewise, attractive rates are fueling financing in the multifamily market, where financing for low-leveraged rental buildings has reached its lowest levels in decades. The result? Fierce competition among lenders looking to provide financing for the asset class, particularly in the Big Apple. Read More

Mortgage Beat

150 Percent Boost in Deals for Eastern Union During Q2 2012

Eastern Union Black and Green logo

The end of the second quarter of 2012 saw a significant boost in deals closed at commercial mortgage brokerage Eastern Union Commercial compared to the same period a year earlier. In fact, the firm said Monday that a 150 percent increase in loans closed for the quarter took place. Firm president Ira Zlotowitz said he chalked the uptick up to not just the historically low interest rate environment, but also the firm’s approach. Read More

Mortgage Beat

Investors Bank’s Joseph Orefice on Growth, Recent Financings

Joseph Orefice.

Investors Bank said recently that it had closed six real estate transactions in the first quarter of 2012—deals whose combined value hit nearly $100 million. Joseph Orefice, senior vice president and head of Commercial Real Estate Lending at the bank, told The Mortgage Observer that some of the deals were for repeat customers with a solid track record, a theme that has echoed throughout the lending community even as the market improves. Read More

Mortgage Observer

Investors Bank’s Plan for Growth

Kevin Cummings.

About nine years ago right around St. Patrick’s Day, Kevin Cummings did something he always told people he mentored never to do.

“I changed my career because I took a call from a headhunter,” he said.

Mr. Cummings, who had spent 26 years at the independent accounting firm KPMG LLP, was asked if he could refer anyone for a chief operating officer position at Investors Savings Bank. Familiar as he was with the bank—it was one of his clients during his time as an audit partner in KPMG’s financial services practice and in the New Jersey community bank practice—he decided the best candidate he could nominate would be himself. Read More