Joseph Fingerman

At the start of 2021, many Signature Bank clients were feeling the pandemic’s effects. Residential and commercial tenants struggled to pay rent, making mortgage payments a challenge for borrowers. That’s no surprise to anyone in real estate (or paying attention to the news). Signature was ready and willing. 

“While many banks did not even answer the phone, our employees stayed in constant contact with borrowers,” says Joseph Fingerman, who has led the bank’s commercial real estate lending group since 2018.  

While other financiers took a pause through COVID-19, Signature continued to lend. “Today, we are seeing the fruits of our labor,” Fingerman said. “Our borrowers’ buildings are improving with each passing month, and we have seen high client satisfaction levels since we were there when the times were tough.”

The “fruits” total 632 loans equaling $4 billion of new transactions. Standout deals include $125 million to Aurora Capital Associates and Edmond Safra to buy a retail condominium at 530 Fifth Avenue in Midtown; $39 million to STRO Companies to refinance a portfolio of eight industrial properties in Northern New Jersey; and $127.6 million to the Durst Organization to refinance 10 Hallett’s Point in Astoria, Queens.

Industry-leading turnaround time from term sheet to closing is a source of pride. For the 10 Halletts Point deal, as an example, Fingerman and Aaron Greene, vice president and group director, worked around the clock. Term sheet to commitment/approval time was just under a month, with the deal closing two weeks later. “The team is very practical,” said Fingerman of the ability to efficiently structure transactions that make sense for both borrower and bank. 

Today, the Signature team is 60 percent women and 40 percent men. Signature always hires the most competent person for the job, said Fingerman, who joined the bank in 2007. “Going back a decade or so, there weren’t many women in the CRE space. Today, I look at our emerging leaders and see women and men both excelling.”

He also sees life returning to normal. “Many people bet against New York City during COVID-19,” Fingerman said. “The most exciting part of 2021 was seeing New York City recover and knowing that people want to live, work and play here.” —S.P.