Investors Bank Maintains Strong MF Volume in 2Q14

Investors Bank maintains a strong multifamily lending pipeline during the second quarter; Marcus & Millichap brokers the sale of a 120-unit asset in Victoria, Texas; and NorthMarq negotiates a $13 million refinance.

Short Hills, N..J.—Investors Bank, a full-service community bank based in Short Hills, N.J., has continued to demonstrate a strong volume of multifamily deals through the second quarter of 2014. The bank recently completed its second-step stock offering (NASDAQ: ISBC) and raised $2.2 billion in capital. A portion of those funds have been earmarked for commercial mortgage lending to the apartment sector.

“We continually track economic factors that can influence the financial health of commercial real estate and multifamily housing,” says Joseph Orefice, director of CRE lending at Investors Bank. “Our responsibility is to observe trends that can potentially help or hurt the CRE sector, and then we take action to balance our loan portfolio by carefully selecting commercial properties that are well managed and have stable, reliable revenue streams.”

Investors’ CRE Lending Group recently completed these larger, multifamily financing deals:

  • $36.5 million, adjustable rate mortgage to purchase a 154-unit, multifamily housing property with 113, 818 square feet of space in Morristown, N..J.
  • $31.7 million, fixed rate mortgage to acquire a 240-unit, multifamily housing property with 250, 228 square feet of space in Ellicott City, Md.
  • $21.7 million, adjustable rate mortgage to purchase an 84-unit, multifamily housing property with 92,300 square feet in Philadelphia
  • $19.5 million, adjustable rate mortgage to acquire a 151-unit, multifamily housing property covering 177,020 square feet of space in Lakewood, N..J.
  • $17.3 million, interest only mortgage to refinance a 13-unit, mixed-use property with 24,014 square feet of space in Manhattan, N.Y.
  • $15.0 million, adjustable rate mortgage to purchase a 124-unit, multifamily housing property consisting of 105,010 square feet in Brooklyn, N.Y.
  • $12.5 million, adjustable rate mortgage to refinance a number of multifamily housing properties with a total of 127 units covering 123,715 square feet of space in Brooklyn, N.Y.
  • $10.0 million, fixed rate mortgage to refinance a multifamily housing property with 352 units covering 352,486 square feet of space in Ewing, N..J.

Marcus & Millichap brokers 120-unit sale in Texas

??????????Victoria, Texas—Marcus & Millichap has brokered the sale of Point Royale Apartment Homes, a 120-unit community in Victoria, Texas. Terms of the sale were not released. The seller was the property’s developer, the buyer was a limited liability company. Marcus & Millichap represented both parties.

“Point Royale is a stable, newly constructed asset in a strong secondary market in the heart of the Eagle Ford Shale, South Texas’ largest oil and gas development,” says Joe James, senior associate at Marcus & Millichap’s Austin office.

Point Royale was built in 2012 at 4106 North John Stockbauer Drive, about 30 miles from the Gulf of Mexico, and within a two hour drive of Austin, Corpus Christi, Houston and San Antonio. Amenities include gated entry, covered parking, on-site management, a swimming pool, fitness center, outdoor kitchen, resident clubhouse and business center.

James worked with fellow senior associates Kent Myers and J. Patrick Burke on the transaction.

NorthMarq negotiates $13M refinance

Charlotte, N.C.—Bill Matone, senior vice president/managing director of NorthMarq Capital’s Charlotte-based regional office arranged the $13 million refinance for Walden Landing Apartment Homes, a 240-unit multifamily property located in Hampton, Ga.

The transaction was structured with a 10-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq via its seller/servicer relationship with Freddie Mac.