[ad_1]
Listen to this articleA New Jersey-based bank is helping a landmarked Brooklyn property with retail roots enter its next phase.
Cross River announced this week it provided a bridge loan for $24 million to Clipper Equity. The funding will facilitate the restoration of the Sears Building located on Beverly Road in the borough’s Flatbush neighborhood.
Principal David Bistricer leads the real estate investment and development company, which purchased the development site for $90 million in 2022.
The loan was originated by Cross River’s construction lending team. Director of Construction Lending John Carella led, assisted by Construction Lending Associate Adam Ehrenreich. Landstone Capital Group CEO Leah Paskus served as mortgage broker for the deal.
“This landmark deal exemplifies our team’s dedication to supporting our client’s diverse needs and our commitment to being a reliable partner in our clients’ growth journeys,” commented Shimon Eisikowicz, executive vice president and chief lending officer, Cross River. “Our keen focus on market dynamics and ability to strategically tailor financial structures, reflects our agility in adapting to evolving market trends and challenges.”
According to Cross River, plans call for renovation of the Sears Building’s four floors to white-box finishes. Target tenants for the space include office and grocery occupiers.
The building is part of Clipper’s larger efforts in the area to redevelop the entire city block. The northern two-thirds of the area will get the ground-up construction of approximately 900 residential units, Cross River said.
Continued momentum
For the FDIC-insured bank and Equal Housing Lender from Fort Lee, the deal builds on its strong performance in 2023. Last year, Cross River said it posted year-over-year origination growth across multiple asset classes.
Altogether, the commercial real estate team, a division of the rebranded Commercial Banking Group, originated $803 million across 68 loans nationwide.
Lender Finance – 48% growth
According to Cross River, this division produced $105 million in key originations during the final week of 2023, alone. To scale in the future, the bank recently added Tim Wolf as director of lender finance.
Construction Lending – 34% growth
This team originates and services construction and bridge loans for ground-up construction, renovation, land acquisition, and partially or fully vacant properties throughout the tri-state area.
Healthcare Lending team – 16% growth
Originating and servicing health care financing solutions, this team focuses on term and bridge loans. Cross River attributed 2023 growth to the strength of its existing portfolio as well as its focus on the core product of first mortgage loans to facilities and housing properties. According to the bank, the strategy was part of efforts to focus on facilities in states with strong reimbursement programs.
“Looking ahead this year, we are strategically scaling our business and broadening our capabilities,” Eisikowicz said in January. “Our ability to continue growing is thanks to the dedication and monumental achievements of our team, and I am excited to build on our strong foundation.”
[ad_2]
Source link
