Cross River Closes $18.75M Acquisition Loan for Planned Development
April 15, 2019
Comes on the heels of other significant Bridge and Construction Loans
Fort Lee, N.J — Cross River Bank (“Cross River”), a New Jersey State chartered FDIC-insured bank known for its robust commercial real estate lending and deep market knowledge, today announced the closing of three recent commercial real estate loans in the tri-state area. This includes the closing of a $18.75M acquisition loan in the Bronx for the purchase of vacant, waterfront land for which the borrower will develop a ~1M square foot mixed-use project with 25% of the residential square feet set aside for affordable housing. The transaction comes on the heels of two other significant loans in New York—an $8.3M construction loan in Brooklyn where 30% of the units will be allocated for affordable housing and a $29.5M bridge loan package consisting of 3 light industrial properties in New York and New Jersey.
“The closing of these loans represent a significant expansion of our credit capacity and further diversification of our loan portfolio,” said Shimon Eisikowicz, EVP and Chief Lending Officer at Cross River. “This is an important franchise building milestone for Cross River and is a barometer of our appetite and ability to execute.”
Cross River sources, originates, and services multi-family, retail, mixed-use, office, industrial commercial real estate loans, while offering an array of products that consist of permanent, bridge, renovation & construction loans. Additionally, Cross River recently introduced Warehouse Lines of Credit for bridge lenders as a new product offering. The Commercial Real Estate (“CRE”) team assists property owners, investors, brokers and institutions in accessing the right financing product in a streamlined approval process, resulting in faster closing times. The CRE team specializes in the New York, New Jersey, and Connecticut metro areas.