10D — November 19 - December 23, 2021 — Financial Digest — Lenders Directory — M id A tlantic Real Estate Journal
www.marej.com
L enders D irectory
rea of Interes t : Spencer continues to deliver comprehen- Michael H. Claisse, Senior VP/ Director of Commercial Real Estate Lending Spencer provides a full range of financing options for property types ranging frommulti-family to commercial A
Michael H. Claisse Senior Vice President/ Director of CRE Lending Spencer Savings Bank Headquarters: 611 River Dr., Elmwood Park, NJ 07407 Number of CRE specialists: 25+ Years with company/firm: 3 Years in field: 25+
sive financing options for property types ranging from multi-family to commercial (including mixed-use, retail, medical office, flex/warehouse and industrial) as well as con- struction loans (rental units and smaller for-sale residen- tial properties). We also offer financing and refinancing for 1-4-family investment proper - ties. Our experienced staff has the knowledge and expertise to help power financing needs for stabilized properties, pur- chases or investment property development. We understand the financial challenges of real estate and will continue to provide our clients with financing solutions. Who is your target mar- ket? The strong credit qual- ity of Spencer’s nearly $3 billion loan portfolio has helped make it one of NJ’s most reliable community banks, resulting in growth that expands well beyond our brick-and-mortar footprint. Headquartered in northern New Jersey, the bank has a proven track record of help- ing real estate investors and developers not just in NJ, but throughout the Tri-State Area. Our target customers are medium-to-large real estate developers and owners within this market area. What is your most note- worthy transaction or project this year? We have continued to close on a wide variety of multi- family and commercial prop- erties in multiple states, with loan sizes ranging from $1MM to $20MM+. This makes it difficult to highlight just one or two. Recently, we closed on a $28MM deal for a client consisting of three loans to be used for the repo- sitioning of three properties containing over 200 apart- ments in New York City. Also of note is a $6MM first mort - gage provided to refinance a 73Msf flex warehouse in Franklin Township, NJ. Ad - ditionally, as we continue to seek out construction lending opportunities, Spencer closed on a $21MM construction mortgage for the develop- ment of a 115-unit apartment
At Spencer, we constantly empower our team to find creative solutions to meet complex borrowing needs. We work closely with our clients to ensure they get the financing needed to achieve their goals.
building in Montclair, NJ as well as an 86-unit apartment development in Garfield, NJ financed with a $14MM con - struction loan. Where do you think your largest growth area is and why? Construction financing is becoming a focus; however, we are persistently growing our permanent multi-family and commercial loans. We will continue to anticipate, and are prepared for, a large surge within the bank’s foot- print as capital moves from the restrictive rent regulation and high density New York City market to the New Jer -
sey market. We also recently acquired Mariner’s Bank, a Gold Coast staple, and look forward to working with their existing client base to avail them to an increased level of capital. What separates you from the competition? Our lending team is flexible, nimble and creative – with the ability to offer expedited approvals on deals. Leverag- ing localized and direct access to decision-makers, our team will work hard for clients to streamline the lending pro- cess, helping them to save time and focus on their com- mercial projects. At Spencer,
we constantly empower our team to find creative solu- tions to meet complex borrow- ing needs. We work closely with our clients to ensure they get the financing needed to achieve their goals. Spen- cer has never waivered on our financing commitments, even during these troubled economic times. Name some of your most unique qualities/reasons why someone should do business with your finan - cial institution? Spencer Savings Bank is a community bank, which differentiates us from larger regional and national finan -
cial institutions. We know our local markets and truly care about our clients; helping them to achieve their goals is always our primary focus. At the heart of everything we do, every deal we make, every contract signed, and every handshake given, is our deeply rooted interest in seeing clients succeed. We are ready to answer questions, listen to points of view and create strong partnerships. Combine these community banking values with our local, fast decision-making capa- bilities and flexible, creative lending options, and you have a winning strategy. That’s the Spencer way! MAREJ
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