8A — October 21 - November 17, 2022 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest
By Gary Brozowski, Kearny Bank Kearny Bank Commercial Real Estate Lending: A range of product and market options
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few players willing to make construction loans and we took full advantage of these opportu - nities to expand our reach into this market. We continue to focus on accommodating our top clients as well as working with other active developers in the market, primarily with $12- to $20-million construction loans. We’re now emphasizing two product lines. Our commer - cial mortgages feature three-, five-, and seven-year terms, and range from $2 million to $60 million. A few recent ex - amples are a $42.65 million loan for Valley Stream Village
Townhomes in Newark, DE, as well as a $63 million loan for 100 Water Street Develop - ment in Jersey City, NJ. In the warehouse/industrial sector, we just completed a slightly more than $26 million deal for a distribution center located in Morrisville, PA. Our other line, construction- to-permanent loans, is basically 18- to 24-month construction loans that convert upon comple - tion to three-, five-, or seven- year commercial mortgages. Recent examples include a $14 million loan for a multifam - ily project in Garfield, NJ, as well as an $11 million loan for a mixed-use project in East Rutherford, NJ. In the case of both product lines – commercial mortgages and construction-to-permanent loans – our emphasis is on multifamily, mixed-use, retail, and warehouse/industrial prop - erties. For the time being, the bulk of our construction loans are written for projects in New Jer - sey, New York, and Pennsylva - nia … but we’re eager to expand that footprint. And why not? We’re already offering perma - nent loans in these states, plus Maryland, Maryland, Virginia, Massachusetts, Rhode Island, and Connecticut. So, there’s plenty of room for us to grow. Gary Brozowski is senior VP/director of Commercial Real Estate Lending at Ke- arny Bank. MAREJ In the article “Kearny Bank Commercial Real Estate Lend - ing: A range of product and market options” By Gary Bro - zowski, Kearny Bank (Mid Atlantic Real Estate Journal Volume 34, Issue 9, Sept. 23 - Oct. 20, 2022, pp 3D) there was an error in the 4th column. The title ran with the letter D . All versions of this article have been corrected. Private Lender Law purchases HQ in Marlboro, NJ MARLBORO, NJ — Jona- than L. Hornik, Esq. and Pri- vate Lender Law announced plans to relocate its HQ to Marlboro in December 2022’. “This is the next step to providing exceptional ser - vices to our clients,” said Hornik. “Our new headquar - ters will allow us to continue to manage our growth as the marquee firm in the private lending industry.” MARE
bviously, there’s a sig - nificant amount of talk within the com -
steady improvement as the new year progresses. Why will 2023 be better? Because, quite simply, there will be increased opportuni - ty. We’re already seeing less well-capitalized players being steadily pushed out of the market in favor of larger firms with more robust development pipelines of deals. This creates more opportunity for institu - tions like Kearny Bank. Once we reach 2023, many more of these weaker entities won’t be able to compete in terms of ob - taining new projects, which will further pressure their ability to
expand. Putting it another way, the story of 2023 will be well- capitalized players succeeding at an increasingly consistent rate, with emphasis on lower risk construction deals. I suspect some people re - main unaware that Kearny Bank also does a robust busi - ness in commercial real estate construction loans. We got our start, in earnest, at about the beginning of the pandemic – when many companies were either taking a pause in con - struction lending or exiting the market altogether. In fact, for a time, we were among very
mercial real estate sector about the im - pact of ris - ing interest rates. I sus - pect we’re in for a bumpy ride through the holiday
Gary Brozowski
season, though prospects look brighter for 2023. I’m not sug - gesting everything will turn rosy the instant the calendar flips – but we should see a
THERE’S NO APP FOR THIS. COMMERCIAL REAL ESTATE FINANCING We believe there’s no substitute for banking with real partnership — supported by real conversation and real interest in helping you finance your growth plans, improve cash flow or expand your portfolio. Recent projects financed by our Commercial Real Estate Lending Team...
MULTIFAMILY REFINANCE $42,650,000 291 Units in Newark, DE
MULTIFAMILY REFINANCE $63,000,000 233 Units in Jersey City, NJ
RETAIL CENTER ACQUISITION $42,375,000 Retail Center in Millville, NJ MIXED-USE CONSTRUCTION $10,750,000 54 Units and 1,000+/- SF Commercial Space in E. Rutherford
MULTIFAMILY CONSTRUCTION $14,000,000 79 Units in Garfield, NJ
INDUSTRIAL REFINANCE $26,812,500 Distribution Warehouse in Morrisville, PA
When you’re looking for commercial financing, visit Kearny Bank.
Gary F. Brozowski SVP/Director of Commercial Real Estate Lending 973 . 244 . 8834 gbrozowski@kearnybank.com
800 . 273 . 3406 | kearnybank.com
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