The Loketch Group's distinctive multifamily building in Queens, NY offers amenities to help residents connect and have fun while building an engaged community.
Investors Bancorp Inc. (NASDAQ:ISBC)
RIDGEWOOD, NY, USA, August 14, 2018 /EINPresswire.com/ — Investors Bank recently provided $25.8 million in permanent financing to replace the construction loan on The Loketch Group’s multifamily housing property in Ridgewood, Queens. The new, five-story multi-family structure is located at 803 Wyckoff Avenue, which is between Putman Avenue and Cornelia Street. Designed by Architect Charles Mallea, the apartment building houses 54 residential units – 29 duplexes and 25 regular apartments – occupying 43,000-square feet of space.
In announcing the financing, Vice President and Relationship Manager Michael D. Whalen, a member of the Investors Bank Commercial Real Estate Lending Group, said, “This transaction shows how we develop long-term relationships with clients. Our team worked with The Loketch Group to create a well-structured loan agreement as the client was leasing apartments and their income projections were evolving. We took a flexible approach as the lending package was finalized so that we hit the right financing spot even though we are aiming at a moving target.”
The Loketch Group designed the multifamily building to encourage a greater sense of community among the tenants. For example, in the 803 Wyckoff complex there are common areas for recreation, workouts, social events and entertainment as well as shared-work space. Tenants have full access to a 1,000-square-foot space on the fifth floor that includes a gym, lounge and multiple-purpose area, as well as 490-square-foot multi-use room located in the cellar. The building also has parking for 24 vehicles.
In discussing his firm’s relationship with Investors Bank, Moishe Loketch, who runs the company with his father, Pinny, said, “Michael and the CRE Lending Group have always made every effort to understand the specific credit requirements for each of our projects. We see Investors as a solid, capable and dependable ally. This time, we decided to negotiate directly with the lending team instead of using a broker in securing the financing for this exceptional property, which is now almost completely leased.”
Investors Bank’s CRE Lending Group is based in Manhattan, and it is led by Senior Vice President Joseph Orefice. To speak directly with Investors Bank about CRE financing, please contact:
• Mr. Orefice, New York City office, at 646-358-8381;
• Andrew Markey, Short Hills, New Jersey office, at 973-522-3837;
• Marc Katz, New York City office, at 646-358-8382; or
• Tim Touhey, Robbinsville, New Jersey office, at 609-937-0037.
About Investors Bank
Investors Bank, headquartered in Short Hills, New Jersey, is a full-service community bank that has been serving customers since 1926. With over $25 billion in assets and a network of more than 150 retail branches, Investors Bank delivers personalized services and products tailored to the needs of its customers. Investors Bank’s banking services include complete deposit, loan and cash management products for consumers and businesses.
Investors Bank: Member FDIC and Equal Housing Lender
Investors Bank’s website is www.myinvestorsbank.com, and the Bank can be followed on Facebook and Twitter.
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Source: EIN Presswire