Cross River Continues Strong Momentum with Over $200MM in Commercial Banking Group Real Estate Loan Originations
25 Abril 2024 - 10:00AM
Business Wire
Diverse portfolio powers success across varied
markets and asset classes
Cross River Bank (“Cross River”), a New Jersey State chartered
FDIC-insured bank and Equal Housing Lender known for its Commercial
Banking Group (CBG) and real estate lending platform, closed over
$200 million in originations in the first quarter of the year. True
to the Company’s history of supporting the needs of the smallest to
largest real estate businesses, the team funded deals from $500,000
to $50 million across a combination of asset classes.
“Our team has once again risen to the challenge of performing in
a tough environment—remaining steadfast in our focus on credit
culture and diversification of market share,” said Shimon
Eisikowicz, EVP and Chief Lending Officer at Cross River. “We look
forward to building on this momentum, while prioritizing the
relationships with and fulfilling the needs of our borrowers.”
With a continued focus on Commercial Real Estate, Healthcare
Lending and the recent hiring of industry veteran Tim Wolf to head
Lender Finance, the team has achieved impressive year-over-year
growth in both divisions. CBG facilitated an increased loan volume
while maintaining a diversified portfolio and mitigating risk
through strategic portfolio management and its focus on credit
culture. Cross River's impressive first quarter performance further
demonstrates the bank's strong market presence and dedication to
delivering tailored financial solutions across multiple asset
classes, including multifamily, retail, industrial, mixed-use,
construction, warehouse, healthcare facilities and warehouse lines
of credit.
By leveraging Cross River’s proprietary technology platform and
concentrating on a diversified business model and strict approach
to credit and compliance, the Group continues to meet the evolving
needs of borrowers with customized credit offerings and a
streamlined underwriting and closing process.
About Cross River Commercial Banking Group
Cross River’s Commercial Banking Group (“CBG”) assists property
owners, investors, brokers, and institutions in identifying and
accessing the right loan and banking products. The Group leverages
technology coupled with a streamlined approval process, often
resulting in more expeditious closing times and specializes in the
following loan and asset classes:
The Real Estate (“CRE”) division focuses on the New York, New
Jersey, Connecticut, and Pennsylvania metro areas servicing a
variety of asset classes and loans ranging from $250,000 to more
than $100 million. Asset classes include multifamily, retail,
mixed-use, commercial, industrial, fractured condos, co-ops and
investment properties. The CRE division also originates and
services construction and bridge loans for ground-up construction,
renovation, land acquisition, and partially or fully vacant
properties.
The Group’s Lender Finance (“LF”) platform is designed to reach
an expanded national audience, complementing Cross River’s existing
commercial real estate business providing note-on-note and
warehouse lines of credit to bank and non-bank lenders and partners
in all 50 states.
The Group’s Healthcare Lending team (“HC”) focuses on term loans
and bridge loans secured by various types of healthcare properties
nationally. Cross River’s Commercial Banking Group serves as a
strategic partner to other banks and non-banks in real estate
syndications. To learn more, please visit www.crossriver.com.
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Media Cross River Mackenzie DeLuca 201-808-7000 ext. 778
mdeluca@crossriver.com