FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a New Jersey State chartered FDIC-insured bank known for its robust commercial real estate lending (“CRE”) and deep market knowledge, today announced the closing of its first loans totaling $19.125 million under its recently developed Lender Finance platform, which offers customized solutions for CRE bridge lenders.
“Our new Lender Finance platform, coupled with the origination of these loans, represents an expansion of our credit capacity and further solidifies Cross River’s position as an innovative, reliable and transparent leader in the marketplace,” said Shimon Eisikowicz, EVP and Chief Lending Officer at Cross River. “This milestone signals our exceptional growth and continued appetite among CRE borrowers for increased financing and solutions on a broader national scale.”
The Lender Finance platform was created to provide bank leverage for CRE bridge lenders. The Platform enables lenders to maximize their profits through a user-friendly process and lower cost of capital and provides them with up to $50 million per borrower to finance the senior position of bridge loans. The loans are secured by bridge loans on commercial real estate properties in New Jersey, New York, Massachusetts and Pennsylvania. Cross River has committed up to a half a billion dollars under the new Lender Finance platform.
Early in 2020, in an effort to enhance its service offerings, the Cross River Commercial Real Estate department welcomed its new Managing Director of Lender Finance, Jack Adler, who brings over 15 years of experience and will be instrumental in the continued growth of the CRE team.
“Our Lender Finance platform offers revolving lines of credit and loan leverage/note-on-note financing designed to help CRE non-bank lenders quickly reallocate funds into new deals across most major CRE asset types,” said Jack Adler, Managing Director of Lender Finance at Cross River. “I am excited to expand this platform as part of the growing CRE team at Cross River, where clients rely on the trust, dependability and innovation we have become known for.”
About Cross River Bank Commercial Real Estate
Cross River Bank’s Commercial Real Estate (“CRE”) team assists property owners, investors, brokers and institutions in identifying and accessing the right financing products, with a streamlined approval process, resulting in faster closing times. While the CRE team specializes in the New York, New Jersey and Connecticut metro areas with loans ranging from $250,000 to $40 million, the Lender Finance platform is designed to reach an expanded national audience, complementing Cross River’s existing CRE business focused in the tri-state area. For more information, please visit www.crossriver.com/lender-finance.