Cross River Bank, an New Jersey state-chartered FDIC-insured bank, closed its first loans under its recently developed lender finance platform. The loans totaled $19.125 million
“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,” Shimon Eisikowicz, EVP and chief lending officer at Cross River, said. “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 commercial real estate (CRE) bridge lenders. The provides lenders 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 has more than 15 years of experience.
“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,” Adler said. “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.”
