Cross River Continues Strong Momentum with Over $200MM in Commercial Banking Group Real Estate Loan Originations

April 25, 2024 at 11:00 AM EDT

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.