Why Refis Are Slowing
Refis have slowed down, Investors Bank commercial real estate lending head Joe Orefice tells us, but it’s not because interest rates are rising. It’s just because most who were going to refinance already have done so. Among refis Investors has done lately: $12.5M for 127 units across three stabilized buildings in Brooklyn and a $10M, 15-year refi that was less than 50% LTV for a 352-unit building in Ewing, NJ. Outside New Jersey, he’s most active in Williamsburg and in East Harlem. A lot of new money is flowing to the latter in particular, he says.