TIAA Bank Announces Record Year for Commercial Real Estate Loan Originations
“The market continues to be incredibly competitive with a wide range of financing options which continues to lead to spread compression between asset classes, particularly in multi-family and industrial properties. In this competitive market, we are proud to have achieved a record year for total volume productivity in 2021, especially as we experience the continued ripple effects of the pandemic,” said Ellen Comeaux, Senior Vice President and Head of Commercial Division of TIAA Bank. “As we adjust to this new normal and anticipate rising interest rates over the coming year, we are committed to remaining nimble to better meet the financing needs of our customers.”
Overview of bespoke 2021 deal solutions
Of transactions in 2021, multifamily accounted for 42%, self-storage 16%, retail 13% and industrial 10%.
The majority of customers sought to secure historically low rates with long-term fixed rate financing, although other customers took advantage of TIAA Bank’s flexible rate structures, such as reset and hybrid rate.
Tailor-made solutions for clients included:
- A $21 million cash refinancing with 66% loan-to-value (LTV) financing for a multi-family project in Cincinnati.
- A $7.5 million acquisition of a medical practice with 61% LTV in Phoenix.
- A $10 millioncash-out refinancing with 60% LTV financing for an industrial building in Houston.
- A $75 million senior loan participation in a housing portfolio of 27 students with 19 universities nationwide.
2022 Growth Planning
As TIAA Bank plans to continue its CRE growth, they have expanded their origination team by adding three additional CRE account managers to their team:
- Lauren Ervin be used for Florida. She started her CRE career in 2008 and has worked at TIAA Bank (formerly EverBank) for 10 years. In her role as assistant sales representative. in 2021, Lauren was part of deal teams that contributed to more than $770 million in financed volume.
- Misty Reading will serve the Northeast. She has 15 years of experience in CRE lending with over $1.3 billion in financed volume.
- Joey Viecel be used for Northern California. He started his career in commercial finance in 2017 after joining TIAA Bank (formerly EverBank). In his role as Associate Sales Representative. over the past three years, Joey has been part of deal teams that have contributed more than $500 million in financed volume.
“I’m thrilled to welcome Lauren, Misty and Joey to our original team,” Comeaux said. “Across the country, our team has done a great job during such an uncertain time, working tirelessly for our clients, driving incredible results for our business, and showing how we are a financing provider of choice for a wide range of real estate markets. attendees. Our new team members will help us continue our growth in 2022.”
TIAA Bank’s CRE business specializes in financing single-tenant, multi-tenant and multi-family commercial properties nationwide while bringing a deep level of industry expertise, reliable and prompt service and rates and competitive conditions with each transaction concluded.
About TIAA Bank
TIAA Bank, a division of TIAA, FSB, provides comprehensive nationwide banking services to consumer, commercial and institutional customers through a variety of channels, including online and mobile applications, and Floridafinancial centers based.
SOURCE TIAA Bank