Commerce inks $9m loan for Brooklyn development.

Commerce Bank recently placed a $9 million loan with developer 2615-2621 East 17th Street Realty, LLC for the construction of a mixed use, ground up development at 2615-2621 East 17th Street, near Avenue Z, in the Sheepshead Bay section of Brooklyn.

Upon completion, the property will consist of 29 condominium residences, 17,000 square feet of commercial/retail/community space, parking facilities and rooftop cabanas.

Commerce Bank continues to expand the range of financial services provided for real estate projects, and its lenders know intimately the risks and opportunities associated with the development, acquisition, construction, sales/leasing and financing of property. A significant component of the bank's lending activity, Commercial Real Estate loans constitute approximately one-fifth of the Bank's total loan portfolio and increase 30% on average per year.

Commerce Bank combines its community bank roots with the financial strength of a major regional bank to meet the diverse needs of commercial customers.

Commerce Bank's lending professionals are local bankers making local loans, and they establish customer relationships focusing on service and the delivery of individualized financing solutions.