Housing gets leg up as Commerce closes $16m deals.

Commerce Bank has announced the closing of four deals totaling over $16 million.

The bank provided an $8.8 million, nine-month bridge loan to Senior Living Options Inc. for the purchase of vacant land at 250 East 60th Street in New York City.

The funds will be used to purchase the land and ultimately build a new residential development.

An $8.75 million construction loan was provided to Dix Hills Estates, LLC, an affiliate of Emmy Homes, LLC, a well-known residential builder that has been active in the Long Island market for over 40 years.

The loan will finance the acquisition and completion of a housing subdivision in Dix Hills, New York. The development will consist of nine single-family homes on Dix Hills Road, just south of the Jericho Turnpike intersection. The term of the loan is 24 months.

And, Commerce provided an $8.83 million, four-year permanent mortgage to Warburg-StorageMart Part hers, L.P., after placing a construction/renovation loan for the owner in the same amount. The 1,373 unit self-storage facility is located at 50 Wallabout Street in the Brooklyn Navy Yard section of Brooklyn.

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 focus on individualized financing solutions.