Signature CRE lending head Klett retires

Joseph Fingerman and John Zieran to run the division

TRD New York /
Oct.October 31, 2017 06:00 PM

From left: Joseph Fingerman, John Zieran and George Klett

Signature Bank’s longtime head of commercial real estate lending, George Klett, is retiring, the bank announced Tuesday. Joseph Fingerman and John Zieran, who joined Signature 10 years ago, will take over the division.

Klett, a 67-year-old Air Force veteran, joined Signature in 2007 from Capital One and helped establish the bank as one of New York’s top commercial property lenders. But over the past year the bank, which has a heavy loan concentration in multifamily properties, suffered under a slowdown in that market, according to a recent report from data company CrediFi.

As fewer apartment buildings sold, Signature fell to the seventh spot in the ranking of NYC’s most active commercial real estate lenders in the second quarter, down from the top spot a year ago.

In September, the bank issued a $85 million loan to Meringoff Properties to refinance the office building 401 Park Avenue South.

As of Sept. 30, Signature held $23.6 billion in commercial real estate loans, including $14.8 billion in multifamily mortgages.


Related Articles

arrow_forward_ios
The sites at 1900 Shore Parkway, 1894 Shore Parkway along Bay 41st Street in Gravesend (Credit: Google Maps)

Abraham Fructhandler’s FBE buys South Brooklyn sites for $58M

FBE lines up $63M loan from Signature Bank for Bronx buy

FBE lines up $63M loan from Signature Bank for Bronx buy

Signature Bank ups footprint at 1400 Broadway to more than 100K sf

Signature Bank ups footprint at 1400 Broadway to more than 100K sf

Two Trees-linked LLC buys Brooklyn petroleum facility

Two Trees-linked LLC buys Brooklyn petroleum facility

Signature Bank inks 16-year lease at ESRT’s 1400 Broadway

Signature Bank inks 16-year lease at ESRT’s 1400 Broadway

Ray Yadidi lands $83M loan for Garment District purchase

Ray Yadidi lands $83M loan for Garment District purchase

Himmel + Meringoff get $60M loan for 729 Seventh Avenue

Himmel + Meringoff get $60M loan for 729 Seventh Avenue

United American Land gets $65M mortgage on DoBro building

United American Land gets $65M mortgage on DoBro building

arrow_forward_ios
Loading...