Astoria Federal Savings and Loan Association is getting back in to the multifamily lending business in the New York metropolitan area, starting with hiring away a team from Sovereign Bank led by Gary M. Honstedt.
Besides Honstedt, six other people experienced in the multifamily/CRE business will join Lake Success, N.Y.-based Astoria.
Previously, Honstedt was president of the National Commercial Real Estate Division at Sovereign Bank; he also served as executive vice president of Brooklyn-based Independence Community Bank, which Sovereign acquired in 2006.
According to filings with the Securities and Exchange Commission, in 2009, the last year Astoria was active in the multifamily/CRE market, it did just $11.5 million of volume, mostly in the first quarter. In 2008, it originated $514.2 million. Through the first three quarters of 2010, it did zero loans, although the company's stated policy at the time was to offer this product to select existing customers in New York.
A request for further information was not returned by deadline.
