TIAA Bank’s Commercial Real Estate Team Finishes 2022 With $2 Billion in Completed Transaction Volume

The team then started 2023 by closing its largest mortgage banker-sourced transaction ever

Jacksonville, Fla., Feb. 9, 2023 — TIAA Bank today announced that its Commercial Real Estate (CRE) business enjoyed strong production results for 2022 — and in 2023, the bank has already completed the largest mortgage-banker sourced deal in its history.

All told, the CRE team closed 119 deals in 2022 with a median transaction value of $8.8 million. The team then completed a record $193 million deal last month for an 11-property flex-industrial portfolio.

“We began 2022 at an all-time high as our clients sought to take advantage of historically low interest rates,” said Ellen Comeaux, TIAA Bank’s Senior Vice President and Commercial Division Leader. “Despite the overall market dislocation which occurred with the rapid rise in interest rates, our team continues to execute on meaningful volume and is looking to grow.”

Among the 2022 highlights:

  • Multi-tenant properties accounted for 50% in total volume share — an increase from 34% in 2021. Retail and self-storage also saw noticeable increases in terms of share in market volume. 
  • Deals between $10 and $20 million accounted for 32% of the work in 2022, up from 14% in 2021. 
  • The team launched a program tailored for small-balance loans ($2 to $5 million), targeting brokers needing help with properties, such as multifamily, retail, self-storage, student housing and small-cap industrial. As many lenders moved out of the smaller loan space, instead focusing on larger loans to meet aggressive capital deployment targets, TIAA Bank’s program now provides a programmatic, customized approach from origination through closing.

“Last year, our dedicated team doubled down on efforts to maximize efficiencies, which allowed us to deliver a strong product and process improvements to our clients and the industry,” said Comeaux. “As we head into 2023 and continue to face economic volatility, we remain committed to adapting to the financing needs of our clients — no matter the shifts the market may bring.”

TIAA Bank’s CRE business specializes in financing single-tenant, multi-tenant and multifamily commercial properties nationwide, bringing a deep level of industry expertise, reliable and fast service, and competitive terms to every deal.

About TIAA Bank

TIAA Bank, a division of TIAA, FSB, provides nationwide banking services to consumer and commercial clients through a variety of channels, including online and mobile applications, as well as its Florida-based financial centers. More information on TIAA Bank can be found at

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Keri Bonfili


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