Joey Vieceli was part of deal teams last year that contributed to more than $500 million in funded volume
Much of the 83% overall increase in TIAA Bank’s commercial real estate loan originations stemmed from customized financing solutions for multifamily, industrial, self-storage and retail sectors
JACKSONVILLE, Fla. – March 23, 2022 – TIAA Bank today announced that Joey Vieceli will help spearhead its Commercial Real Estate (CRE) business in Northern California.
The move comes after the bank’s CRE business enjoyed a record year in 2021. Its customized financing solutions and growth focus spurred an 83% increase in the bank’s overall CRE volume nationwide.
Vieceli began his commercial finance career in 2017 after joining TIAA Bank (formerly EverBank). In his role as associate sales rep. over the past three years, Joey was part of deal teams that contributed more than $500 million in funded volume.
“I’m thrilled to recognize Joey’s significant contribution to our success by promoting him to CRE Account Executive covering Northern California,” said Ellen Comeaux, TIAA Bank’s Senior Vice President and Commercial Division Leader.
“The market continues to be incredibly competitive with a wide range of financing options continuing to drive spread compression across asset classes, particularly in multifamily and industrial,” Comeaux said. “Joey will play a big role in helping us grow our business while navigating ever-changing market dynamics.”
During the bank’s record year in total volume productivity, multifamily accounted for 42% of the transactions nationwide, self-storage accounted for 16%, retail accounted for 13% and industrial accounted for 10%.
Like much of the market, the business was weighted toward refinance activity – both cash-out and cash-neutral – but the number of acquisitions also increased, a trend expected to continue in 2022.
Many clients sought to lock in historically low rates with long-term fixed rate financing, although other clients took advantage of TIAA Bank’s flexible-rate structures, such as rate reset and hybrid.
Tailored solutions for Northern California customers included:
- A $20.2 million cash-out refinance with 55% loan-to-value (LTV) financing for a multifamily property in San Marcos.
- A $14.0 million industrial acquisition with 59% LTV in Carlsbad.
- A $7.9 million, cash-neutral refinance with 49% LTV financing for an office property in Los Altos.
- A $6.8 million multifamily property with 63% LTV in Fresno.
- A $3.1 million self storage acquisition with 49% LTV in San Leandro.
“During such an uncertain time, Joey has been part of a team that’s shown we can remain nimble to best serve the financing needs of our clients,” Comeaux said.
“What we’re doing in Northern California – and across the country – is work tirelessly for our clients. We’re generating incredible results for our business and showcasing how we’re a finance provider of choice to a wide range of real estate market participants.”
TIAA Bank’s CRE business specializes in financing single-tenant, multi-tenant and multifamily commercial properties nationwide while bringing a deep level of industry expertise, reliable and fast service and competitive rates and terms to every deal closed.
About TIAA Bank
TIAA Bank, a division of TIAA, FSB, provides nationwide banking services to consumer, commercial and institutional 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 tiaabank.com.