Joseph Fingerman, Signature Bank's Former CRE Head, Is Growing A New Lending Force

Why It Matters

Peapack’s rapid CRE growth under a seasoned lender signals a shift toward private‑bank financing in a market abandoned by traditional banks after the 2023 failures, offering borrowers alternative capital sources and reshaping New York’s real‑estate financing landscape.

Key Takeaways

• Peapack aims $750M loan pipeline within 12 months under Fingerman
• Q1 CRE originations rose to $139M, nearly triple prior year
• Balance sheet CRE mortgages grew to $2.7B, up from $2.4B
• Focus on retail, industrial, multifamily; avoids hotels and self‑storage
• Managing $31.1M non‑performing rent‑stabilized loans, 46% NY exposure

Pulse Analysis

The fallout from Signature Bank’s 2023 collapse left a vacuum in New York’s commercial‑real‑estate lending, prompting traditional banks to tighten credit and private lenders to step in. Peapack Private, a century‑old institution, seized the moment by hiring Joseph Fingerman, whose 15‑year tenure at Signature endowed him with deep relationships and market insight. By leveraging those connections, Peapack quickly scaled its CRE platform, opening a flagship Manhattan center and adding senior risk, audit, and equipment‑finance executives to support the surge.

Fingerman’s strategy emphasizes disciplined growth: targeting retail, industrial and free‑market multifamily properties while shunning higher‑risk segments such as hotels, self‑storage and speculative construction loans. This focus has already yielded tangible results—Q1 loan originations jumped to $139 million, and the bank’s CRE mortgage book expanded to $2.7 billion. The firm also manages a sizable rent‑stabilized portfolio, with $31.1 million classified as non‑performing, reflecting the lingering challenges of the 2019 Housing Stability and Tenant Protection Act. Fingerman’s willingness to negotiate directly with distressed borrowers, rather than defaulting, helps preserve relationships and mitigate losses.

As megabanks re‑enter the CRE arena and private‑credit firms chase nine‑figure deals, Peapack’s niche—mid‑size, relationship‑driven financing—offers an appealing alternative for developers and landlords seeking flexibility. By positioning itself as a reliable, “vanilla” lender that prioritizes loan quality and client service, Peapack can capture market share left by larger institutions that are either too risk‑averse or too focused on mega‑projects. This model not only diversifies funding sources for New York’s real‑estate market but also underscores the broader trend of boutique banks filling the credit gap in a post‑crisis landscape.