TIAA Bank sees 'a lot of opportunity in Florida' in commercial real estate
By Brent Godwin
Tampa Bay Business Journal
Published: Mar 24, 2022

After a record-breaking year in 2021, TIAA Bank is expanding its reach in Florida.

To spearhead that growth specifically in the commercial real estate space, TIAA Bank recently named Lauren Ervin as its CRE account executive for the state. Ervin is based in Jacksonville.

"We're trying to penetrate the Florida market a little bit more, because we see a lot of opportunity in Florida," Ervin said. "We're excited to be expanding in the market. We've always been in Florida, but we see that there's more opportunity post-Covid and post-pandemic where a lot of liquidity is hitting the market here."

Ervin has been with TIAA, formerly EverBank, since 2008. She was part of a team last year that contributed more than $770 million in total funded volume. According to information from the company, TIAA's CRE loan originations increased 83% overall in 2021.

Unsurprisingly, Ervin said a large chunk of deals TIAA worked on last year — more than 40% — were for multifamily.

"A lot of liquidity is coming from the Northeast U.S. and hitting Florida," Ervin said. "We're doing a lot on construction takeouts, meaning when the certificate of occupancy is issued, and we hit a level of occupancy that the bank is comfortable with, we can provide financing opportunities and even offer a 12-month forward rate lock. So while that property is in lease up, and with the volatility in the market, we're able to lock in a rate up to 12 months in advance."

Ervin said besides refinancing, TIAA also saw a good number of acquisition deals in 2021, which she expects to continue this year. She said there is also a noticeable uptick in activity in the student housing sector.

“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,” said Ellen Comeaux, TIAA Bank’s senior vice president and commercial division leader. “Lauren will play a big role in helping us grow our business while navigating ever-changing market dynamics.”