GlobeSt.com: What are some of the market or economic factors that may impact the pace of lending to the local multifamily housing and CRE sectors in 2015 or early 2016?

Orefice: A number of micro-economic factors can influence the market in NYC, and the biggest unknown is linked to action or inaction by New York State and New York City. Right now, the future of NYC's 421-a tax incentive is unclear. Holding up 421-a will have direct impact on the development of new multifamily housing properties in Manhattan, Brooklyn, the Bronx, Queens, and Staten Island. If state legislators broadly amend the 421-a tax incentive or do away with the program, it will produce very negative consequences.

Also, the city's Rent Guidelines Board's decided in late June to freeze rent increases on one-year leases for rent-stabilized apartments. Freezing rents reduces the financial resources that landlords have to properly repair, maintain, and preserve apartments.

City Hall also is focused on increasing the number of affordable housing units in the five boroughs. The DeBlasio administration is pursuing a number of options to reach its housing goals. If the city, for example, decides to increase the percentage of affordable units that developers or building owners need to set aside in new buildings, it could potentially reduce a project's economic feasibility.

GlobeSt.com: Looking forward, what concerns do you have?

Orefice: As lenders, we are closely watching the tactics the city is pursuing to reach its affordable housing goals. Also, we expect a flattening in the supply of new luxury apartment buildings will occur later this year and continue in to 2016.

Furthermore, since New York is an international city, its real estate market is influenced by macro-economic forces. Major events in Europe, Middle East, Asia and elsewhere around the world produce a ripple or rumble effect in the city's economic health and prosperity. For example, the strong U.S. dollar (when measured against other foreign currencies) makes it more expensive for people who live outside America to purchase goods, property or other items in NYC.

Many foreign tourists who are shopping in retail or department stores in Midtown or Tribeca or buying luxury apartments are finding they have reduced purchasing power.

GlobeSt.com: How are you growing your business so dramatically?

Orefice: Our senior lenders are reviewing an increasing number of loan applications from more diverse sectors of the commercial real estate market. We are attracting new clients such as developers of student housing and shopping centers. They are coming to us because we have the expertise, systems, capital resources and good reputation.