Spencer Savings Bank said it closed a $22 million loan for a New York-based borrower last month, marking the largest transaction in the Elmwood Park institution‘s history.

“We were delighted to have the opportunity to provide a substantive financing for such a well- managed global company,” said John Duncan, Spencer’s executive vice president and chief lending officer, in a statement. “We worked very closely with the company to structure a credit package which matched their long-term financing requirements.”

The borrower was identified only as a manufacturing company posting $300 million in revenue with 7,000 employees. It maintains its principal operations in the U.S. but is active internationally. The loan was a mortgage on a distribution facility.

“This transaction, right in the heart of the Meadowlands and in the shadow of MetLife Stadium, is the epitome of the customer focus, service and attention to detail that our lending clients have come to expect from Spencer Savings Bank,” said Ryan Peene, senior vice president and director of market growth.

Spencer, which boasts more than $3 billion in assets, said the deal signified “a continued appetite for growth and the desire for borrowers to work with a community bank.”

In November 2020, the bank provided a $14 million refinancing loan for The Ridgewood Commons, a 66-unit, mid-rise multifamily apartment building at 10 N. Ridgewood Road in South Orange. The borrower on that deal was represented by CBRE.