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Long Island commercial real estate investors pursuing 1031 exchanges now have expanded access to specialized banking services with Kearny Bank‘s new specialty deposits team.
The unit provides escrow account services for qualified intermediary firms handling 1031 exchanges, helping safeguard client funds throughout transactions that allow investors to defer capital gains taxes by reinvesting proceeds.
The Fairfield, N.J.-based bank launched the team to also serve investors elsewhere in New York, including Brooklyn and Staten Island.
According to Kearny Bank, 1031 exchanges account for hundreds of billions of dollars in commercial real estate transactions each year. The bank said its specialty deposits team expects to support more than 1,000 exchange transactions annually and will work with attorneys, title companies and other professional services firms that need escrow, trust and estate account services for their clients.
“In commercial real estate, 1031 exchanges are a driving force – they demand absolute precision in how funds are handled,” Anthony Bilotta, Kearny Bank’s executive vice president and chief banking officer, said in a news release about the expansion.
“Expanding our commercial product offering to include 1031 exchange transactions brings that specialized expertise directly to select New York markets, helping intermediary firms and their clients move quickly, stay compliant and complete transactions with confidence,” he said.
The group is led by Thomas Kokinias, Kearny’s senior vice president and director of specialty deposits banking, who brings more than 20 years of experience in the fiduciary and 1031 exchange sector, according to the bank. Kokinias’ background and relationships on Long Island and in other New York communities is expected to support the bank’s expansion in the market. Also on the team are Maria D’Ornellas, vice president and specialty deposits banking client manager, and Franklin Mendez, assistant vice president and specialty deposits banking ops specialist.
The team connects clients with Kearny Bank’s deposit and treasury services, including an Insured Liquidity Sweep account that provides expanded FDIC insurance coverage, according to the bank. It also works with the bank’s commercial lending group on financing needs and hosts seminars on 1031 exchange structures and benefits.
“While our team brings decades of experience supporting 1031 exchange transactions on Long Island and the surrounding area, we’re excited to expand our presence into New Jersey and other markets,” Kokinias says. “The demand is there, and we see tremendous opportunities to help investors navigate increasingly complex transactions.”
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Adina Genn
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