INLAND EMPIRE, CA– October 28, 2015: Eastern Union Funding’s Equity Division, a recently-launched department that introduces real estate owners to limited-partner investors, delivered the fastest execution in its brief-but-busy history last week.
Upon learning of the equity department, the new owner of a California multifamily reached out to Managing Director Marc Belsky three days before his recent acquisition closed. “I called Marc on a Monday afternoon. By Tuesday morning he had introduced me to an investor, and by Wednesday morning that investor had signed and funded this deal,” said one the property’s new owners.
Geared to service Eastern Union’s debt-site clients, the equity division presents clients’ real estate investment opportunities to investors. Both parties then negotiate the investment independently of Eastern Union. Launched in May, production continues to reach greater heights as more investors join the platform daily.
The investment property is located in Inland Empire, California, and the 120-unit multifamily rental community is situated in a robust retail area with a growing medical sector. Purchased for $12.2 million, it closed with a first lien mortgage of $9.1 million.
Belsky indicated that the rapid closure gives gravitas the strong investors Eastern Union has been actively recruiting for opportunities like this. “It’s a testament to the lengths our team is going through to truly know what our investors want and how quickly they can execute for the right deal,” he said.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey, and one of the top 50 fastest growing companies in NYC, as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union caps its fees at $135k and closes an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage visit www.easternuc.com.