FLATBUSH, NY – October 29, 2015: Eastern Union Funding’s Nate Hyman and David Metzger shifted into high gear starting late last week, closing on various refis, construction, and acquisition loans with regional, national and agency lenders alike. Said and done, the brokerage team closed seven deals in four business days.
Complementing a nationwide presence as well as strength in the Brooklyn market, Hyman and Metzger closed a deal as far away as Saint Louis, where they brokered a $4 million loan which covered 83 percent of the client’s purchase and provided an additional $250,000 in CapEX money. In New Bedford, Massachusetts, the brokers facilitated more leverage. That loan, for $3.036 million, was brokered with a small regional savings bank and financed 80 percent of the client’s purchase while locking in a highly flexible prepayment penalty.
“Nate and David earn their competitive advantage by building a national brand and fighting equally hard for deals of all sizes,” Eastern Union President Ira Zlotowitz said of Hyman and Metzger. The pair have closed a hundred loans this year and have about 50 more in the pipeline for 2015, including one for $41 million.
This week, Hyman and Metzger rounded off their closing streak with two construction loans on Putnam Avenue and Cornelia Street in Brooklyn. The $3.75 million loan for Putnam Ave. carries an interest rate of 4.5 percent over prime, and the same terms apply for the two-year $4.4 million arranged for the Cornelia Street. Respectively, 16 and 19 units are planned at the construction sites.
“Our clients are making a big push to close before the end of the year. Meanwhile, the banks are competing aggressively, so it’s essentially harvest season nationwide right now,” Hyman 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.