With Several New Divisions in Place, Eastern Union Anticipates to Double Volume in 2018
(HOWELL, NJ – January xx, 2018) – Eastern Union Funding (Eastern Union) has closed $4 billion in commercial real estate loans in 2017. This is more than a ten percent growth year over year, establishing a new record for the fast growing U.S. commercial real estate mortgage firm.
Ira Zlotowitz, president of Eastern Union, said “Our goal in 2017 was to provide a complete array of funding solutions and we’re grateful that our efforts have resulted in our best year so far. We attribute much of our success this year to our investments in business development and new technology. Mr. Zlotowitz was personally involved in close to $600 million of financing transactions in 2017 and further said, “Based on the establishment of new divisions, increased personnel and expanding technology, we hope to double this year’s volume in 2018.”
Among the deals contributing to Eastern Union’s record year include:
$73,542,000 acquisition financing for a multifamily property in Adelphi, MD
$55,199,000 in acquisition financing for a multi-family asset in Stamford, CT
$48,285,000 refinancing of a mixed-use property in Memphis, TN
$40,500,000 refinancing of a retail property in New York City
$28,500,000 acquisition of healthcare property in Pennsylvania
$18 million in acquisition financing for an office building in Ohio.
The increased deal flow in 2017 was due in part to the establishment of Eastern Union’s new Affiliate Broker Division and advancements in technology and data analysis. “With the new Affiliate Broker Division and adaptive technology, we are able to serve the investment sales community with conflict-free underwriting and up-to-date financing market knowledge,” Mr. Zlotowitz said. “While there is no requirement to refer financing business to Eastern Union, we have benefitted from both goodwill and exposure to a broader cross-section of deals due to these initiatives, which we expect to pay dividends for years to come.”
The Affiliate Broker Division provides free underwriting and mortgage quotes to independent investment sales brokerage firms. The division launched in October 2017 and signed up over 4,500 commercial investment sales brokers, with plans to grow by 1,500 Affiliate Brokers per month in 2018.
The Eastern Union app has unveiled new opportunities for Eastern Union’s clients by prioritizing commercial listings made available by the Affiliate Brokers. Clients receive an email when a listing is posted by an Affiliate Broker within the vicinity of properties they own. The email will notify them of a new listing, the property type and who the sales broker is.
The Eastern Union app has additionally been a strong contributor to recent success at the mortgage and advisory firm. The app combines advanced technology and artificial intelligence to deliver an essential digital toolbox for real estate professionals. Features include a cutting-edge underwriting calculator, an extensive directory of Commercial Real Estate related businesses, and a valuable comps tool, allowing users to see transaction activity market by market. Planned updates for the app will improve the user interface and provide added functionality.
The growth in 2017 came on the heels of the specialized Structured and Bridge Department of QTS, as well as expansion of the firm’s Debt, Equity and Healthcare lending divisions.
Eastern Union anticipates reaching unprecedented heights in 2018, with a goal of doubling lending volume to more than $8 billion, according to Mr. Zlotowitz. “With a top-tier, motivated team that receives some of the highest compensation in the industry and supported by personalized, advanced tech solutions, as well as in-house support staff and an exclusive QTS banking department, Eastern Union has an edge in the market that has been realizing consistent results,” he concluded.
ABOUT EASTERN UNION FUNDING: Eastern Union Funding (Eastern) is among the most active commercial real estate mortgage brokerage firms in the U.S., closing an average of $3.5 billion in transaction volume annually. Serving as trusted advisors to real estate owners and working with over 100 capital sources, Eastern and its affiliates deliver a full range of financing products covering the entire capital stack: including traditional mortgages, bridge and structured lending, and equity capital, for all major property types including multifamily, office, retail, mixed-use, healthcare and industrial. To meet increasing demand and offer the best service in the industry, Eastern routes all deals through its unique Quotes and Term Sheets (QTS) Division. The QTS division provides clients with access to the best terms available in the market by processing each transaction and matching it with the right potential capital sources based on data about specific deal parameters. Eastern also operates a new Broker Affiliate Division, which leverages the firm’s existing QTS underwriting infrastructure to provide investment sales brokers with cost-free and conflict-free financing leads, advice, and information. Eastern, a leader in applying technology solutions for real estate finance, runs a proprietary app now used by thousands of real estate professionals (and Eastern’s own staff) to track deals in real time from origination through closing, follow up at the right times to eliminate inefficiencies, and access up-to-date market information.