NEW YORK – August 5, 2015: Eastern Union Funding, a top-10 debt brokerage – known for its role as a trusted advisor and innovator in the commercial mortgage marketplace – is in high gear. Among other unique loan products, Eastern Union launched an equity division in May. Months later, through the combined force of an elite brokerage team and a seemingly insatiable appetite for equity, trusted service, and a competitive fee structure, the firm put 93 loans in process - a record number for July production.
The company closed over a quarter billion in total loans in July, strengthening its pace to break $3 billion in 2015, and continuing its growth trajectory which in 2014 measured in at 253% over a three year period. Among the loans put in process were deals sized at $31.6 million, $23 million and $22 million, respectively located in Maryland, the Bronx, and New Jersey.
Also of significance was a $4.1 million deal for the acquisition of a 124-unit multifamily in upstate New York. This deal further demonstrates the soaring number of loan applications Eastern is fielding since launching its equity program, as it was propelled by the interest of investors on the division’s database.
The deal was one of several acquisitions driven forward by the equity division. In the final hours of the month, plans were hatched with an overseas investor from Israel for an equity partnership on the purchase of a cash-flowing stabilized property in Arizona—an $11 million deal being run by Charles Fishof, senior relationship manager, Equity Division. Fishof also arranged the upstate New York deal.
The soaring production is occurring as the company concurrently caps its fees, opens and plans new offices, hires 100 originators, and rolls out previously unheard of loan products in response to demand from borrowers.
“There are a lot of positive moving parts within the company right now, and it’s nice to see all of them come together at the same time that our core business tightens,” said Eastern Union President Ira Zlotowitz. “Each of these initiatives began on the origination front, and that’s exactly where the uptick is most pronounced.”
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. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union has closed an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated and reliable 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.easternuf.com.
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