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New York

Brooklyn’s Eastern Union pushing for $3B in financing in 2013

Ira Zlotowitz
Ira Zlotowitz

Looks like it will be a big year for Brooklyn-based Eastern Union Funding. GlobeSt reported that the company — with offices in New York, New Jersey and Maryland — expects to close $3 billion in commercial loan financing deals this year. That would be a significant increase from the amount posted in 2012. Eastern Union had a reported $1.25 billion in financing volume in 2012, and told GlobeSt that this year, it hopes to triple that amount.

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Ira Zlotowitz, the president of Eastern Union, told GlobeSt that his company now has $700 million in deals currently in the works and that it is increasing. Broken down, roughly 60 percent of this financing is going to the multi-family sector. The remainder will go to loans for such markets as office, hotel, healthcare and self-storage facilities.

According to Zlotowitz, commercial lending has strengthened over the past year and a half, and he said that he expects the momentum to continue. [GlobeSt] –Zachary Kussin