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.
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