Presented by Eastern Union
Despite The Market Slowdown, 10% Increase on Last Year’s Closings Expected in 2017
(HOWELL, NJ – October 31, 2017) – Advancing on what has been a record-breaking year, Eastern Union Funding (Eastern), a leading U.S. commercial real estate mortgage firm, has already surpassed the $3,000,000,000 mark for year-to-date transaction volume for the third year in a row. The mortgage brokerage company is experiencing a strong run of success, closing aggressively despite the typical seasonal slowdown in the market.
Ira Zlotowitz, president of Eastern Union, was personally involved in close to $500M of financing transactions so far in 2017. “At Eastern we make every effort to be our clients’ trusted advisors,” Mr. Zlotowitz said. “Our goal is 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 renewed success to our investments in business development and technology this year.”
Contributing to the increased deal flow is Eastern’s new Broker Affiliate Division, which provides free underwriting and mortgage quotes to independent investment sales brokerage firms. The division has recently signed up over 500 commercial investment sales brokers to this program. “With the Broker Affiliate Division, we are serving the investment sales community with conflict-free underwriting and up-to-date financing market knowledge,”Mr. Zlotowitz added. “At the same time, while there is no requirement to refer financing business to Eastern we benefit from both goodwill and exposure to a broader cross-section of deals.”
The Affiliate Broker Division provides services and data across specialized subdivisions of Eastern’s Quotes and Term Sheets (QTS) group; an in-house banking division with subdivisions headed by specialists in different areas of finance and levels of the capital stack. Among other new developments, the firm recently hired Yoel Garber to head the Structured and Bridge Department of QTS.
Among the deals contributing to Eastern’s record year to date were:
$73,542,000 acquisition financing for multifamily property in Adelphi, MD, originated by Jeff Seidenfeld.
$54,800,000 refinancing of multifamily property in Brick, NJ, originated by David Singer.
$48,285,000 refinancing of mixed-use property in Memphis, TN, originated by Michael Muller.
$40,500,000 refinancing of retail property in Brooklyn, NY, originated by Ira Zlotowitz.
$35,485,000 acquisition of healthcare property in Celina, TX, originated by CJ Danziger and Phil Krispin.
Eastern’s unique, free app has also aided in the company’s success, with thousands of real estate professionals connected to the program in daily real estate transactions. Eastern’s clients gain an added benefit with an exclusive client portal, enjoying the ease of tracking the status of every aspect of their deals from anywhere, at anytime. An essential toolbox for real estate professionals, the app combines advanced technology and artificial intelligence to include features such as a complete schedule of real estate for owners, a cutting edge underwriting calculator, an extensive directory of Commercial Real Estate related businesses, and a valuable comps tool, allowing users to see area activity. A one-of-a-kind technological edge, the app has been a strong contributor to recent success at Eastern Union Funding.
Eastern has high hopes to end the year at unprecedented heights. With a top-tier, motivated team receiving 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 has an edge in the market which has been reaping results.
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.