NEW YORK, NY — Eastern Union Funding, a top-ten commercial mortgage brokerage firm and one of the fastest growing in the nation, showcased its strength in June, with a record 117 deals in process and 400 new loan submissions. Purchases accounted for over 25 percent of the loan applications, followed by robust retail and office sector activity.
The number of acquisitions for June 2015 was one of the highest recorded in a single month for Eastern Union Funding. This was in large part due to its recently rolled-out Equity Division.
Eastern Union closed deals throughout the five boroughs of New York City, in its Maryland branch’s Mid-Atlantic region and throughout the nation. Two blocks from NYC’s Yankee Stadium, an Eastern Union loan financed the construction of a 60-key Best Western flag hotel, and in Dallas-Fort Worth, the company closed $8 million for the purchase and renovation of a distressed commercial asset in just three weeks. Closings extended into a variety of sub-markets including Tulsa, Tampa and Kansas City.
The Equity Division, which creates relationships between purchasing clients and high net-worth individuals vetted by Eastern Union, has been praised for catering to a long under-served market niche.
“Since launching our Equity Division less than two months ago, we’re getting tremendous response from buyers interested in accessing our vast network,” said president of Eastern Union Funding, Ira Zlotowitz.
“The equity platform is resonating with the real estate market.”
“Eastern Union’s experience adds exceptional value and the firm truly has a well-defined process tailored for success. The equity partner that they brought to the table for Blue Ocean is a perfect example of the solid work Eastern does.” said Jonathan Ehrenfeld, president of Blue Ocean Realty, a large real estate investment and management firm based in the Mid-Atlantic region. Blue Ocean, which owns and manages over 2,500 multifamily units and two million square feet of commercial space, closed on a purchase in June 2015 with a Limited Partner investor introduced by Eastern Union’s Equity Division.
Eastern Union owes its record month and consistent growth not only to the success of the new division, but to the thought leadership of its elite brokers and a technology platform created to foster market efficiency, innovation and custom-tailored loan solutions.
As the company continues to raise the bar, Eastern Union is playing a key role in changing the commercial mortgage brokerage landscape. “Clients have long wanted to invest in products that are in line with their own capital threshold. Our goal is to listen and innovate based on their specific needs,” Zlotowitz said. “Our June numbers reflect the market potential of that philosophy. We listened.”