Facebook Twitter LinkedIn Google Plus RSS

Eastern Union closes $4B in CRE loans in 2017

By ,
Eastern Union President Ira Zlotowitz.
Eastern Union President Ira Zlotowitz. - ()

Howell-based firm Eastern Union Funding recently announced that in having reached a 10 percent growth year-over-year, the firm closed $4 billion in commercial real estate loans last year.

The brokerage attributed its growth in part to the establishment of the affiliate broker division and advancements in technology and data analysis.

“Our goal in 2017 was to provide a complete array of funding solutions and we’re grateful that our efforts have resulted in our best year so far,” Eastern Union President Ira Zlotowitz said in a release. “We attribute much of our success this year to our investments in business development and new technology.”

Zlotowitz was personally involved in the closing of over $600 million in transactions. Eastern Union’s largest transactions included:

  • $73.54 million in acquisition financing for a multifamily property in Adelphi, Maryland;
  • $55.20 million in acquisition financing for a multifamily property in Stamford, Connecticut;
  • $28.50 million in an acquisition of a health care property in Pennsylvania.

“With the new affiliate broker division and adaptive technology, we are able to serve the investment sales community with conflict- free underwriting and up-to- date financing market knowledge,” Zlotowitz said.  “While there is no requirement to refer financing business to Eastern Union, we have benefitted from both goodwill and exposure to a broader cross-section of deals due to these initiatives, which we expect to pay dividends for years to come.”

Eastern Union’s affiliate broker division, which provides underwriting and mortgage quotes to independent investment sales brokerage firms, launched in October 2017. Since then, the division has signed up over 4,500 investment sales brokers. Eastern Union plans to grow by 1,500 affiliate brokers per month in 2018.

In 2018, Eastern Union expects to double its lending volume to more than $8 billion.

“With a top-tier, motivated team that receives 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 Union has an edge in the market that has been realizing consistent results,” Zlotowitz said.

You May Have Missed...

Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

Leave a Comment


Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy