CRE finance company Eastern Union Funding has hired 75 new
brokers as it works to boost business with a quarter point fee for agency
refinancings.
Commercial brokerages around the country generally levy a
one-point fee for mortgages placed with Fannie Mae and Freddie Mac.
In addition to resetting fees for agency refinancings, Eastern’s
new Multi-Family Group has established a half-point fee for agency
acquisitions. The new pricing also extends to CMBS multi-family transactions
“Eastern Union is a trendsetter and has pivoted to adjust to the realities of the new commercial real estate marketplace,” said Ira Zlotowitz, Eastern Union founder and president. “The pandemic has ushered in a new era in our sector. We’ve responded by redefining pricing standards that had persevered for decades.”
The company’s new Multi-Family Group is being led by Michael
Muller, the firm’s leading New York City-area broker over the past 19 years,
and Marc Tropp, Eastern Union’s number-one broker in the Mid-Atlantic regional
market for the last 16 years.
The company is aiming to create additional satellite offices
in states across the country that are home to major commercial real estate
markets.
Steve Rosenberg, chief executive officer of national lender
Greystone, which has funded over $3 billion in loans with Eastern Union,
praised the company’s move.
“It is so interesting and amazing to see the company’s
creative juices flowing: constantly innovating, reinventing itself, betting on
itself, and launching pioneering initiatives to redefine the commercial real
estate industry,” said Rosenberg.
According to last year’s Mortgage Bankers Association’s
origination rankings, Eastern Union was the second-most-active broker
nationwide as an intermediary for loans backed by either Fannie Mae or Freddie
Mac.
Muller and Tropp together close several hundred deals yearly
across a full range of property types and deal structure in markets around the
country.
“Eastern Union’s new fee structure has quickly attracted a
substantial flow of incoming business, and we’re hiring to keep up with
demand,” said Zlotowitz. “Our company is focused on helping property owners and
investors during this challenging time.”
Only Eastern Union brokers who are members of the
Multi-Family Group are offering the revised fee. To be eligible for the new
rate, transactions must meet or exceed a $15,000-fee threshold.
