Eastern Union Funding is expanding to serve the thriving real estate markets along Brooklyn’s waterfront by opening an office in Williamsburg.
The new Eastern Union office, located on Wythe Avenue, will arrange financing for building owners, developers and investors who are targeting the rapidly evolving and growing neighborhoods in Williamsburg, Bushwick, East Williamsburg and Bedford Stuyvesant.
“We’re out on the streets of these red-hot neighborhoods and our clients can count on us to secure the capital they need to pursue their building, renovation or construction projects,” said Senior Managing Director Motti Blau, who is relocating from the firm’s Flatbush headquarters to run the new office. “Eastern is one of the dominant resources for arranging debt financing for the borough’s CRE and multifamily housing sectors,” he added.
The office will have a team of five brokers and two underwriters to manage the ongoing development from Williamsburg to Long Island City, Queens, where Eastern Union is particularly active. Blau has already completed over 60 transactions this year, a great percentage of which were in Brooklyn, and some of which were as far as Kansas City.
Kirk Lloyd is Senior Vice President at Dime Savings Bank of Williamsburg. “It’s great for the local market to see Eastern Union, a national brokerage, to literally become part of the neighborhood. Especially when value for real estate in that local market is up more than 250 percent in the past decade,” he said.
Eastern Union is pursuing fast-track expansion across all of its operations and workforce, including a fee cap of$135k and the recent launch of an LP equity platform which introduces investors to clients’ investment opportunities.
The Williamsburg office is Eastern’s second in Brooklyn, behind the firm’s headquarters in Flatbush. Its opening brings to four the number of new locations the company has added in as many months. In addition, Eastern has recruited and trained 100 brokers for its offices in New Jersey,Manhattan, Maryland, Upstate New York and the Five Towns area on Long Island. Across the Atlantic, Eastern’s office in Israel is recruiting new brokers as well.
“We’re closing more than a deal a week in Williamsburg, and some of our biggest clients are based here,” said Eastern Union President Ira Zlotowitz. “With such a strong emphasis and strategic expansion, focusing on Williamsburg was intuitive.”