Eastern Union Funding announced he formation of a multifamily division which will focus exclusively on multifamily real estate financing.
The newly formed division will be directed by senior managing directors Michael Muller and Nate Hyman, along with senior underwriter Uri Shoshana.
The trio has a combined 30 years of experience of commercial financing and have closed several billion over the years in multifamily financing.
Eastern Union has been on a growth spurt as the real estate market has recovered and lending has loosened. In the past several month, the company has formed credit quality, small loans and structured financing divisions.
According to Ira Zlotowitz, president of Eastern Union, those initiatives led to business doubling and the company reported record loan submissions, applications and closings in October.
“In order to give every loan the undivided attention it deserves, we made a decision to create subdivisions that exclusively focus on specific loan types,” said Zlotowitz. “For the multifamily division, we have tapped into some of Eastern’s greatest talent by bringing in our top two producers of these types of loans,” he added.
Multifamily loans are the mainstay of Eastern Union’s multi-billion dollar lending apparatus and this division is therefore likely to be its busiest and most productive.
“We are excited about heading up this division,” Muller said. “It will give us the ability to stay focused on the core, thereby increasing quality and production in the multifamily arena. With Uri Shoshana and his team running these deals, we have top flight resources which will speed up and streamline the loan process.”
Hyman, who started his career with Eastern Union and has seen it grow from a small shop to one of the nation’s largest mortgage brokerage houses, added, “Multifamily financing is the heart of it all and I am proud to have played a significant role in bringing the company to where it is today. With this new division, we are setting our sights to even greater growth as we believe the sky is the limit.”
Eastern Union Funding is the country’s second-largest privately owned commercial mortgage company, on a transaction volume basis, serving the national commercial real estate sector.
Specializing in loans up to $50 million, Eastern Union works with a wide spectrum of lenders to finance transactions for multifamily, office, retail, hotel, healthcare, industrial, construction, co-op and self-storage properties. The company has offices in New York, New Jersey, and Maryland.
