Commercial mortgage brokerage Eastern Union Commercial is planning further strategic expansion as its pipline of new loans outpaces the rate of closed transactions.
“Thanks to our investments in new personnel and in a stronger corporate infrastructure, Eastern Union is closing deals more efficiently and more rapidly than ever before,” said Ira Zlotowitz, president of the firm.
“As our next strategic initiative, we will be launching new, tailored divisions to meet the market’s diverse needs, further leveraging the relationships we have with key banks nationwide.”
Eastern Union , one of the country’s largest commercial mortgage brokerage firms, experienced a 150 percent increase in loan closings in the second quarter of 2012 compared with the second quarter of 2011.It also set a new corporate milestone by closing more than 100 transactions in the second quarter alone, the highest number of loans Eastern Union has ever closed within a single three-month period.
“Thanks to our investments in new personnel and in a stronger corporate infrastructure, Eastern Union is closing deals more efficiently and more rapidly than ever before,” said Zlotowitz. “Our reputation for best-in-class service has reached a point where our referral business is outpacing even what we had anticipated.”
Aside from the firm’s conventional multi-family and New York-based transactions, second quarter deals have included an $11.5 million bridge loan for a 322-unit apartment complex in Lanham, Maryland, and an $11 million loan package for the refinance and acquisition of a mixed-use portfolio in New Haven, Connecticut that included 73 apartment units and five retail spaces.
The company also arranged a $7 million loan to re-finance a medical office building in Tom’s River, New Jersey. The 7-year financing, with a 3-year option, was arranged by Peapack Gladstone Bank, at 3.95 percent.