Eastern Union Funding, one of the country’s largest private mortgage brokerage companies serving the national commercial real estate sector, posted sales volume in excess of one billion dollars in the first four months of 2014.
The company enjoyed a 66 percent year-over-year increase during this time. Last year, Eastern Union reached one billion in sales by August.
Ira Zlotowitz, president and founder of Eastern Union Funding, announced in January 2014 that the company had “shattered” expectations for 2013, with a 60 percent volume increase over 2012.
This year has been targeted to be even better, with 234 closed deals by April 30.
“It is with extreme pride that we announce our sales volume for the first four months of 2014,” said Zlotowitz. “The Eastern Union team continues to outperform expectations by successfully utilizing its knowledge of the national commercial mortgage market, coupled with unrivaled banking relationships.
“These results do not happen overnight. We built a great team and are constantly raising the bar by setting goals against our own performance. This has proven to be a tactic that works and we eagerly look forward to serving our continuously growing clientele for years to come.”
The company’s growth is attributed to the team that Zlotowitz has assembled, along with the continued development of banking and client relationships.
The “tech boom” in New York has also contributed to deals funding at a rapid pace. The firm closed deals with over 70 lenders in 2013, and that number is expected to see a healthy increase in 2014.
Notable hires over the last 12 months, which have also helped move the business forward, include eight experienced underwriters, seasoned banker James Hurtig, as well as veteran broker Jack Adler.
Even as individual loan sizes increase, Zlotowitz remains loyal to the core of his customer base: clients with the need for under $10 million dollars in financing.
This is a large reason Eastern Union had over a quarter of a billion dollars in deals close during the last days of March, including 29 loans less than $10 million, with fixed rates between 3.25 and 3.875 percent.
As an example, Michael Muller, senior managing director, closed three different loans, with three unique lenders the last day of the month.
Other recent deals include senior managing director Eli Breiner’s $17.5 million on the refinance of 15 brownstone walk-ups in Center City, Philadelphia, as well as Meir Kessner and Dov Zabrowsky’s $21.5 million deal for the conversion of Equitable Building in Baltimore from a commercial property to residential units.
“Eastern Union Funding has far exceeded our expectations,” said Sam Applegrad of Skyc Management. “We have worked with several of mortgage brokerage companies over the years and have never been as satisfied with the results as those Eastern Union provided.”
