Eastern Union Funding, a commercial mortgage brokerage firm, announced a record 117 deals in process and 400 new loan submissions during June.
Purchases accounted for over 25 percent of the loan applications, followed by robust retail and office sector activity.
The number of acquisitions for June 2015 was one of the highest recorded in a single month for Eastern Union Funding. This was in large part due to its recently rolled-out Equity Division.
Eastern Union closed deals throughout the five boroughs of New York City, in its Maryland branch’s Mid-Atlantic region and throughout the nation.
Two blocks from NYC’s Yankee Stadium, an Eastern Union loan financed the construction of a 60-key Best Western flag hotel, and in Dallas-Fort Worth, the company closed $8 million for the purchase and renovation of a distressed commercial asset in just three weeks.
Closings extended into a variety of sub-markets including Tulsa, Tampa and Kansas City.
The Equity Division, which creates relationships between purchasing clients and high net-worth individuals vetted by Eastern Union, has been praised for catering to a long under-served market niche.
“Since launching our Equity Division less than two months ago, we’re getting tremendous response from buyers interested in accessing our vast network,” said president of Eastern Union Funding, Ira Zlotowitz.
“The equity platform is resonating with the real estate market.”