Printer Friendly

Eastern Union Commercial Outpaces Projected Revenues, Expands Operations; Average Deal Size Grew by 50%, Growth Attributed to Technology, Relationships.

NEW YORK -- Eastern Union Commercial, one of the fastest-growing commercial real estate mortgage brokerages in the country, is on track to surpass its projected mortgage loan totals, with over $1 billion in new business slated for 2005.

Eastern's success is fueled by the organic expansion of the company across the country. In addition to their New York City and New Jersey offices, the company has opened new offices in Maryland, Florida, Pennsylvania, Connecticut, Ohio and Illinois, which have resulted in a diverse range commercial mortgage deals nationwide, such as:

--$51.6 MM condo-conversion in Las Vegas, NV.

--$47.09 MM condo-conversion in Tampa, FL.

--$19 MM 405 unit purchase of multi family property in Lauderhill, FL.

--$18 MM construction loan in Lakewood, NJ.

--$6.3 MM 180 bed nursing home purchase in Wildwood, FL.

--$5 MM office building in Brooklyn, NY.

"Our ability to continue growing at this rate reflects our industry expertise, and the use of technology to help manage our client contacts, properties, lenders, sellers, and agents," said Ira Zlotowitz, founder and president, Eastern Union Commercial. "As a result we are able to strengthen all of our relationships with lenders and everyone involved in our transactions, better enabling us to execute transactions more effectively and efficiently. By understanding the needs of both borrowers and lenders, we've built a successful business and a solid reputation."

The company's doubling of its revenue was accomplished with only a 25% increase in their underwriting staff. The company's grass-roots approach to their growth often gives young up-and-coming real estate professionals an opportunity by training each and every one about the nuances and details of the business.

To help manage this growing enterprise, Eastern has employed software from Simple Remote LLC, that allows the company to track and rapidly close deals by integrating all of Eastern's properties, deal-flow, lenders and borrowers, tenants and landlords, buyers and sellers, saving the company a lot of time and money.

"We are looking forward to an exciting second half of the year in which we expect to surpass the first half in a number of ways, as well as gaining additional market share," Zlotowitz concluded.

About Eastern Union

Eastern Union Commercial is one of the fastest-growing commercial real estate brokerages in the country, specializing in the full gamut of real estate financing: multi-family, retail, office, industrial, healthcare, hotel and construction loans. Over the last 12 months, the company has negotiated over $1 billion worth of real estate transactions throughout the country. For more information visit: www.easternuc.com or call 866-862-4800.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Sep 7, 2005
Words:423
Previous Article:Kotura Raises $13M in Additional Funding; Industry Leader in Silicon Photonics Prepares for Next Phase of Innovation and Growth.
Next Article:The International Society for Medical Publication Professionals Launches New Educational Initiative: ISMPP U.


Related Articles
Westchester County shows staying power in 2002, report says.
Spam costs businesses $13 billion annually. (Up front: news, trends & analysis).
European market ripe.
Emerging opportunities: since the fall of communism and rise of the World Trade Organization, small countries are showing the greatest growth in...
Quality, not quantity, counts with math wizard, Betesh.
Growing brokerage at heart of buying and selling process.
Westchester has a handle on it's mixed bag forecast.
$25m in financing makes Tarrytown hotel rehab happen.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters