Eastern Union Commercial Outpaces Projected Revenues, Expands Operations; Average Deal Size Grew by 50%, Growth Attributed to Technology, Relationships.
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.
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|Date:||Sep 7, 2005|
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