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Mortgage brokerage biz doubles at Eastern Union.

Eastern Union Commercial, one of the country's largest commercial mortgage brokerage firms, experienced a 110 per cent increase in loan closings in the first quarter of 2012 compared with the first quarter of 2011.

In addition to this acceleration in activity, Eastern Union's pace of new originations is also increasing considerably.

The mortgage brokerage--which has recorded a 50 percent rise in average loan volume over each of the past three years--is placing $150 million per month in new loans, many through Wall Street lenders.

"We have built a powerful national reputation through our ability to identify the most affordable sources of financing the marketplace has to offer, and our pace of activity reflects that," said Ira Zlotowitz, president of Eastern Union Commercial.

"While Eastern Union enjoys excellent relationships with key banks nationwide, we have also begun closing numerous deals with Wall Street lenders offering commercial real estate loans, often priced lower than those offered by standard commercial banks."

Zlotowitz noted that Eastern Union has been servicing loans of every size, explaining that while some clients require financing for complex, multi-state, multi-site portfolios, others have loan requirements of just a few million dollars for smaller, single-property transactions.

"We review every detail extensively, whether the loan is large or small," Zlotowitz said. "Our clients consistently thank us not only for having received the best rate and terms in the market, but also for our determination and work ethic. We service every loan--regardless of size--with equal diligence."

Loans originated by Eastern Union during the first quarter include a $34 million refinance for a four-building, 580-bed skilled nursing portfolio in New York and New Jersey. The loan was financed at 5.03 percent fixed for 5 years.

The firm also arranged a $12.5 million bridge loan for a 10-building, 322-unit apartment complex in Lanham, Md. Rate of 7.5 percent, which will convert to a standard 10-year Fannie Mac loan once the asset is stabilized upon completion of the capital improvement program.
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Comment:Mortgage brokerage biz doubles at Eastern Union.(AROUND TOWN: EVENTS SEMINARS MEETINGS TALKS)
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 20, 2012
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