NEW YORK, Oct. 28, 2021 /PRNewswire/ — Eastern Union, one of the country’s largest commercial real estate finance firms, has launched a Hospitality Group and has named industry veteran Charles Hoffman to serve as managing director of the new unit.
The Hospitality Group will provide commercial financing services to hotels and short-term rental properties across America, with a special focus on localities where the hospitality market has been weakened by the COVID-19 pandemic.
Eastern Union has served numerous clients in the hospitality industry over its twenty-year history, as well as a full range of other commercial real estate sectors.
Charles Hoffman has spent more than 17 years as a commercial real estate professional, including experience as a lender, owner and developer. He has had an extensive history of involvement with hotel financing and has developed relationships with more than 60 hospitality lenders. Mr. Hoffman managed a family office for more than a decade, and has attended the Schack Institute of Real Estate at the New York University School of Professional Studies.
"Charles Hoffman is eminently qualified to lead Eastern Union’s new Hospitality Group," said Abe Bergman, co-founder and managing partner of Eastern Union. "He has an intimate understanding of the entire capital stack associated with the hotel industry, and he understands the degree to which the pandemic has stirred up volatility within this sector.
"Hospitality poses special challenges as an asset class," Mr. Bergman said. "It’s cumbersome to underwrite and manage, and COVID-19 has added new complications. Charles Hoffman will manage a skilled team of specialists ready to serve this sector."
About Eastern Union
Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 125 real estate professionals and closes an average of $5 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It secures financing for all asset types. Transactions — which can include multi-state and multi-site portfolios — encompass both conventional and structured financing. In 2020, Eastern Union’s Multi-Family Group reset market pricing by offering a quarter-point fee for refinancing properties backed by Fannie Mae or Freddie Mac. Capital introductions are handled through Eastern Union’s affiliate, Eastern Equity Advisors.
For more information, visit www.easternunion.com.
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SOURCE Eastern Union