NEW YORK, Aug. 9, 2021 /PRNewswire/ — Eastern Union, one of the country’s largest commercial real estate finance firms, accelerated the pace of its deal flow in July by generating 321 new loan submissions from prospective borrowers, the year’s highest monthly total. Loan submissions represented 16 property types situated in 37 states.
This marks the second time in a row that the company had set a new monthly performance record for the year in loan submissions.
July also saw Eastern Union brokers boost the number of mortgages under application. The month’s figure of 93 loans in process exceeded the June tally. The July total encompassed loans for twelve property types in sixteen states. Eastern Union is working with 44 different lenders on these transactions.
Additionally, the company’s July performance included mortgage closings across ten property types in fourteen states.
Among the month’s other highlights, the company closed two transactions valued in excess of $50 million each. One of the two deals was secured through Eastern Union’s Multi-Family Group, a special brokerage team formed last year. Under the leadership of Michael Muller and Marc Tropp, the Multi-Family Group has closed hundreds of millions dollars’ worth of transactions since its launch.
The second pending July deal exceeding $50 million in value was secured by Eastern Union’s Healthcare Group under the leadership of Nachum Soroka and Jacob Schonland. The unit services owners and operators of skilled nursing and assisted living/memory care facilities, continuing care retirement communities, and hospitals nationwide.
In addition, Eastern Union last month placed two deals under application that were each valued in excess of $70 million.
"July’s strong results show that Eastern Union is well positioned to capitalize on opportunities presented by today’s improving economic conditions," said Ira Zlotowitz, president and co-founder of Eastern Union. "Thanks to our extensive investments in training and technology, our brokerage team is uniquely equipped to secure financing for owners in all property types.
"Eastern Union’s brokerage team is constantly nurturing its relationships with savings banks, balance sheet lenders, insurance companies, institutional, agency and Wall Street lenders," he said. "Our clients respect our market knowledge, our deal-making capabilities, and our technological assets. We’ve earned our clients’ confidence."
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