Defying Market Employment Trends, Eastern Union Hires 75 Brokers For Its New 'Multi-Family Group'

Led by Top Brokers Michael Muller and Marc Tropp, New Eastern Union Unit Has Reset Market Pricing by Charging a Quarter-Point Fee for Agency Refinancings

Hiring Surge Is Triggered by Enthusiastic Market Response to New Fee Structure

News provided by

Eastern Union

Jun 08, 2020, 10:12 ET

BROOKLYN, N.Y., June 8, 2020 /PRNewswire/ -- Eastern Union, one of the country's largest commercial real estate finance firms, has hired 75 new brokers to accommodate rapidly swelling demand for its newly introduced quarter-point fee for refinancing multifamily properties backed by Fannie Mae or Freddie Mac, transactions known as "agency refinancings."

Ira Zlotowitz, founder and president of Eastern Union, has announced that his company has hired 75 new brokers to meet market demand triggered by Eastern Union's revised fee structure.

The new fee is being exclusively offered by the company's new "Multi-Family Group" under the leadership of Michael Muller, the firm's leading New York City-area broker over the past 19 years, and Marc Tropp, Eastern Union's number-one broker in the Mid-Atlantic regional market for the last 16 years.

Eastern Union's staff expansion contrasts significantly with multiple news reports of broker layoffs at commercial real estate firms across the United States. As the anticipated hiring rate increases, the company is aiming to create additional satellite offices in states across the country that are home to major commercial real estate markets.

"Eastern Union is a trendsetter and has pivoted to adjust to the realities of the new commercial real estate marketplace," said Ira Zlotowitz, Eastern Union founder and president. "The pandemic has ushered in a new era in our sector. We've responded by redefining pricing standards that had persevered for decades."

In addition to resetting fees for agency refinancings, the Multi-Family Group has established a half-point fee for agency acquisitions. The new pricing also extends to CMBS multi-family transactions. In comparison, commercial brokerages around the country generally levy a one-point fee for mortgages placed with Fannie Mae and Freddie Mac. The reaction to the launch of this initiative has been received positively by major industry players.

"I have maintained a close relationship with Eastern Union for over five years," said Steve Rosenberg, chief executive officer of Greystone, a leading national lender. "Our team has funded over $3 billion in loans with Eastern Union to date."

Firms such as Greystone champion the creation of innovative transaction solutions designed to encourage corporate finance and capital market activities.

"It is so interesting and amazing to see the company's creative juices flowing: constantly innovating, reinventing itself, betting on itself, and launching pioneering initiatives to redefine the commercial real estate industry," Mr. Rosenberg said. "We genuinely value our relationship with Eastern Union, are proud to do business with them, and wish them much luck."

According to last year's Mortgage Bankers Association's origination rankings, Eastern Union was the second-most-active broker nationwide as an intermediary for loans backed by either Fannie Mae or Freddie Mac.

As high-yield producers, Mr. Muller and Mr. Tropp together close several hundred deals yearly across a full range of property types and deal structure in markets around the country.

"Eastern Union's new fee structure has quickly attracted a substantial flow of incoming business, and we're hiring to keep up with demand," said Mr. Zlotowitz. "Our company is focused on helping property owners and investors during this challenging time."

Only Eastern Union brokers who are members of Mr. Tropp and Mr. Muller's Multi-Family Group are offering the revised fee. To be eligible for the new rate, transactions must meet or exceed a $15,000-fee threshold.

About Eastern Union

Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm employing more than 175 brokers and real estate professionals and closing $5 billion in real estate transactions annually. Eastern Union's capital introductions are handled through its affiliate company, Eastern Equity Advisors.

Boasting one of the highest transaction volumes in the industry, the Eastern Union team leverages its close relationships with banks and its extensive knowledge of the commercial real estate marketplace to bring clients the best rates available. Eastern Union's tenacity and experience enable the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions.

Eastern Union's groundbreaking commercial real estate app serves as an intelligent commercial real estate toolkit and includes features such as eCALC, which enables investors to fully value and underwrite deals instantaneously and in the palm of their hand. It is available for download in the App Store and Google Play Store.

With nationwide operations, Eastern Union is headquartered in New York, with numerous branches along the East Coast. For more information, visit www.easternunion.com.

MEDIA CONTACT:

Steve Vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union