Eastern Union Deal Flow Is Now Outpacing Pre-COVID-19 Rate

National Brokerage Put 100 Deals Under Application in Both March and April

April Applications Include $12.9-million Bridge Loan in Texas Secured by a Newly Hired, Memphis-Area Broker with Only 21 Days on the Job

News provided by

Eastern Union

May 03, 2021, 08:59 ET

NEW YORK, May 3, 2021 /PRNewswire/ -- Eastern Union, one of the country's largest commercial real estate finance firms, is now putting commercial mortgages under application at a pace exceeding pre-COVID-19 levels.

In March and April of 2021, new applications in the Eastern Union pipeline exceeded 100 loans within each of the two months. This figure exceeds the pace of transactions being put under application during the same months in 2020, prior to the time that the COVID-19 pandemic had registered its monumentally negative impact on the market.

Ira Zlotowitz is president and co-founder of Eastern Union.

Ruth Freeze, a newly hired commercial mortgage originator based in Eastern Union's Memphis office, originated a $12.9-million bridge loan in Texas after only 21 days on the job.

Illustrating the company's growing national reach amid the post-COVID recovery, Eastern Union's new loans under application in April represented 19 states around the country, with participation from 50 lenders.

Among the loans under application in April was a $12.9-million bridge loan in Texas originated by Ruth Freeze, a newly trained loan originator who had only 21 days on the job in the company's Memphis office at the time of the application.

Ms. Freeze is part of the company's Multi-Family Group, which last year reset market pricing by offering a quarter-point fee -- with no back-end fees -- for refinancing properties backed by Fannie Mae or Freddie Mac.

"With thanks to God, Eastern Union's origination pipeline is stronger now than it was before COVID-19 entered the picture," said Ira Zlotowitz, president and co-founder of Eastern Union. "This is happening less than a year after our company had pivoted to go into primarily virtual mode -- and to also go national with the launch of our Multi-Family Group.

"With stimulus and vaccinations behind us and with the country opening up again, banks are getting more comfortable and are generating renewed competition for commercial mortgages," he said. "We're experiencing a springtime surge."

Ms. Freeze received training formatted along the lines of Eastern Union's "ABC21" broker training program, a 21-day-long course that provides participants with a full-spectrum understanding of the commercial real estate industry. ABC-21 training, which includes C-suite mentorship and hands-on education, teaches participants about mortgages, underwriting, sales, credit, bridge lending, deal structure and other dimensions of the industry.

"Ruth Freeze's accomplishment reflects her skills as a mortgage originator as well as the quality of the ABC-21 syllabus," Mr. Zlotowitz said. "We're delighted by Ruth's success and we look forward to her future achievements as a member of the Eastern Union team."

Those interested in learning about the commercial real estate industry through the ABC21 training program can visit this link. For those interested in potential employment with Eastern Union, which includes the training program, please visit here.

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 -- with no back-end fees -- for refinancing properties backed by Fannie Mae or Freddie Mac. Capital introductions are handled through Eastern Union's affiliate, Eastern Equity Advisors.

Eastern Union's free eCALC app instantly helps investors value and underwrite deals.

For more information, visit www.easternunion.com

Media contact:

Steve Vitoff
516 652 0785
[email protected]

SOURCE Eastern Union