Eastern Union's New 'Distressed Notes Initiative' Will Match Lenders with Investors Who Are Prepared to Purchase Troubled Debt

Banks and Private Debt Funds Can Minimize Future Damage Arising From COVID-19 Pandemic by Tapping into Eastern Union's Large Database of Investors

News provided by

Eastern Union

May 12, 2020, 08:40 ET

BROOKLYN, N.Y, May 12, 2020 /PRNewswire/ -- To help commercial lenders minimize the future damage that the COVID-19 pandemic will inevitably inflict upon their balance sheets, Eastern Union has launched a Distressed Notes Initiative that will identify investors interested in purchasing lenders' troubled mortgages.

The company, one of the country's largest commercial real estate finance firms, will leverage its extensive database of investors to help community banks and private debt funds find buyers for their distressed debt.

Abe Bergman, co-founder and managing partner of Eastern Union, will lead the company's new Distressed Notes Initiative.

Eastern Union has declared its "corporate commitment" to ensuring that lenders reap top dollar for the mortgages they sell through the firm's new Distressed Notes Initiative, which will be spearheaded by company co-founder and managing partner Abe Bergman.

"We understand what lenders need and we will serve their best interests," said Mr. Bergman. "At the same time, we have strong and well-established business relationships with vast numbers of investors. Many will be willing to take troubled loans off of lenders' hands.

"Eastern Union has a nearly-20-year track record of service to both the lender and investor communities," he said. "We are recognized in the industry for our integrity, our proficiency and our professionalism. Our company knows how to manage the process smoothly so that everyone gets to where they want to go."

Mr. Bergman said that a number of lenders had recently reached out to Eastern Union indicating that they expected to face liquidity issues in the coming weeks or months, especially as regulatory circumstances evolve. These lenders said they expected to need brokerage assistance in selling off troubled loans, and asked if Eastern Union could assist. These lender queries were part of the reason Eastern Union inaugurated its Distressed Notes Initiative.

He also noted that Eastern Union had considerable experience in the disposition of distressed debt based upon its brokerage work during the 2008-2009 recession.

"We know exactly how lenders think during these types of downturns," Mr. Bergman said. "We are in constant contact with banks right now, and we understand their mindset during these challenging times. This creates a close level of communication that puts Eastern Union ahead of the curve and allows our team to anticipate what to expect next."

Day-to-day management of the new unit will be handled by Eastern Union vice presidents Mark Rosenzweig and Boruch Mandel, both senior real estate finance executives at the firm. They have extensive experience in placing both equity and debt, and have collectively closed transactions valued at a total of more than $300 million.

ABOUT EASTERN UNION

Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm employing more than 100 skilled 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. For more details about the Distressed Notes Initiative, visit www.easternunion.com/notes.

MEDIA CONTACT:

Steve Vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union