New York, NY Eastern Union Funding (Eastern Union) is expanding its healthcare team with the addition of Nachum Soroka, an experienced underwriter with years specializing in healthcare financing.
Soroka, who will serve as vice president of Eastern Union’s healthcare group, has underwritten more than $1.5 billion in healthcare loans nationwide and has analyzed over $3.5 billion in potential credit, including ground-up construction, acquisition loans, refinancing and ABL lines of credit.
“Nachum’s experience and banking relationships will increase our ability to capture the flood of deals—especially acquisitions—happening in the healthcare space,” said Philip Krispin, director of Eastern Union’s healthcare group.
“This year, to date, our team has a full pipeline of acquisition and refinance loans for facilities across the country.”
The national sales volume total for the sector came in at $9.3 billion in 2016, according to the latest research from Colliers International. It also posted an all-time record low national vacancy rate at the end of 2016, with annual absorption reaching the highest level since 2008 and rents rising by 8% year over year.
Before joining Eastern Union, Soroka was the chief underwriter for the national healthcare financing group at Banco Popular North America where he created the underwriting, screening and portfolio management templates for the bank’s $500 million loan portfolio. Prior to that, Soroka was a lead analyst for Maryland-based Congressional Bank, an affiliate of the largest HUD healthcare lender, working on bridge loans and lines of credit in the skilled nursing sector. He has expertise in skilled nursing, assisted living, CCRC and hospital facilities.
In addition to healthcare and medical office transactions, Eastern Union arranges financing for complex, multi-state, multi-site portfolios, also structuring loans for varied property types including multifamily, mixed-use, retail, office, industrial, hotel and self-storage. Supported by its unique QTS Division, which focuses on quotes and term sheets, the firm offers an end-to-end process that guarantees the absolute best terms.
Via the Eastern Union app, Eastern Union is the first in its industry to develop technology enabling its brokers, clients and lenders to communicate and negotiate loans in real time, while providing a comprehensive toolkit armed with professional mortgage calculators, live rates, basic compliance and comparative sales data, news feeds and an industry-wide commercial real estate directory, among other features. It is available on the Apple App Store and via Google Play for Android.
Founded in 2001, Eastern Union Funding is one of the nation’s strongest and most active commercial mortgage brokerage firms and was named by Crain’s New York Business in 2014 and 2015 as one of the top 50 fastest growing companies in NYC. Its award-winning team closes over $3 billion in deals annually, specializing in sophisticated debt and equity solutions for small and mid-sized loans across all property types. Celebrating its 15th year in business, the firm launched its groundbreaking Eastern Union commercial real estate app that serves as a digital toolbox for investors to identify and close deals quickly.