Eastern Union closes March with multiple deals

Eastern Union capped off the month of March with $250 million closed in just three business days. Eastern also saw $461 million in new deals under application and 400 new loan submissions, signaling more surges in the near future. Executives at the firm attribute the activity to brokers' relationships with an expanding network of lenders combined with the company's internal Loan Tracker system keeping an influx of mortgage data accessible and organized. "We're ecstatic with the growth," said company President Ira Zlotowitz. "And even happier we were able to do it all while keeping to our core values and focus serving small to mid-size commercial real estate property owners and encompassing diversity and structure." True to cause, during these three days, loans closed in six states, 29 were less than $10 million, 10 were purchases and 26 featured fixed interest rates between 3.25 and 3.875 percent. By way of illustration, Senior Managing Director Marc Tropp of the Maryland Office closed six deals in that state each under $10 million. Senior managing director Eli Breiner closed a series of deals for 11 buildings in the Bronx on Monday, arranging a total of $33.755 million. In keeping with the theme of creativity, Breiner structured a commitment allowing his client to order another appraisal anytime after the first year, and borrow on 80 percent of the new valuation. "Everyone's aggressive right now," Zlotowitz said. "Rates are still hovering in the mid 3 percent range, clients are positioning themselves for the long term and they need a firm that can navigate the market like a GPS. We are that GPS complete with a powerful engine."