Eastern Union Comm'l. experienced a 150% increase closings in Q2

Eastern Union Commercial experienced a 150% increase in loan closings in the second quarter of 2012 compared with the second quarter of 2011. The boutique mortgage brokerage also set a new corporate milestone by closing more than 100 transactions in the second quarter alone, the highest number of loans Eastern Union has ever closed within a single three-month period. Even at this accelerated pace of closings, Eastern Union's pipeline of loans in process continues to grow and is outpacing the firm's rate of closed transactions. With this level of activity, the firm is on track to post its highest-ever year-end totals. "Thanks to our investments in new personnel and in a stronger corporate infrastructure, Eastern Union is closing deals more efficiently and more rapidly than ever before," said Ira Zlotowitz, president of Eastern Union. "As our next strategic initiative, we will be launching new, tailored divisions to meet the market's diverse needs, further leveraging the outstanding relationships we have with key banks nationwide." Zlotowitz also noted that Eastern Union’s increased production stems from their ability to consistently deliver market-low rates, and their strengthening relationships both with existing banks and new lenders that continue to enter the market. “Our reputation for best-in-class service has reached a point where our referral business is outpacing even what we had anticipated,” he said. “Our clients continue to be amazed with the structure we provide on loans of every size and complexity, and with equal care and attention.” Aside from the firm's conventional multi-family and New York-based transactions, below is a partial list of financing arranged by Eastern Union during the second quarter: * $11.5 million bridge loan for an 8-building, 322-unit apartment complex in Lanham, Maryland. The bridge loan was financed at 7.5 percent and will convert to a standard 10-year Greystone Fannie Mae DUS loan once the asset is stabilized upon completion of the capital improvement program. * $11 million loan package for the refinance and acquisition of a mixed-use portfolio in New Haven, Conn. that included 73 apartment units and 5 retail spaces. The 7-year loan was financed by Investors Bank at 4.375%. * $8.8 million loan to refinance a 166-unit multi-family portfolio in Orange and East Orange, N.J. The 7-year financing was arranged by Arbor Bank at 3.9%. · $8.5 million loan package to refinance a mixed-used portfolio in Northern New Jersey that included 73 multi-family units and 6 commercial units. The loan was financed by Signature Bank as a 3 plus 3 plus 3, at 3.875 percent, 4.375 percent, and 5.5 percent. · $7 million loan to refinance a medical office building in Tom’s River, New Jersey. The 7-year financing, with a 3-year option, was arranged by Peapack Gladstone Bank, at 3.95 percent. About Eastern Union Commercial Eastern Union Commercial is one of the country’s largest, privately owned mortgage companies, on a transaction volume basis, serving the national commercial real estate sector. Specializing in loans up to $50 million and with total annual transaction volume exceeding $1 billion, Eastern Union Commercial works closely with a wide spectrum of lenders to finance transactions for multifamily, office, retail, hotel, healthcare, industrial, construction, co-op and self-storage properties. The company has offices in New York, New Jersey and Maryland.