Tropp of Eastern Union nears $100 million plateau in Washington DC transactions

According to mortgage brokerage Eastern Union Commercial, Marc Tropp, a senior managing director in the metro region, for the second consecutive year is approaching the $100 million plateau in total loan volume. Tropp, who focuses on the Washington, DC, Bethesda, and Baltimore markets, as well as the outlying region, arranges financing for a diversity of property types. He is one of Eastern Union's top producing mortgage brokers. Having recently closed several loans, he also has a pipeline of transactions that in total could surpass his single-year total. In the Washington, DC metro region, he is seeing upticks in the retail and multifamily sectors. "I have had a banner year across the Washington, DC metro market, which mirrors the entire efforts of Eastern Union Commercial," said Tropp, who specializes in creative transactions. "We doubled our total loan production from last year and we are on pace to double once again. Investors are financing to take advantage of the historically low rates." Tropp added that over the past several months he has seen an increase both in the number and size of deals being submitted throughout Washington, DC, Baltimore, Bethesda, and the surrounding region. "Investors are finally coming off the sideline and coming back into the market," he said. "There is a lot of pent up capital that needs to be put to work, and thanks to our lender relationships and infrastructure we have in place, I am able to serve my clients with greater efficiency than ever before." Among others, Tropp recently arranged an $11.5 million bridge loan on behalf of a private real estate company for its 8-building, 322-unit apartment complex in Lanham, Md. The owner plans to begin a capital improvement program to enhance its value. Provided through Greystone Servicing Corp. Inc., the bridge loan was financed at 7.5% 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. "Our entire firm continues to see an overall increase in total production, due in part to historically low interest rates," said Eastern Union Commercial president Ira Zlotowitz. "But Marc's unique approach and attention to detail on each transasction has resulted in an increase in referral and repeat business that is disproportionate to the rest of the Washington, DC metro market. His results are tremendous."