Mid Atlantic Real Estate Journal — Brokerage Directory — July 25 - August 14, 2014 — 7C
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B rokerage D irectory
EW YORK, NY — Ea s t e r n Un i o n Funding , one of the Commercial real estate company on pace to break $3 billion in sales volume for 2014 Eastern Union Funding doubles production year-over-year N and it is only a matter of time before the market pushes closer to the site.”
state area; we are a national commercial mortgage broker- age securing financing for cli- ents throughout the country.” From January 1 through June 30, 2014, deals have been closed in Florida, Georgia, Maryland, Kansas, New Jersey, NewYork, North Carolina and Washing- ton, DC. The array of deals includes retail, multifamily, healthcare, hotels, office and industrial. “If I had to provide one state- ment to summarize our com- pany, it would be that we are a sophisticated brokerage comprised of the industry’s
most trusted and knowledge- able brokers who are using transformative technology to benefit clients in a way no other brokerage can,” said Zlotowitz of Eastern’s performance and strategy. Carl Verstandig, CEO and president of America’s Realty, purchased the Iverson Mall in Hillcrest Heights, MD. The property sold for $27 million, or $43 PSF. Tropp arranged the 4.4 per- cent seven-year acquisition loan with a regional balance sheet lender. Eastern Union also introduced another repeat
client to the deal, facilitating a partnership which contributed the $9 million equity compo- nent on top of the loan amount. Tropp said the plan is to redevelop the property, which is garnering interest from na- tional tenants, creating mas- sive upside potential. “Carl buys an average of 18-22 shopping centers an- nually at this point, he has a great relationship with many national retailers, and his leasing experience was criti- cal to the success of this deal,” Tropp said. “The property sits between three metro stops,
Verstandig will invest $4 mil- lion into upgrading the Iverson Mall, with plans to improve a portion of the building—a sec- tion used for office space that is currently 25 percent occupied. Additionally, the new manage- ment will redo the parking deck and exterior lighting as an ad- ditional safety measure. “Everyone has this idea that indoor shopping malls are going blank, but in many markets, like D.C., that just doesn’t hold true,” Verstandig said. n
largest na- tional private m o r t g a g e b r o k e r a g e compani es , has pos ted over $1.5 bil- lion in sales vo lume f or the first half
Ira Zlotowitz
of the year – which is double that of 2013 – and is on target to break $3 billion in sales vol- ume by year-end. Eastern Union Funding is targeting close to $1 billion in sales volume for the third quarter of 2014 alone. Driving the increase are several deals in excess of $50 million in the pipeline. “The sales volume increase stems from the elite brokers who are part of the Eastern Union team, utilizing the many resources they have available,” said Abraham Bergman , co-founder, Eastern Union Funding. Fueling the success during the first six months of the year are large and diverse deals in- cluding Shaya Ackerman and Martin Zelcer ’s $25 million development project in Green- point, Brooklyn, Eli Breiner ’s $16 million construction on a strip that will soon be an- chored by a BJ’s Wholesale in Howell, NJ, and Marc Tropp and Barry Dollman ’s $13.965 million loan, on top of EB-5 funding, which will finance the historic landmark where the Hotel Indigo will stand in Baltimore, MD. Punctuating an increase in retail lending, David Eisen ne- gotiated a $17.25 million bridge loan in SoHo. The ownership is renovating as they target a na- tional retailer, and to this end Eisen arranged the two-year loan at an unprecedentedly low fixed rate of 4.375%. “These are just a few ex- amples of the deals the Eastern team has structured this year,” said Ira Zlotowitz , president, Eastern Union Funding. “We started seeing an increase in larger deals, due to our capped fees, along with our talented brokers firing on all cylinders. It has truly been a remarkable year thus far.” Bergman added, “We have experienced an uptick in land, construction and structured finance deals during the year. Furthermore, the Eastern team does not only operate in the tri-
Eastern Union Arranged Financing For
• 17 unit apartment building • Acquisition and Renovation Foxhall Village Apartments Washington D.C. $3,440,000
Negotiated by MarcTropp 347-678-8491 Senior Managing Director Shai Romirowsky 201-982-0283 Vice President
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