6B — November 8 - 1, 013 — Financial Digest — Mid Atlantic Real Estate Journal
www.marejournal.com
L ender ’ s d irectory
Commercial lending firm sees numbers rising across the board Eastern Union enjoys major october growth spurt
B
GhP office Realty acquires 5,000 s/f shopping center
RooKLYN,NY — East- ernUnion Funding set three company records
The company originated 515 loan submissions in October and put over 100 loans in ap- plication, totaling over $400 million in loans. Eastern Union adopted a new strategy this year by tailoring specialized divisions, including a credit quality and structured finance department, as well as software and technology advances. Zlotowitz attributes the October growth spurt to these initiatives, coupled with an unrivaled underwriting staff and banking relationships - an area which is also growing. The October numbers indi-
cate that Eastern’s new strat- egy and growing rapport with lenders are strengthening the firm’s conversion rate and execution. Last year, Eastern closed with about 50 different banks. In 2013, the company has already facilitated loans with 66 individual lending sources. “We screen better, the un- derwriting team has never been stronger, and we know the deals are more real,” said the firm’s Managing Partner, Abraham Bergman . “Things are starting to move and the market is seeing it.” n
in October, seeing a significant jump in loan submissions and deals put in process while clos- ing just under 70 loans. “Seventy closings is an im- pressive number. Few firms in the country are on pace to close 840 loans a year,” said Eastern Union president Ira Zlotow- itz . “We achieved a triple crown in October - we broke a record number of new loan submis- sions, new loan applications and record closings. We hit all targets.”
120 New Canaan Avenue, Norwalk, CT
NoRWALK, Ct — GhP office Realty has recently acquired 120 New Canaan Avenue, Norwalk CT as part of a 1031 like kind tax ex- change. The property is a 1 story 24,732 s/f shopping center and offers abundant on-site parking. The build- ing is in an ideal location right off of exit 38 on the Merritt Parkway and is in close proximity to Route 7 and Interstate 95. There are currently retail and medi- cal suites available ranging from 1,500-3,250 s/f. The principals of GHP, Andrew Greenspan and James J. houlihan , saw this ac- quisition as an opportunity to and add value through capital improvements and their experienced manage- ment and leasing team. The center is currently occupied by 8 tenants including Café Madrid, Banana Nails, A.S. Fine Foods, Rite Aid, State of the Art Cleaners, La Bella Salon, Liz Sue Bagels II, and Little Tokyo. GHP Office Realty is the office building division of Houlihan-Parnes Realtors, LLC which is presently one of the New York area’s lead- ing owners, operators and purchasers of suburban rede- veloped, leased and managed more than 6,000,000 square feet. Regionally, the partners presently own and manage buildings in Westchester and Rockland Counties, New York, in Fairfield County, Connect i cut , in Bergen County and Princeton, New Jersey, and in Fort Worth, Texas. Privately funded and well-capitalized, GHP Of- fice Realty is stable, strong, and poised to flourish in the coming years of real estate recovery. n
A ttention owners of commerciAl & investment reAl estAte
Has your lender called your loan? Is your property underwater? Do you have negative cash flow? Is your loan in workout? We’ve been there before!
Our Specialties : Real Estate Crisis Management, Restructuring, Workouts, Modifications, and Bankruptcy Support
GFCIB andAdvisors, LLC Real Estate&Financial Restructuring Call 215-947 2974 Ext 237 GFCIB.com - Email: JackMiller@GFCIB.com All Initial consultations are FREE
Made with FlippingBook - Online magazine maker