NEW YORK CITY-Eastern Union Funding expects it will close $3 billion in commercial mortgage financing deals this year, a sharp increase from 2012 levels.
The company, headquartered in Brooklyn, reports that after coming off its most successful year in its history, Eastern Union hopes to almost triple its $1.25 billion in volume posted last year by the close of 2013.
Eastern Union President Ira Zlotowitz says the company’s current pipeline exceeds $700 million in transactions and is growing. Eastern Union’s pipeline currently consists of about 60% in the multi-family finance sector, with the remaining 40% divided between loans for office, retail, hotel, healthcare, industrial, mixed-use, construction, co-op, and self-storage properties. The company, which has offices in New York, New Jersey and Maryland, has been averaging about 250 new loan submissions per month.
Zlotowitz notes that the commercial lending market has been gaining traction over the past 18 months, and expects that strength to continue throughout 2013. He explained that many lenders are becoming more aggressive and are currently looking to close loans quickly.