NEW YORK CITY—Brooklyn-based mortgage brokerage firm Eastern Union Funding has opened an office on Lexington Avenue in Manhattan.

The firm's new operations at 641 Lexington Ave. will be headed by real estate finance veteran and syndication expert David Bensoussan, a former mortgage broker-turned syndicator who has spent the past four years procuring investments in New York City for sovereign wealth funds and family offices. At Eastern, his focus will be on loans above $10 million, placing the debt with private equity groups, balance sheet lenders and life insurance companies on Wall Street.

Bensoussan, the new director of Capital Markets for Eastern Union, has closed more than $1 billion in commercial real estate debt, consisting mostly of deals in the $50-million to $175-million range.

“We are excited to welcome David Bensoussan to our elite team. His expertise will amplify the strategic impact of Eastern in the area of large loans,” says Ira Zlotowitz, president, Eastern Union Funding. “We're thrilled that David will be helming our new office and anchoring our presence in Manhattan. He is at home in this fast-paced setting and his team is poised for growth.”

Bensoussan joins the firm shortly after Eastern Union announced it was capping its fees—now at $135,000—for all stabilized deals. “Working on larger loans, I believe the current industry fee structure is not sustainable. With Eastern's fee cap, I see a solution to these soaring costs,” he says.