Eastern Union Hires 75 Brokers Upon New Fee Structure
The staff expansion is a result of the company’s new quarter-point fee for agency refinancings, offered exclusively by its new multifamily group.
NEW YORK CITY – Commercial real estate finance firm, Eastern Union has hired 75 new brokers in order to accommodate increasing demand upon launching its new quarter-point fee for refinancing multifamily properties backed by Fannie Mae or Freddie Mac.
The new pricing for agency refinancings is exclusively offered by Eastern Union’s new multifamily group, which is led by the company’s leading New York City-area broker, Michael Muller and its top Mid-Atlantic region broker, Marc Tropp. Together, Muller and Tropp close hundreds of deals annually across a range of property types and deal structures.
Transactions must meet or exceed a $15,000-fee threshold to be eligible for the new rate.
“Eastern Union’s new fee structure has quickly attracted a substantial flow of incoming business, and we’re hiring to keep up with demand,” said Ira Zlotowitz, Eastern Union founder and president. “Our company is focused on helping property owners and investors during this challenging time.”
As Eastern Union expands its staff, the company intends to launch additional satellite offices throughout major commercial real estate markets in the US.
Redefining its pricing standards, the multifamily group has additionally established a half-point fee for agency acquisitions and CMBS multifamily transactions. Typically, most commercial brokerages levy a one-point fee for mortgages placed with Fannie Mae and Freddie Mac.
According to Mortgage Bankers Association’s 2019 origination rankings, Eastern Union served as the second most active broker nationwide, as an intermediary for loans backed by Fannie Mae or Freddie Mac.
The initiatives’ introduction has been well-received among industry players.
“It is so interesting and amazing to see the company’s creative juices flowing: constantly innovating, reinventing itself, betting on itself and launching pioneering initiatives to redefine the commercial real estate industry,” said Steve Rosenberg, CEO of Greystone. “We genuinely value our relationship with Eastern Union, are proud to do business with them, and wish them much luck.”