Eastern Union sees an increase in new deals under new company management

Eastern Union, one of the nation’s largest commercial real estate loan brokerage firms, has seen substantial growth in deal volume and average deal size in the three months since Abraham Bergman took over as President and CEO on November 1 of last year.

Abraham Bergman

The company ended January with 140 new bids being applied for, Eastern Union’s sixth-best month in terms of transaction volume since its inception in May 2001.

Transaction sizes have also increased significantly under Mr. Bergman’s tenure. The average deal size over this period has increased by an average of 20% in the first ten months of 2021. A recent example is the $54.7 million financing secured in December by Chief Executive David Merkin for two portfolios comprising 461 single-family rental units in Baltimore.

Loan types and loan sources have also varied significantly since November. Categories of lenders include banks, bridge lenders, agencies, debt funds, HUD, and other sources.

“Over two decades, Eastern Union has built a national reputation for financial expertise and customer service,” said Mr. Bergman. “I have had the privilege of leading such an exceptional organization.

“The exceptional results we have enjoyed in these first three months are a direct reflection of the quality of our team of top-notch brokers. I pledge to build on Eastern Union’s remarkable track record as we pursue further success.

Eastern Union was co-founded by Mr. Bergman and Ira Zlotowitz, who served as President and CEO from the company’s inception until Mr. Bergman assumed these responsibilities. Mr. Zlotowitz now pursues other activities in the field of commercial real estate.

Additionally, under Mr. Bergman’s chairmanship, Eastern Union has hired an experienced large loan specialist to help manage the increase in average transaction size. Mikael Rechdiener has joined the firm to manage large loan placements, including structured transactions that may require a complex mix of conventional debt, mezzanine debt and preferred stock. Mr. Rechdiener previously worked in the sales and marketing division of Extell Development Company, one of New York’s largest developers.

Also during this period, Eastern Union launched a new hotel group that provides trade finance services to hotels and short-term rental properties across America. To lead the new unit, the company hired Charles Hoffman, who brought 17 years of commercial real estate experience as a lender, landlord and developer.

Mr. Bergman said the company is currently looking to hire seasoned industry veterans and “multi-million dollar producers”.

“Eastern Union offers the best commission structure in the industry, combined with the opportunity for an unparalleled high-quality work life experience,” he said. “We want to add more of the best brokers in the country to our ranks.”

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