*Eastern Union’s pricing reset triggers surge in owner demand for agency refinancings: Sponsored*
Eastern Union’s new “Multi-Family Group” is led by Brooklyn-based senior managing director Michael Muller (left) and Marc Tropp (right), a senior managing director in Bethesda, MD.
Owner and investor demand for agency refinancings of multi-family properties has surged in response to a market-resetting quarter-point fee — with no back-end fees — recently introduced by Eastern Union, one of the country’s largest commercial real estate finance companies.
To meet the demand triggered by the new fees, Eastern Union is on course to hire 50 additional brokers by the end of August.
In addition to the new pricing for agency refinancings, Eastern Union’s newly launched Multi-Family Group has set a half-point fee for agency acquisitions. This pricing also applies to CMBS multi-family transactions. Until now, commercial brokerages nationwide had generally charged a full one-point fee for transactions placed with Fannie Mae and Freddie Mac.
According to the Mortgage Bankers Association’s 2019 origination rankings, Eastern Union ranks second in the country as an intermediary for loans backed by either Fannie Mae or Freddie Mac.
The Multi-Family Group — the sole unit within Eastern Unit offering the new pricing — is jointly led by Michael Muller, the firm’s leading broker in the New York City market over the past 19 years, and by Bethesda, MD-based Marc Tropp, the company’s number-one broker in the Mid-Atlantic regional market for the last 15 years.
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