Eastern Union Broker Closes $32-Million Multifamily Acquisition Loan After Less Than One Year on The Job
Joseph Sasson -- In Partnership with Fellow Broker Michael Wyne -- Finance Purchase Of 285-Unit Property in Columbia, Sc
Sasson Credits His Early Success to Eastern Union's 'ABC21' 21-Day Broker Training Program
NEW YORK, May 11, 2021 /PRNewswire/ -- With less than one year on the job, 20-year-old Joseph Sasson -- a commercial real estate loan originator with Eastern Union -- has closed a $32-million transaction for the acquisition of a new, 285-unit multifamily property in Columbia, SC. Eastern Union is one of the country's largest commercial real estate finance firms.
Mr. Sasson -- a graduate of Eastern Union's 21-day "ABC21" broker training program -- executed the transaction in cooperation with Michael Wyne, the company's senior vice president of capital markets.
Carrying an interest rate of 3.4 percent at a five-year term, the acquisition loan had a 70-percent loan-to-value ratio with 24 months of interest-only payments and an amortization period of 30 years. The deal also included flexible pre-pay terms and had no COVID-19 reserve requirement.
The borrower had been facing a rapidly approaching deadline for completing a 1031 exchange. He had previously been pursuing financing from Fannie Mae and Freddie Mac, but neither was able to match the financing package offered by Eastern Union.
"Joseph Sasson's extraordinary achievement reflects Eastern Union's capacity to maximize the potential of new brokers and fast-track brand-new team members like him," said Eastern Union president and co-founder Ira Zlotowitz. "We are structured to team up new employees with senior brokers to help ensure their success in a competitive industry."
Mr. Zlotowitz noted that the transaction had been concluded with noteworthy speed and efficiency: signed term sheets were sent to the banker seven days after the deal had originally been brought in.
"Eastern Union provides beginning brokers with high-quality training," said Mr. Wyne, "and then allows them to function in a teamwork-oriented work environment. Our senior personnel have long-standing relationships with scores of lenders, and we leveraged our relationships to secure the precise financing this borrower was hoping for."
"It's not typical for brokers with my level of experience to close a loan of this magnitude," said Mr. Sasson. "It's clear to me that success in this industry requires full dedication and persistence. I also attribute my achievement to my participation in Eastern Union's ABC21 training program, and to the strong bonds Michael Wyne has built within the lending community."
Eastern Union's ABC21 training program is built upon three primary elements: C-suite-level mentorship, hands-on learning, and real-world experience, ABC21 topics include mortgages, underwriting, credit, deal structures, asset classes, sales training, bridge lending and others.
ABC21 includes hands-on mentorship from Mr. Zlotowitz and Abe Bergman, co-founder and general manager of the company. The two have trained hundreds of today's top earners in the sector. Attendees also gain exclusive access to a full and expansive library of training resources and videos addressing all aspects of the industry.
About Eastern Union
Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 125 real estate professionals and closes an average of $5 billion in transactions annually.
Eastern Union leverages its relationships with lenders and its marketplace knowledge to
secure the best available rates and terms. Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It secures financing for all asset types. Transactions -- which can include multi-state and multi-site portfolios -- encompass both conventional and structured financing. In 2020, Eastern Union's Multi-Family Group reset market pricing by offering a quarter-point fee -- with a minimum fee of $15,000 and no back-end fees -- for refinancing properties backed by Fannie Mae or Freddie Mac. Capital introductions are handled through Eastern Union's affiliate, Eastern Equity Advisors.
Eastern Union's free eCALC app instantly helps investors value and underwrite deals.
For more information, visit https://easternunion.com/
Media contact:
Steve Vitoff
516-652-0785
[email protected]
SOURCE Eastern Union
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