In a market beset with stubbornly high interest rates, commercial real estate brokerage Eastern Union placed and closed loans with 121 lenders — 31 of them new — in 2024, the firm announced.
A standout deal was a $72-million construction loan toward development of the forthcoming 24-01 Queens Plaza North, which will stand as a 19-story, 117-unit luxury condo in Long Island City in Queens, N.Y. The transaction was secured by Chaim Greenfeld. The brokerage closed transactions in support of properties in 33 states across the United States. The company’s full palette of closed transactions represented 20 different property types.
“The Eastern Union brokerage team devotes a great deal of energy to nurturing business relationships with the full spectrum of commercial lenders,” said Abe Bergman, Eastern Union’s president and co-founder. “Our brokers take pride in carefully matching up the right lender to the right mortgage opportunity.”
In 2024, the company added a sixth office in 2024 in Denver, Colo., joining existing offices in Brooklyn, N.Y.; Woodmere, N.Y.; Chestnut Ridge, N.Y.; Howell N.J. and Bethesda, Md.
Among the year’s standout transactions, Eastern Union secured $72 million in construction financing toward development of a 117-unit luxury condo in Long Island City in Queens, N.Y. The transaction was arranged by Chaim Greenfeld, a company vice president.
Eastern Union also closed on a $51.5-million refinancing package for a self-storage complex in Virginia Beach, VA. The transaction was led by David Merkin, a senior managing director with the firm’s Mid-Atlantic Group. Moreover, the company secured a $46.2-million refinancing package for a multifamily property in Columbus, Ohio. The deal was overseen by Eastern Union senior managing director Michael Muller. It also arranged the $24-million refinancing of a construction loan in support of a 57-unit, mixed-use building in Brooklyn’s Flatbush. The mortgage was secured by Eastern Union senior managing director Motti Blau and senior loan consultant Mendy Pfeifer.
Also, this year, the company secured $20.4 million in refinancing toward conversion of a six-story, 137-unit hotel in Plano, Texas into an assisted living community. The transaction was originated and managed by Meir Abrahamson, a senior loan consultant with Eastern Union.
