Posted on 10/14/15
Marc Tropp, head of Bethesda branch, to spearhead company’s operations in the increasingly robust Baltimore real estate market
Eastern Union Funding, a top 10 commercial real estate (CRE) debt brokerage, is zeroing in on the Baltimore real estate market and opening an office at 5906 Park Heights Avenue. Senior Managing Director Marc Tropp, who leads the firm’s other Maryland operation in Bethesda, is expanding the firm’s regional presence by spearheading the new office.
Eastern Union’s Mid-Atlantic arm anticipates a growth spurt to punctuate 2015, and by recruiting a team of at least five additional brokers servicing Baltimore’s thriving real estate economy, Tropp’s team expects the trajectory to continue its upward spin.
“Developers are reserving considerable capital for developments in this market, and we know this market,” Tropp said, referring to his Bethesda branch, which relocated from Columbia Maryland, near Baltimore, in 2008. “We’re actively recruiting new talent that will have a nationwide presence, but it will mean a lot to local real estate professionals to have a national brokerage in their backyard.”
Incentivizing new personnel with the industry’s most competitive commission structure, up to 75 percent plus expense accounts, Eastern Union has launched a companywide campaign for new brokers. Up north in its Tri-state stomping grounds, where it is headquartered in Brooklyn, Eastern Union has already hired over 100 new brokers. Subsequently, the Baltimore office is the third new office in 2015 alone.
The new office, which is being managed by Eastern’s Vice President Aaron Kleiman, will have assembled a team of skilled brokers on-site and ready to serve clients by early October.
Eastern Union’s President Ira Zlotowitz said, “There are three reasons for making this move now. The first is that City continues to emerge as a dynamic CRE market and owners/investors prefer to work with a local broker. Second, our clients are either based here or they are expanding their presence in the Baltimore market. Third, we know there are many skilled debt brokers in the Baltimore area who are looking for new opportunities.”
Eastern Union’s first office in Baltimore was the firm’s initial venture outside of the New York metro region. When the multifamily housing market in Washington, D.C. and the nearby Maryland suburbs surged a few years ago, the Baltimore office was converted to a regional office and relocated to Bethesda.
The new Baltimore facility is part of an ongoing expansion of Eastern Union’s operations. Recently, the company opened a new office in the Five Towns section of Long Island, which joins six existing locations that include two in New York City and one each in New Jersey, Upstate New York, Bethesda and in Israel. Eastern plans to add even more debt brokerage teams in select markets during the coming months.
For more information about Eastern Union’s Baltimore office, contact Vice President of Business Development Aaron Kleiman by calling (908) 770-4414 or by email at akleiman@easternuc.com. Candidates for brokerage positions can find more information and apply at www.easternuc.com.
About Eastern Union Funding: Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage, according to Mortgage Bankers Association’s annual survey, and one of the top 50 fastest growing companies in NYC, as reported by Crain's New York Business. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union has closed an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated and reliable debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage visit www.easternuc.com.
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