Motti Blau and Mendy Pfeifer of Eastern Union Close the Year with Hotel Deals Totaling More Than $100 Million in Value
Blau and Pfeifer complement their substantial multi-family portfolio in 2019 with strong performance in the hospitality sector
BROOKLYN, N.Y., Jan. 29, 2020 /PRNewswire/ -- Motti Blau and Mendy Pfeifer of Eastern Union -- one of the country's leading commercial real estate finance firms – together closed eight hotel transactions valued at more than $100 million over the course of 2019. Mr. Blau serves as a director with the firm, and Mr. Pfeifer is a senior loan consultant.
With mortgages for hospitality assets representing an overall capacity of 717 rooms, Mr. Blau and Mr. Pfeifer's significant volume in the hotel space this year complements their long-standing record of achievement in arranging financing for multi-family properties.
The eight hotel closings consisted of five refinancings and three acquisition loans with an overall value of $100.54 million.
The refinancings -- representing an overall subtotal of $76.45 million – included a 56-key hotel in Manhattan with a $14.2-million transaction, another Manhattan refinancing of a 38-key property for $10.5 million, a 125-key hotel in Brooklyn refinanced with $14 million, an 87-key hotel refinancing in Long Island City in the amount of $18 million, and another Long Island City hotel with 88 keys refinanced with $19.75 million.
Their three hotel acquisition loans -- which totaled $24.09 million in transaction value – encompassed a Brooklyn hotel with 125 rooms with a loan value of $9.5 million, a 96-key hotel in Long Island City with $12 million in financing, and a 102-key hotel also in Long Island City acquired with the help of $2.59 million in financing.
On the multi-family side of the ledger, the two-man team delivered more than 50 loans.
"Motti Blau and Mendy Pfeifer's substantial, multi-sector portfolio exemplifies the skill and versatility characteristic of the entire Eastern Union team," said Eastern Union founder and president Ira Zlotowitz. "They've set a new professional standard for themselves this year. We expect continued, high levels of production from Motti and Mendy in the years ahead."
An industry leader in loan volume, Eastern Union has closed $5 billion in financing over each of the last two years.
About Eastern Union
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage company that has closed $12 billion in real estate transactions over the past three years. The firm employs more than 70 highly skilled brokers and real estate professionals. Eastern Union's capital introductions are handled through its affiliated company, Eastern Equity Advisors.
Consistently putting their clients' needs first, Eastern Union team members leverage their extensive knowledge of the commercial real estate marketplace to bring clients the best rates available. Eastern Union's experience enables the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions.
Eastern Union, which operates nationwide, is headquartered in New York, with numerous branches along the East Coast. For more information, visit https://easternunion.com.
Media Contact:
Steve Vitoff
Eastern Union
516.652.0785
[email protected]
SOURCE Eastern Union
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