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Joseph Sasson (photoed right), a 20-year-old commercial real estate loan originator with Eastern Union, closed a $32 million transaction for the acquisition of a new, 285-unit multifamily property in Columbia, SC. He was able to close the multi-million dollar deal having spent less than one year on the job.
Sasson is a graduate of Eastern Union's 21-day "ABC21" broker training program and executed the transaction in cooperation with Michael Wyne, senior vice president of capital markets for the company.
Carrying an interest rate of 3.4% at a five-year term, the acquisition loan had a 70% 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, according to a press release.
"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."
"Eastern Union provides beginning brokers with high-quality training," said 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 clear to me that success in this industry requires full dedication and persistence," said Sasson.
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 Zlotowitz and Abe Bergman, co-founder and general manager of the company.