CRE industry veteran joins the firm to lead the new unit
Eastern Union has created a hospitality group to provide commercial financing to hotels and short-term rental properties across the US.
The commercial real estate firm said the hospitality group will focus on localities where the COVID-19 pandemic has heavily impacted the hospitality market.
Eastern Union has appointed industry Charles Hoffman as managing director of the new unit. He brings over 17 years of CRE experience under his belt, including time spent as a loan executive and developer. Hoffman is also a partner at Opal Realty NY, a private real estate debt-equity fund.
“Charles Hoffman is eminently qualified to lead Eastern Union’s new hospitality group,” said Abe Bergman, co-founder and managing partner of Eastern Union. “He has an intimate understanding of the entire capital stack associated with the hotel industry, and he understands the degree to which the pandemic has stirred up volatility within this sector
“Hospitality poses special challenges as an asset class,” Bergman said. “It’s cumbersome to underwrite and manage, and COVID-19 has added new complications. Charles Hoffman will manage a skilled team of specialists ready to serve this sector.”
The move comes on the heels of the launch of Eastern Union’s commission data broker division in September. The company hired Victoria Smith as senior data specialist to help train new commission data brokers.