Nachum Soroka has underwritten more than $1.5 billion in healthcare loans nationwide.
NEW YORK CITY—Eastern Union Funding has expanded its healthcare team. The firm has brought on with Nachum Soroka—an experienced underwriter with experience in healthcare financing—as VP.
Before joining Eastern Union, Soroka was the chief underwriter for the national healthcare financing group at Banco Popular North America, where he created the underwriting, screening and portfolio management templates for the bank’s $500 million loan portfolio.
Previously, he was a lead analyst for Congressional Bank, an affiliate of the largest HUD healthcare lender, working on bridge loans and lines of credit in the skilled nursing sector. He has expertise in skilled nursing, assisted living, CCRC and hospital facilities.
He has underwritten more than $1.5 billion in healthcare loans nationwide and has analyzed over $3.5 billion in potential credit, including ground-up construction, acquisition loans, refinancing and ABL lines of credit.
“Nachum’s experience and banking relationships will increase our ability to capture the flood of deals—especially acquisitions—happening in the healthcare space,” says Philip Krispin, director of Eastern Union’s healthcare group. “This year, to date, our team has a full pipeline of acquisition and refinance loans for facilities across the country.”
The national sales volume total for the sector came in at $9.3 billion in 2016, according to the latest research from Colliers International. It also posted an all-time record low national vacancy rate at the end of 2016, with annual absorption reaching the highest level since 2008 and rents rising by 8% year-over- year.
Eastern Union has create a smartphone application whereby its brokers, clients and lenders can communicate and negotiate loans in real time, while providing a toolkit armed with professional mortgage calculators, live rates, basic compliance and comparative sales data, news feeds and an industry-wide commercial real estate directory, among other features. It is available on the Apple App Store and via Google Play for Android.