NEW YORK CITY—Allan Forman, managing director at Eastern Union Funding, has been tapped by company president Ira Zlotowitz to step in as CEO. The new management arrangement allows Zlotowitz to focus on origination amid the backdrop of large-scale production.
Well-seasoned in the corporate climate and real estate market alike, Forman previously was EVP for IDT Telecommunications, and his resume includes his holdings of multifamily portfolios in the tri-state area. “He's been in the trenches and, at the same time, puts a face of achievement and personality on our business,” Zlotowitz says.
Forman's transition to CEO was prompted by a new level of business at Eastern. The average loan in the market is $7 million, which until now aligned perfectly with Eastern's production. In recent months, however, the company's volume has picked up for such loans and its mid-size “sweet spot” has expanded due to a capped fee structure and a per-year maximum fee, a value-add for the borrower who traditionally goes directly to banks to avoid skyscraper-level brokerage fees.
In light of the swelling business as a whole, Zlotowitz is getting back to the basics of originating deals, while Forman will step in to focus on company-wide productivity, the integration of technology and data into Eastern's model, and the overall company expansion.
“Ira's drive contributes to my own ever evolving and crisp understanding of my new role here,” says Forman. “For him to pass the torch to me means a lot—it reinforces the vision that inspired me to join Eastern Union.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
