The program features interactive maps, market information and details that include asking prices, property sizes and proximity to local populations. Data get aggregated directly from listing brokers across the nation with the search engine heft of Google Maps. The site currently features listings from over 650 individual brokerages.

“It is 100 percent complimentary to have access to listings, data of it, and its location on the Google map,” said Zlotowitz. “But, if you decide to become a member, we have a team that’s going to update the listing price for you. Also our members get to use us as mortgage brokers.”

The new platform currently offers information on more than 16,000 active listings of off- and on-market properties available for purchase. Moreover, it has been growing its active data by 1,000 new listings every week, with the goal of increasing listing data to more than 50,000 in the near future, according to a release. 

“It is an indispensable tool for anyone looking to acquire commercial property or simply curious about availabilities across the country,” Ben Schweitzer, co-founder and chief product officer of Gparency, said in a statement. The software was developed by a team led by Schweitzer and Abrar Qureshi, the chief technology officer and partner at the firm. 

Emily Fu can be reached at efu@commercialobserver.com.

Zlotowitz said LPs have previously relied on “outdated methods” like spreadsheets to manage their commercial real estate portfolios.

“We realized there was no centralized tool for an LPs to read a ledger of their investments and what the returns are, and this is all overlaid within the regular Gparency property card and map marketplace,” Zlotowitz told CO. “There was previously no system in the market that was LP- centric like this.”   

The new offering includes a dashboard where users create digital ledgers that enable them to organize and access their investment data, with free access for up to 25 deals at a time before paid service begins. It provides real-time alerts for missing payments in addition to features that calculate average cash-on-cash and internal rate of returns.

The paid offering $100 for 100 listings with the top five lenders included for each deal and $500 for an unlimited pipeline.

The launch of LP Investment Tracker comes nearly a year after Gparency debuted its Digital Marketplace software geared toward the general partner audience with access to listing and financing options for property acquisitions utilizing Google Maps.

After more than two decades at Eastern Union, Zlotowitz launched Gparency in November 2021 with the goal of enabling developers to work directly with banks without the need for a broker. The creation of Gparency coincided with linking up with Customers Bank as a strategic partner. The company now has 3,000 lenders on its platform. 

“For the last two years I was focused on the fixed fee brokerage side of the brokerage business, and now my technology is working,” he said. “We are disrupting our industry with data and tools in a freemium model.” 

Andrew Coen can be reached at acoen@commercialobserver.com 

“I want to empower brokers to be in control of their destiny,” Zlotowitz told CO. “The average commission in the industry is between 40 to 60 percent.”

Gparency’s broker recruiting initiative arrives at a time when a number of traditional brokerage shops have been laying off employees due to less transactional volume amid rising interest rates. Zlotowitz is looking to hire up to 250 brokers who can all work remotely and spread out across the 50 U.S. states. 

Zlotowitz said the BaaS division will include a half-point fee structure at the time of closing. He noted that this approach reflects that roughly 30 to 40 percent of CRE sponsors are now focused on purchases with the primary preference of paying a closing fee.

Prior to founding Gparency, Zlotowitz spent two decades as CEO of commercial real estate mortgage brokerage Eastern Union, which he also created. 

Andrew Coen can be reached at acoen@commercialobserver.com

“The only exception are loans that were rate-locked and/or committed with Fannie Mae prior to today,” the statement obtained by CO said. “If the deal is current in underwriting, or a quote is outstanding, the transaction must be resubmitted for pre-review.” 

The Fannie Mae statement was issued in the wake of Fannie’s government-sponsored-enterprise (GSE) rival Freddie Mac barring Meridian Capital Group from arranging further deals through lenders that are Freddie Mac sellers. Freddie took the action after a loan brokered on behalf of the GSE was called into question.  

The action by Fannie Mae could have major repercussions for mortgage brokers involved with agency lending, according to Ira Zlotowitz, CEO of Gparency, which he founded in November 2021 with the goal of enabling developers to work directly with banks without broker fees.

“There will always be intermediaries, but the question is what title will they have and what will the fee structure be,” Zlotowitz said. “The market is questioning all these moves, but I think at the end of the day there will always be a need for it.” 

It was unclear Tuesday evening if Freddie Mac would implement a policy similar to Fannie. 

Officials for Fannie Mae and Freddie Mac did not immediately return requests for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com

The division launched on May 1.

Mr. Fishof previously worked at Deerwood Real Estate Capital and the Carlton Group, according to a representative for Eastern. Most recently, he served as vice president and director of acquisitions at Zamir Equities. From 2003 to 2009, Mr. Fishof started worked directly under David Werner of David Werner Real Estate Investments and alongside JFR Global Investments and their partners.

The other six hires hold the title of relationship manager.

The equity group will target smaller passive equity investors, such as high net worth individuals, Mr. Zlotowitz said. They will only raise equity for projects where Eastern is already raising the debt. In fact, if borrowers cover the cost of an equity raise–approximately $6,000, he said–Eastern will waive the commission for that service.

“We expect this to be a real game-changer,” he said, given that there are an estimated 8 million accredited investors in the U.S. and many of them would like to invest in real estate without having to do a ton of due diligence. “Why do you think crowdfunding exists?” asks Mr. Zlotowitz rhetorically. The answer is: everyone wants in on real estate. Now, smaller investors have the opportunity to provide capital in a passive fashion, the way a larger institutional fund might.

“There’s endless potential here,” said Eastern Union President Ira Zlotowitz in prepared remarks. “As we grow our business together with the team, launch new initiatives and cultivate unique loan products we believe it’s also important to focus on these burgeoning markets. Put these pieces together and we came up with a fitting home for our newest full-fledged office.”

Long Island-based lenders are welcoming the brokerage, which has been on a hiring spree and branching out as of late. Stephen York, the vice president of Arbor Commercial Mortgage, a lender based in Uniondale, N.Y., said in a press release that Eastern Union would give some gravitas to the Long Island market.

“As a Long Island-headquartered multifamily lender with a nationwide business, we have long recognized that the Long Island market has lacked a true national brokerage company with a local presence,” Mr. York said in prepared remarks. “As a result, Long Island’s commercial real estate market and its investors are sure to benefit from the expertise of Eastern Union at its new Valley Stream office.”

Mr. Zlotowitz announced in July that Eastern Union is in the process of hiring 200 additional brokers and opening several new offices across New York City, nearly tripling the number of people employed by the firm. In May, the commercial real estate mortgage brokerage established an equity division with a focus on smaller investments, as CO reported at the time.