Howard Hanna will broaden commercial real estate footprint through Chartwell Group acquisition
The next crisis: Commercial real estate Thirteen banks failed in April, with nearly all them heavily exposed to commercial real estate. It’s a familiar pattern that U.S. regulators say they’ve been observing for several months. “Commercial real estate is a common thread among the more recent bank failures,” said David Barr, spokesman for the FDIC. “When the [financial] crisis started in 2008, most banks got into trouble because of residential mortgages, but in 2009 we started to see that slowly transition over to commercial real estate.” 0:00 / 3:09 Chinese buyers pay cash for NYC pads Small to regional banks — defined as banks holding less than $100 billion in assets — have $784 billion in commercial real estate loans on their books, according to the Independent Community Bankers Association of America. That’s about 71% of the total market.
Commercial broker. A real estate broker can help check out The Elevation Group you identify potential properties and what you can afford. Mortgage broker. A lender or mortgage broker will help you sort through financing options, from bank loans to those guaranteed by the U.S. Small Business Administration, such as the Certified Development Company (CDC) 504 Program, used to finance primarily real estate or equipment. Dig Deeper: Ten Rules for Buying Real Estate webblog Purchasing Commercial Real Estate: Identify the Right Property There are a number of factors to consider when looking for suitable commercial real estate to purchase. The old adage “location, location, location” is true for commercial properties just as much as it is for residential. But there are other issues at play, as well.
Terms of the deal were not disclosed.Plain Dealer file CLEVELAND, Ohio — Howard Hanna Real Estate Services , the Pittsburgh-based real estate giant with a big residential appetite, is biting off slice of the Northeast Ohio commercial market by buying a local brokerage. Howard Hanna announced Monday that it will absorb the Chartwell Group , a commercial real estate services business and auction company based in downtown Cleveland. The new company, Hanna Chartwell, will maintain an affiliation with TCN Worldwide Commercial Real Estate , a global consortium of independent real estate brokerages. The companies did not disclose terms of the deal — described at some points as a merger and others as an acquisition — in a Monday news release. Mac Biggar, Chartwell’s chief executive officer, will become Hanna Chartwell’s president and chief operating officer. Howard Hanna, a family-owned business, already has a commercial presence in Pittsburgh and Erie, Penn.