#1,685 - First Republic Bank closure another major blow to San Fran commercial real estate market

The takeover of First Republic by JPMorgan Chase adds another complication to a local real estate market already hampered by high interest rates, difficulties in financing and low occupancy.

And for Bay Area real estate professionals, the San Francisco-based lender’s collapse also means the loss of a trusted partner that was critical in helping get deals done, putting mortgages within reach for residents and lending funds at attractive rates to affordable housing programs. 

First Republic knew the local business assets of the Bay Area “better than anyone else,” said Bora Ozturk, a principal of March Capital Management, a San Francisco-based real estate investment and development firm.

Ozturk recalled approaching more than a dozen banks to try and finance the acquisition of a small commercial property and turn it into a specialty food store. First Republic was the institution that made the deal possible, he said.   

“They are not a good part of the ecosystem; they were the ecosystem,” Ozturk said. “There was very specialized lending they understood, like the exact business of a local coffee shop in San Francisco.”

🛍️ Merch - https://Store.ReasonableTV.com/

🌟 Go PREMIUM with Reasonable+ for uncensored access to our entire content library: https://ReasonableTV.com/

💬 JOIN our FREE Discord Community! Share stories, chat with fellow enthusiasts, and stay in the loop: https://discord.com/invite/uJGWFpgDcY

👍🏼 SMASH that LIKE button & SUBSCRIBE for daily videos that dive into the latest news! https://youtube.com/c/NewsForReasonablePeople

📲 Stay connected and never miss an update!

🔗 Rumble - https://rumble.com/c/NewsForReasonablePeople
🔗 Facebook - https://www.facebook.com/NewsForReasonablePeople
🔗 iTunes - https://apple.co/2MkFziJ
🔗 Spotify - https://spoti.fi/2Dh8EoL