Chase, Pru Form RE/Mortgage Alliance

Chase Ventures Holdings Inc., Edison, N.J., and Prudential California Realty, Pleasanton, Calif., have entered into an alliance that combines professional real estate services and mortgage lending operations under one roof.The strategy behind the newly created Home Loan Group LP is to expand company outreach to emerging markets in the West Coast marketplace and beyond. Jim Panepinto, CVH president and chief executive officer, says the alliance will profit from bringing together "two powerful, recognized and trusted brands" and the convenience of bundled services. "From the residential real estate business perspective, this is a very significant moment," said Ed Krafchow, president and chairman of the tri-state consortium of PCR, which includes Prudential Nevada Realty and Prudential Texas Properties. "We believe this is the first time that a real estate company is really trying to closely partner with a financial services organization in the presentation of customer service."