Financing brokerages turn to the crowd

From left: Howard Michaels, Ira Zlotowitz and Joe Sitt

From left: Howard Michaels, Ira Zlotowitz and Joe Sitt

In September 2003, Harry Macklowe’s bid to buy the GM Building hit a roadblock: his lender, Wachovia Bank, was getting cold feet over the $1.4 billion price tag, and needed more time. With days to close on the purchase, Macklowe’s capital broker Rob Horowitz called his friend Eric Schwartz, head of U.S. real estate lending at Deutsche Bank. “I called Eric. He was playing golf in Ireland,” Horowitz later recalled. “I said, ‘Eric, do you want to come into this financing? I need a billion-four.’ And he said, ‘sure, we’ll do it.” Ten days later, the deal was done and Macklowe had his prize.  (more…)

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