Howard Lorber and Steve Witkoff have launched a SPAC. The frequent business partners are looking to raise $250 million from investors to take a proptech startup public, according to an SEC filing. Asset manager Monroe Capital is sponsoring the blank-check company.
- Small World: Monroe Capital also has ties to the New York development world. In December, it foreclosed on HFZ Capital’s stake in a national portfolio, which included 10 million SF of warehouse space across the country, TRD noted.
- SPAC craze continues: Other real estate players that have joined the hot trend include Tishman Speyer, the Chera family, Silverstein Properties, Howard Lutnick’s Cantor Fitzgerald, and Fifth Wall Ventures.