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Howard Lorber & Steve Witkoff launch SPAC

Steve Witkoff (Credit: Donnelly Marks; INC)

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 WorldMonroe 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. 
  • Startups set to go public: Latch (a smart-lock maker), Matterport (3D video tours), Hippo (insurance), and Doma (title insurance). [TRD+Nasdaq]

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