WSJ Interview Highlights Carlton Chairman On Crowdfunding & Raising International Equity.
Crowdfunding has become a hot trend in commercial-real-estate finance, so it’s no surprise that Howard Michaels is expanding the Carlton Group into that business.
In his 35-year career in real estate, the New York-based real-estate finance broker and investor has been involved in most major financing trends, often at an early stage. His first job in real estate was as a representative selling real-estate limited partnerships, before that industry flamed out in the late 1980s with a change in U.S. tax laws.
In the 1990s, Mr. Michaels was among the first to securitize debt as the commercial-mortgage-backed-securities market emerged. These days, Carlton is finding Asian investors to take equity stakes in projects by name developers.
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