The Real Deal New York

From the September issue: Not so long ago, meaning a year ago,
when an established company wanted to a buy a building, a bank
committed to the loan and sorted out the details of cutting it up into
smaller pieces later. But now that the credit crunch has scared
lenders, many banks will only commit subject to syndication, the term
for chopping up big loans into manageable portions. Today, a deal is
only as good as its ability to be parceled out to others to share the
risk. If other banks can’t be brought in, the deal won’t close.