Macklowe loans bring down CBRE  

CBRE Realty Finance is considering ways to counter losses partly related to bad loans tied to developer Harry Macklowe. Goldman Sachs Group was hired to help the company, which has lost more than 70 percent of its market value since its initial public offering in October 2006. Macklowe has taken out a total $82.8 million in loans from CBRE for various property acquisitions. One of the loans, for the purchase of the Drake Hotel, has been in default since last year, and efforts by Macklowe to attract partners or big-name tenants to the hotel have not been successful.