For years, one of real estate’s dirty little secrets was how little equity some developers put in their own real projects. The mantra was “Other People’s Money,” which allowed sponsors to recover from failures with only superficial wounds. No longer. Now, “there’s enough skin in the game where it would be painful for the developer to walk,” said Don Peebles, CEO of the Peebles Corporation. “Capital is plentiful, but it’s not dumb,” added Billy Macklowe, […]