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Rebuilding an empire: Quinton Primo bought and sold billions in real estate assets. Now he's making moves into New York City's high-stakes gold coast ON A FLIGHT FROM CHICAGO to New York, Quinton E. Primo III glances out his window and peers down at the skyscrapers that make up l Manhattan's world-renowned skyline. As the plane soars over the majestic towers of steel, concrete, and glass, Primo is filled with anticipation that soon he'll be a major player there--and he probably will be. This is a bold prediction, but Primo has made some bold moves to make it possible. By 2004, the Harvard Business School grad had already proven his industry mettle by building Capri Capital Advisors, a Chicago-based real estate investment management firm into a $7 billion entity. The company, which Primo founded in 1992 with childhood friend Daryl J. Carter was the largest black-owned business of its kind in the nation. But then Primo did the unthinkable, In March, he sold his firm's mortgage banking unit--with a loan portfolio of $5 billion--to CharterMac, a $19 billion real estate finance company, and in return received millions in cash and access to CharterMac's resources. The latter was critical to Primo's strategy to swim with the big fish, since substantial deals now require the backing of real estate titans. "There are trillions of dollars of capital represented by New York organizations that invest across all asset classes," says Primo, 50. "To become a major factor in this business, we as a firm must have access to that capital." ...
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