Just four months after he arranged the US$1.7 billion recapitalization of the General Motors Buildings, Howard Michaels, chairman of the Carlton Group has closed an equally high-profile financing package. In one of the largest deals of the area of this year, Michaels secured a highly structured US$805 million joint venture and credit lease acquisition financing package for One Madisone Ave.
The property consists of 1.2 million square feet office building net leased to Credit Suisse First Boston, a 270,000 square feet tower prime for residential conversion, and air rights for additional development, which are owned 50-50 by Credit Suisse First Boston and SL Green.
Michaels, who has a significant relationships with both Credit Suisse First Boston and SL green, was able to arrange the joint venture and capital package, which assisted the parties in capturing this premier asset.
Source: The Carlton Group