Carlton closes €30 million financing for twin office towers in Bucharest (RO)

Carlton Advisory Services' Chairman Howard L. Michaels is pleased to announce the €30 million refinancing of a construction loan for twin office towers, in Bucharest, Romania.

Twin office towers

The office towers are scheduled to be completed in 2011.

According to Mr. Michaels, "This is one of many international transactions that Carlton is currently working on and confirms that there is liquidity available for quality projects". In addition, this financing confirms that there is money available for transitional projects in that we were able to obtain this financing even though the towers are not fully leased yet.

The office towers, which are located in the city of Bucharest, the capital of Romania, are scheduled to be completed in 2011. The 46,500-m² complex will consist of two, 18 story buildings, a three-story mall, two conference halls and a 1,000-space garage.

This transaction is just one of over US $7 billion of closings achieved by Carlton since 2008 despite the turbulent state of the capital markets. Moreover, Carlton continues to consistently provide its clients with debt and equity solutions to take advantage of the present opportunities which have been created by the real estate dislocation both in the United States and abroad.

Source: Carlton

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