Carlton Advisory Services' Chairman Howard L. Michaels announced that Carlton has closed or been engaged on over $2 billion of transactions over the past thirty days.
Outlined below are some of the most recent transactions either closed by or assigned to Carlton:
- $115 million equity & debt recapitalization for Manhattan Apartments
Carlton's Ruth Barone arranged and closed a $78 million equity and debt recapitalization for a prime upper west side complex consisting of two 14-story elevator apartment buildings, a two-story commercial store and an indoor parking garage for approximately 150 cars.
- $600 million of equity & debt ground-up hotel/condo development West Side Manhattan
Carlton Chairman Howard L. Michaels is seeking interest from potential equity partners for an exciting new project on the West Side of Manhattan. The ground-up development will include over 1.1 million square feet of mixed-use space, including a hotel, residential condominium units, ground-floor retail and office space.
- $25 million South Beach construction loan condominium conversion South Beach
Carlton's Brendan Sullivan and Charles Kercez arranged and closed a $25 million construction loan in connection with the conversion of a South Beach hotel to luxury condominium units. The client intends to convert the 90-room hotel to 15 luxury condominium units.
- $805 million joint venture, credit lease & acquisition financing One Madison Avenue
Carlton arranged a highly structured, $805 million joint venture credit lease and acquisition financing package for one of the largest deals in Manhattan this year, One Madison Avenue. The property features a 1.2 million square foot office building net leased to Credit Suisse First Boston, a 270,000 square foot tower prime for residential conversion and air rights for additional development, which are owned 50-50 by Credit Suisse First Boston and SL Green.
- $110 million equity & debt financing Miami ground-up condo development
Carlton's Tom McCarthy is arranging $110 million of equity and debt financing on behalf of a major developer for the ground-up development of two contiguous luxury condominiums in Brickell Village, Miami. The first development will consist of 125 condominium units while the second development will be built as a 137-unit condominium project.
- $80 million South Beach construction loan South Beach condominium conversion Villa Luisa
Carlton's Romano Tio and Marc Sznajderman are in the process of arranging over $80 million of senior and mezzanine financing in connection with the conversion of The Villa Luisa located in South Beach. The client intends on constructing a seven-story tower consisting of 28 luxury condominiums.
- $21 million financing premier office tower in Dayton, Ohio
Carlton's Ruth Barone and Neil Bane arranged and closed $21 million of debt financing in the form of an A/B structure from a "one-stop-shop" portfolio lender at 88% of total cost for Kettering Tower, the tallest and largest building in Dayton, Ohio.
- $28 million bridge loan ground-up condominium development in Midtown Manhattan
Carlton's Brendan Sullivan and Charles Kerecz arranged and closed an initial six month bridge loan facility for $28 million in connection with their client's purchase of 105-107 West 57th Street and the property's transferable air rights.
- $15 million bridge loan condominium conversion Miami Beach
Carlton's Brendan Sullivan and Charles Kercez arranged and closed a $15 million bridge loan for the acquisition of a beachfront hotel located in Miami Beach. The property is currently operated as a 105-room hotel, but the client intends to reposition and expand the existing building into a 95-unit condominium.