Manhattan Construction Loan Specialist Ruth Barone Rejoins Carlton
July 27, 2017
Carlton Chairman Howard L. Michaels has announced that noted construction loan specialist Ruth Barone has rejoined Carlton, having previously worked at Carlton for a dozen years through 2006.
For the last 10 years Ruth has been working as a direct lender where she developed proprietary, unique relationships with lenders across the capital stack, with a specialization in construction and development financing. Her lending background, combined with a granular level of knowledge and detail, allows Ruth to structure financing at a much lower cost to borrowers. One of Ms. Barone’s talents is her extraordinary relationships with non-recourse construction “A note” senior lenders who provide a 50%-60% Loan-To-Cost, at low single digit rates, combined with separately selected junior lenders for up to 80% LTC, financing is attainable in the 6% range.
“Ruth has the track record, knowledge and relationships established over 20+ years to complement Carlton’s worldwide practice of arranging equity joint ventures and large loans for the world’s top real estate investors, developers and financial institutions” stated Michaels.
As a lender, Ruth has closed hundreds of millions in financing transactions including construction loans for multi-family properties in Brooklyn and Queens, condominiums in Chelsea and NoHo, office and retail in DUMBO and hospitality in Manhattan and on the West Coast.
Ruth will add to the plethora of transactions Carlton has recently closed. A brief summary of these closings hereby follows:
- $1.25 Billion Dollar Construction Financing On High Line Luxury Condo & Hotel – Carlton recently closed a $1.25 billion construction loan for one of the most acclaimed development projects in New York. This financing was obtained from an overseas balance sheet lender and provided the borrower with an excellent non-recourse construction loan for one of the most prestigious projects in New York.
- $280 Million Construction Loan In Brooklyn Heights – Carlton accessed a balance sheet investor to top off a $280 million construction loan in a prime Brooklyn Heights location for what will be the most prolific condominium in this sub-market.
- $625 Million Mid-town Manhattan Retail & Hotel Recap – Carlton arranged multi-tranched capital from two U.S. balance sheet lenders along with $150 million of EB-5 financing to capitalize this prime midtown Manhattan retail and hotel asset.
- Entire Capital Stack For North Carolina Hotel Portfolio – Carlton arranged the equity, preferred equity and debt multi-tranched capital stack for a 511-key limited service hotel portfolio located in North and south Carolina branded by Marriott, IHG and Choice. The diverse group of investors include a West coast wealth manager and several HNWs.
- Carlton Europe – Our Carlton Europe office has closed in the last 18 months €250 million in investment sales and debt and equity transactions for assets located in Spain and Italy.
Please contact the undersigned to discuss your large debt and equity capital or investment sale needs.
Howard L. Michaels Ruth Barone
Chairman Managing Director
(212) 716-5607 (212) 716-5622
About The Carlton Group
Founded in 1991, The Carlton Group is an international real estate investment banking firm that specializes in arranging equity partnerships and executing large, complex, often multi-tranche equity and debt transactions for large development and trophy assets.
Carlton has offices throughout the United States and Europe and has consummated well in excess of $125 billion of closed transactions for its high-profile roster of clients. The Carlton Group also executes an aggressive international advisory platform which is currently executing well over three billion dollars of equity, debt and investment sale advisory business throughout Europe. Carlton’s expertise includes arranging passive promotable equity, typically raising 90-95% of the equity to facilitate client transactions. Carlton is also an active principal investor and, under Carlton Strategic Ventures, owns and manages in excess of 3 million square feet of commercial, residential and retail property.