Carlton Closes Equity and Debt For Mixed-Use Office & Retail Development On St. Mark’s Place
November 3, 2017
Carlton Group Chairman Howard L. Michaels has announced that Managing Director Steven Fenster and Partner Michael J. Campbell have arranged both the equity and debt for the acquisition and development of a $100 million boutique office and retail property on the corner of Third Avenue and St. Mark’s Place in Manhattan’s famed East Village.
Carlton is the exclusive advisor to Brandon Miller and Mark Seigel who head Real Estate Equities Corporation (“REEC”), a highly successful 40 year old Manhattan based development firm. This off-market assemblage is located across the street from the trophy office building 51 Astor Place and prestigious Cooper Union school. The financing for this assemblage was complicated and required the strategic buyout of multiple retail tenants prior to closing.
Carlton arranged the joint venture equity with a Canadian family office who provided the acquisition and development equity capital, and also procured the debt financing from a Manhattan based alternative investment firm. The proceeds will be used to construct approximately 60,000 sf of office space and 6,000 sf of prime corner retail space in a 7-story luxury boutique office building on one of Manhattan’s most iconic corners.
We encourage you to contact us to discuss how our “off the radar” domestic and international equity and debt relationships and the cutting edge structuring techniques we employ can provide you with the best possible capital stack.
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.
The firm 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, inclusive of two recent dispositions.