Carlton Excels at Raising Conversion and Development Debt and Equity for Developers
June 21, 2013
Over $2 Billion of Recent Carlton Development Transactions Outlined Below
Outlined below please find a brief summary of nine important transactions which we carefully raised high octane, multi-tranched equity and debt capital to provide our clients with an excellent capital solution on these prime development transactions in Manhattan and throughout the United States and Europe.
We encourage you to contact us so that we can organize a great capital structure for your next acquisition, recapitalization or refinancing. Our expertise in organizing multi-tranched capital stacks for development and cash flowing transactions is second to none.
A brief summary of certain of our recent closings ion repositioning and development transactions are as follows:
– $81 Million of Equity and Debt Raised for 375 West Broadway Retail and Office Acquisition – Carlton accessed a London based investor to partner with our New York client who acquired a beautiful 56,000 sf retail and office property located in highly desirable SoHo between Broome and Spring Street. This was a highly confidential, off market transaction where Carlton enabled our client to acquire this highly valuable asset with most of the equity being provided by an international investment fund. In addition to arranging the highly beneficial joint venture equity structure, Carlton also arranged an excellent first mortgage loan from a largeinternational commercial bank which provided a well-priced senior financing to facilitate the acquisition.
– Carlton Arranges Acquisition Capital and Joint Venture Equity for West Village Waterfront Tower Condominium Acquisition – Carlton arranged a joint venture between hotel icon Ian Schrager and two highly successful investors to acquire a prime waterfront West Village development site which will be developed into a large residential tower and/or hotel. Carlton also arranged a West Coast lender to provide the land financing. The foregoing transaction was done in joint venture with investment fund AREA.
– $250 Million Equity and Debt for Ground Up 50-story Rental Tower in Rincon, San Francisco – Carlton arranged the 95/5% equity deal plus a $100 million construction loan to facilitate the acquisition and development of this 50-story luxury, rental property in San Francisco. Carlton accessed $100 million of equity from a major insurance company and also closed a $120 million non-recourse construction loan to facilitate the development.
– £35 Million Land Loan and Recapitalization at Heyford Park in West London UK – Carlton arranged the closing of a £35 million land loan on behalf of one of the UK’s most successful commercial and residential developers. The loan recapitalized a 1,200 acre estate located in Oxfordshire, England, 70 miles west of London. The property, known as Heyford Park, consists of 1.3 million square feet of commercial space and 315 occupied residential homes, with rights to develop an additional 760 residential units. Over 1,000 people work at Heyford Park and amenities include a sports center, playing fields, church, community center, nursery and supermarket.
– $400 Million Investment Sale At 701 Seventh Avenue – Carlton arranged the investment sale of this prime 300,000sf development site in the heart of Times Square, which will be developed into a prime retail, signage and 500-key hotel project.
– $400 Million First Mortgage Construction Closing At Large Manhattan Ground Up Condominium Project – This construction loan closing was arranged by Carlton with one of its proprietary European balance sheet lender relationships. This transaction once again validates Carlton’s unique ability to access international balance sheet capital providers to facilitate large, complicated transactions.
– 202 Million Loan at Chatsworth Acquisition and Conversion Financing– Carlton represented prominent developer Ziel Feldman, head of HFZ Capital and their partner BSG Real Estate, to acquire the Chatsworth, a beaux-arts rental building at the corner of 72nd Street and Riverside Drive. Carlton worked quickly arranging a big acquisition and renovation financing at one of the most attractive rental properties in Manhattan.
– Ian Schrager and Steve Witkoff Downtown Manhattan Condominium Tower and Hotel – Carlton arranged 90% land acquisition financing and a joint venture between two prominent developers for the acquisition and construction of a 25-story tower condominium and upscale 370 key hotel. In addition to arranging the partnership between the iconic duo, Carlton also arranged a high leveraged land loan to facilitate the acquisition and predevelopment of what is sure to be one of Manhattans most valuable residential and hospitality properties.
– 350,000 sf Multifamily Ground Up Development In Long Island City – Carlton arranged the acquisition debt and equity for this acquisition, as well as organizing a joint-venture amongst three highly successful investors and developers. The acquisition and predevelopment loan will facilitate the acquisition and predevelopment of this 350,000sf to be constructed multifamily rental tower in burgeoning Long Island City.
– $600 Million Debt and Equity Raise For The Acquisition, Development And Construction Of 701 Seventh Avenue – Arguably, this was the premier development transaction of 2012 in Manhattan. For this transaction, Carlton arranged a $475 million acquisition and construction loan, along with $125 million of structured and common equity from a NYSE listed company and two high-net worth investors.