Traditional Construction First Mortgage and Large Development Capital Made Available by Carlton
July 1, 2013
Due to the rise in interest rates, there is an abundance of construction and large capital which The Carlton Group can access for development transactions.
Carlton excels at raising low rate conventional first mortgage construction money and we can also provide you with higher octane capital up to 95% leverage to facilitate your development transaction. As outlined below we have closed well over $2 billion deal of recent development transactions and we work with an international debt and equity clientele who are eager to invest in your next transaction. We have either closed or circled over $3 billion of capital this year and would love to work with you on your next transaction.
Please see below for the important development transactions which we have recently closed:
– Joint Venture Equity and Debt for West Village Waterfront Tower Condominium Acquisition – Carlton arranged Joint venture equity and debt for a prime West Village development site which will be developed into a large residential tower and/or hotel. Carlton accessed an off the radar West Coast lender who provided the land financing. The foregoing transaction was done in joint venture with investment fund AREA.
– $202 Million Loan at Large Confidential West Side Manhattan Conversion Acquisition and Renovation– Carlton represented one of the top luxury, residential developers to acquire a beaux-arts rental building in a prime West Side location. Carlton worked quickly arranging a big acquisition and renovation financing at one of the most attractive rental properties in Manhattan.
– £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.
– $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 large international commercial bank which provided a well-priced senior financing to facilitate the acquisition.
– $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.
– $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.
– 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.
