Carlton Closes $300 MM of Acquisition Financing in the US & EU
August 7, 2013
Carlton Chairman, Howard L. Michaels, has announced the closing of three significant transactions aggregating well in excess of $300 million in the last two weeks. The largest transaction was a $200 million first mortgage loan which facilitated our client’s acquisition of a major Downtown Manhattan condominium site. This financing represented in excess of 80% of the acquisition price and was accretive to our client’s acquisition as they were able to minimize their cash outlay for this large development site acquisition.
The second transaction involved the investment sale of the Westin Valencia Hotel in Valencia, Spain. This was a noteworthy transaction as we represented one of the largest financial institutions in Spain in the successful sale of this five-star property in the heart of Valencia. Carlton is one of the few firms which has been able to successfully navigate the European malaise by raising significant amounts of equity and debt throughout Spain, Italy, the United Kingdom, and the rest of Continental Europe.
Finally, through our merchant banking group, Carlton Strategic Ventures (CSV) we made a large equity investment in over 1,000 apartments in three complexes located in the Midwest United States. This transaction involved the placement of a 7-year fixed rate financing at 4.4% coupled by a large preferred equity investment by CSV in excess of 90% of the purchase price.
Carlton continues to be one of the cutting-edge firms in the market providing high level structured and customized equity and debt services to our discriminating clientele. I encourage you to contact the undersigned to discuss how Carlton can put its expertise to work on your next refinancing or acquisition.