Carlton Closes $3 Billion Of Transactions In 2017
January 15, 2018
Carlton Group Chairman Howard L. Michaels has announced that Carlton had a banner year in 2017, closing $3 billion in transactions. Carlton specializes in arranging passive promotable equity and high levels of multi-tranche debt to effect its clients most important and complicated transactions.
Aside from the completed equity transactions, Carlton closed more than $2 billion of construction loans making it the go-to firm for ground up condo and hotel transactions.
Please see below a summary of the significant deals Carlton closed in 2017:
– $300 Million of Equity and Construction Loan For Manhattan Multi-Family and Condo Development – We raised $300 million of equity and debt to facilitate the development of a large multi-family and condo project in mid-town Manhattan. The equity was sourced from a major Asian investor and the construction loan was competitively priced from a balance-sheet investor.
– $750 Million Dollar Construction Financing On Manhattan Luxury Condo and Hotel – Carlton closed a $750 million construction loan for one of the most acclaimed development projects in New York. This property when completed will be the premier lifestyle, luxury condominium and 5-star hotel transaction below 34th Street. Prior to closing the construction loan, Carlton also arranged a multi-tranche debt stack for the land acquisition financing accessing five different lenders and investors which funded the acquisition of this iconic property.
– Madison Avenue Ground-Up Development Transaction – Carlton arranged an equity joint venture and non-recourse debt from an alternative asset investment firm for the assemblage acquisition and development of a rare multi-family project on Manhattan’s Upper East Side.
– Raised 98% of the 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 high net worth investors.
– $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.
– $30 Million Leasehold Financing For Manhattan Hotel Conversion – Carlton arranged acquisition and pre-development financing of an independent hotel on a short-term ground lease on Manhattan’s Theater Row.
– $625 Million Mid-town Manhattan Retail & Hotel Recap – Carlton arranged a multi-tranched capital stack from two U.S. balance sheet lenders in connection as well as a $200 million EB-5 financing, capitalizing this prime midtown Manhattan retail and hotel asset.
– $500 Million Mezzanine Financing Secured by Manhattan Luxury Condo and Hotel – Carlton closed this $500 million mezzanine loan to facilitate the development of a mixed-use condominium, hotel and retail property in a prime Manhattan neighborhood below 34th Street. The mezzanine financing was funded by an overseas-based lender.
– $121 Million Confidential 5-Star Caribbean Hotel & Residences Investment Sale – Carlton organized and arranged the sale of this iconic, 5-star Caribbean hotel and residences resort. Aside from arranging the capital, Carlton also negotiated multiple structural documents, including organizing multiple purchase and sale agreements to facilitate the acquisition.
– Carlton Europe – Our office in Madrid has closed fourteen investment sale, debt and equity transactions in Northern Europe in the last 18 months.
We encourage you to contact the undersigned so that we can put together a great capital stack on your behalf.
Howard L. Michaels