Carlton Taps Balance Sheet Lenders For Non-Recourse Construction and Transitional Loans
March 6, 2018
Contrary to market perception, there is a plethora of balance sheet money looking to provide non-recourse financing for construction, renovation and transitional projects.
Furthermore, given that it is the beginning of the year, lenders are anxious to put money out. We have closed more than $2 billion of transitional and construction equity and debt transactions loans within the last twelve months and have significant relationships with not commonly known domestic and international senior and mezzanine loan sources who will provide you with the best possible terms for your next ground-up and/or renovation project.
Outlined below please find a brief summary of certain of the recent debt, equity and investment sale closings transacted by Carlton:
- $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.
- 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.
- $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.
- $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 The mezzanine financing was funded by an overseas-based lender.
- 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