Carlton Closes $300 Million Dollar Sale At 14 Wall Street
April 26, 2012
Carlton Chairman Howard L. Michaels has announced the closing of a major Sale/Recap at 14 Wall Street, in conjunction with workout specialist Ironhound.
Carlton represented a New York investor bringing in Ukrainian capital to effectively recap this iconic one million square foot property, paying off the mezzanine lender, who was intent on gaining control of this highly desirable asset. A large, high net-worth international investor funded the recapitalization.
This recapitalization is a major victory for Capstone, who had originally acquired this building in 2007. Capstone had successfully leased over 650,000 square feet of tenant space, but was suffering from an over-leveraged capital stack, which Carlton and Ironhound were able to recapitalize.
Carlton’s capital raising skills, combined with Ironhound’s workout and restructuring ability, provides clients with an unsurpassed expertise in successfully navigating many of the financial issues that borrowers face today.
In sum, Carlton’s ability to access high net-worth and non-traditional capital sources, given the continuing capital market constraints, provides Carlton with a true value-add to assist its clients. Similarly, Ironhound has represented borrowers on billions of dollars of restructurings and workouts, helping clients navigate financial issues with their lenders. Given the over one trillion dollars of maturing debt over the next several years, both Carlton and Ironhound will continue to be busy helping their clients navigate these complex credit and capital issues.
