$31m aids NoHo developer.Carlton Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal has arranged and closed $31,150,000 of construction and mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the for its client's acquisition and development of 25 Bond Street, located in the heart of the NoHo neighbor hood of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , it has been announced by Carlton Chairman Howard L. Michaels. The property, which is currently a parking garage, will be demolished and redeveloped into a 72,000-square-foot building containing 23 modern luxury condominium units with terraces, ground floor retail and below grade parking. Carlton arranged the financing on behalf of an established New York City development team, known for their revitalization of properties and visionary residential developments in New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . Carlton executive Ruth Barone represented the borrower and placed the financing for this transaction. Carlton procured fully non-recourse financing for 90% of the total project costs, comprised of a construction loan for 74% and a mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). for the remaining 16%. The financing enabled the borrower to move seamlessly through the approval/entitlement process and into the construction phase, resulting in lower costs and ultimately increased profits. |
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