'White knight' helps Carlton close $115m recap.Carlton's Chairman Howard L. Michaels announced that Carlton executive, Ruth Barone, has closed a $115 million equity and debt recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. for a prime Upper West Side complex. The complex consists of two 14-story elevator apartment buildings, a two-story commercial store, and an indoor parking garage for approximately 150 cars. Carlton arranged this equity capital package for the owner, who purchased the properties in 1984. The recapitalization restructured the owner's existing debt and provided the capital necessary to improve the properties to achieve their optimum financial performance. Barone said she was able to bring a 'white knight' investor to the table. "[The investor] was extremely patient and had the fortitude Fortitude See also Bravery. Fratricide (See MURDER.) Asia despite torture, refuses to deny Moses. [Islam: Walsh Classical, 35] Calantha fulfills wifely and queenly duties despite losses. [Br. Lit. to provide the equity capital to pay off the debt, take over control of the property and bring this extremely valuable asset to its full potential," said Barone. There are over 400 apartment units comprising the two residential buildings, a large retail supermarket and an indoor parking garage. The property encompasses almost the entire block of 97th Street between Columbus and Amsterdam Avenues. There is significant upside with the residential apartment buildings because the building recently came out from under the Mitchell Lama program. Carlton has consummated a number of recapitalizations across the country within the last 12 months including The General Motors Building, The Bank of America Center There are two Bank of America Centers
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . |
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