A mezz on South Beach.Carlton Advisory Services' Chairman Howard L. Michaels announced that Carlton executives Romano Tio and Marc Sznajderman have been retained by a prominent Florida developer to arrange approximately $80 million of senior 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 to construct and redevelop South of 5th in South Beach. The property, originally named Villa Luisa, currently contains three buildings that will be redeveloped into 28 luxury condominiums containing approximately 112,000 square feet. South of 5th is located on the last available beachfront beach·front n. A strip of land facing or running along a beach. adj. Situated along or having direct access to a beach: beachfront hotels; beachfront property. Noun 1. site in the South Beach section of Miami Beach, Florida “Miami Beach” redirects here. For the beach in Barbados, see Miami Beach, Barbados.
The property will be the premiere exclusive project in South Beach due to the area's limited number of high end units and the property's unparalleled location, with direct beachfront access. Carlton originally arranged $23.5 million of joint venture equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for the acquisition of the three buildings. |
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