Carlton Group catering to condo boom developers.The Carlton Group has been increasingly active in arranging equity and debt capital for both condominium condominiumIn modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. developments and conversions in South Beach, Florida This article is about the CDP in Indian River County. For the neighborhood in Miami Beach, see South Beach. For other uses of the term South Beach, see South Beach (disambiguation). . "South Beach is one of the hottest condo markets in the nation and local developers have been relying on Carlton's expertise to arrange senior, mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. and preferred equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for their condo projects," said Carlton Chairman Howard L. Michaels. "Our firm excels in placing this type of capital and has completed a number of condo transactions in South Beach over the past year." South Beach equity and debt condominium development and conversion transactions either closed by or assigned to Carlton over the past year include: Procuring a senior debt and preferred equity facility for The Shore Club at South Beach; $47 million 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 Caribbean Hotel Conversion; $24 million equity, and debt financing for its clients purchase of The Villa Luisa and; $200 million construction financing for its client's ground-up development of a 500-plus unit luxury condo project. Michaels explained, "The residential real estate market in South Beach attracts buyers from across the. United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the world. "Demand is being driven by a number of factors, including buyers from other parts of Florida seeking an urban in-town experience, out-of-state buyers desiring second homes and foreign investors driven by the weakened U.S. dollar and the reasonable cost of warm climate real estate." |
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