Carlton Group catering to condo boom developers.
"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 and preferred equity financing 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 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 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."
|Printer friendly Cite/link Email Feedback|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Apr 20, 2005|
|Previous Article:||CBRE continues to stamp its mark on Long Island.|
|Next Article:||AREW panel to discuss ownership trends in US.|