Carlton allocated $1b in condo conversion cash.The Carlton Group is playing an increasingly large role in the red-hot condo conversion Generally stated, a condo conversion is a process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individual for sale units. market these days.
One of Carlton's preferred lending institutions has just received a billion-dollar allocation to provide senior, mezzanine 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 qualifying condo conversion projects.
Carlton, which excels in arranging this type of capital, has completed a number of condo conversion transactions over the past year.
In addition to its close relationship with this preferred lender, Carlton is in constant contact with numerous domestic and overseas equity sources looking to partner with successful principals on profitable conversion projects.
Listed below are a few condominium development and conversion transactions either closed by or assigned to Carlton in 2004:
* South Beach, FL--Carlton arranged a land loan and $200 million in conversion financing for its client's ground-up development of a 500-plus-unit luxury condominium project in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe.
Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. .
* The Villa Luisa, South Beach, FL Carlton arranged and closed $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 its client's acquisition and condominium conversion of three buildings located in Miami, Florida. The capital package will enable the client to acquire the property and begin the initial marketing and pre-sale efforts of the condos.
* 415 Greenwich Street, Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North , NY--Carlton arranged and closed $67 million of senior debt, mezzanine and preferred equity financing for its client's acquisition and condominium conversion of 415 Greenwich Street, located in the heart of the TriBeCa neighborhood of Lower Manhattan.
* High End Midtown Manhattan Hotel, New York New York, state, United States
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 , NY--Carlton, as exclusive debt and equity advisor to a highly successful entrepreneurial operator, is arranging $140 million 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 the acquisition, repositioning and condominium conversion of this superbly located hotel asset.
* The Empire & Windsor Hotels, Midtown Manhattan, NY--Carlton arranged and closed $180 million of acquisition and construction financing for a highly successful real estate entrepreneur to convert two superbly located hotel assets into luxury condominium developments.
* Three Detroit Condo Conversions, Southfield & Auburn Hills, MI --Carlton arranged and closed $49 million of financing for its client's acquisition and condominium conversion of three prime stabilized apartment communities totaling 828 units located in the affluent suburbs of Auburn Hills and Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. .
* Luxury Condo Conversion & Development, Miami, FL--Carlton, as exclusive debt and equity advisor to a national owner/developer, is in the process of arranging $100 million of debt and equity financing for the acquisition and residential conversion of a prime, oceanfront Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. hotel and the construction of an adjacent residential tower.
Carlton has completed over $21 billion of transactions since 1998.