Carlton closes $718m Mad Ave. financing.In the second largest financing to occur in 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 this year, Carlton Advisory Services' Chairman Howard L. Michaels announced that Carlton has arranged two simultaneous mortgage transactions aggregating $718 million on behalf of The Sapir Organization: $515 million of fixed-rate financing for The Sapir Organization's acquisition of trophy property Eleven Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. concurrently with $203 million of floating-rate financing for 260-261 Madison Avenue. Eleven Madison Avenue is a 2.3 million s/f Class A trophy office property in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan. The 29-story office tower is one of the most architecturally distinguished properties in New York, and serves as the world headquarters for Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , which leases in excess of 85% of the building. Eleven Madison is virtually 100% occupied, primarily by investment-grade tenants. Zar Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. is the asset manager of Eleven Madison Avenue. 260-261 Madison are two prime office assets facing one another in Midtown Manhattan that contain an aggregate of 900,000 s/f of office and retail space. Zar Realty is the asset and property manager of 260-261 Madison. The Borrower, The Sapir Organization, is owned and controlled by Tamir Sapir An immigrant from the former Soviet republic of Georgia, Tamir Sapir (birth name Temur Sepiashvili) arrived in the United States in 1973, becoming a taxicab driver in New York City. Saving up to buy an electronics store, he catered primarily to Russian clientele. , who holds a Manhattan real estate portfolio valued at more than $2 billion. To accommodate the Eleven Madison Avenue closing, Carlton simultaneously procured the financing for all three properties in less than 30 days during the Thanksgiving to Christmas holiday period. Carlton specializes in coordinating multiple lenders in a single transaction, and through its proprietary web-based technologies can more manage the flow of transaction-related information and documentation in order to enhance deal execution. Carlton's Michael J. Campbell and Bryant D. Bernhardt assisted Mr. Michaels with the placement of the financing. |
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