Carlton closes on $70M financing.Investors and developers were mesmerized by the charm of the 110,000 sq. ft. brick clad loft building having daylight filled narrow floor plates, perfect for conversion to residential or office occupancy. Carlton Advisory Services' chairman Howard L. Michaels announced today that Carlton arranged and closed $70 million of senior debt, 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 its client's acquisition and condominium conversion of 415 Greenwich Street. The property, a vacant, eight-story landmark building located in the heart of TriBeCA 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 , New York, will be renovated into approximately 175,000 saleable square feet of luxury condominiums and retail at glade. The borrower, Heritage Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is controlled by two seasoned developers with over 50 years of combined experience developing property in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. area. In order to satisfy its client's objectives, Carlton accessed four different capital sources and arranged a combination of senior debt, mezzanine and preferred equity financing. This financing included two senior lenders who Carlton combined to fund the senior loan, a third lender who provided the mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). and a Korean based investment and development company, accessed by Carlton, who provided a $10 million preferred equity investment. Carlton executives Abe Wallach and Bryant Bernhardt assisted Mr. Michaels with the execution of this assignment. |
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