Carlton ends the summer on $700m hot streak.Carlton Advisory Services' Chairman Howard L. Michaels announced that his company has closed over $700 million of new equity and debt transactions within the first two weeks in August. Buoyed by an abundance of cheap capital coupled with a sense of urgency by developers and investors looking to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. current market conditions, Carlton has seen a tremendous volume of business within the past several months. Renowned for arranging maximum proceeds for qualified projects, Carlton is often able to obtain capital well north of 90% of a project's capitalization. Outlined below are some of the noteworthy transactions closed by Carlton during the past few weeks: * $219 Million Preferred Equity Recapitalization--Starrett-Lehigh Building Mr. Michaels, along with Carlton's Michael J. Campbell and Joel Mazur, arranged a $219 million preferred equity investment by a major, passive investment fund for the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the Starrett-Lehigh Building located in the West Chelsea section of Manhattan. * $205 Million in Senior Refinancing--260/261 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. Mr. Michaels and Mr. Campbell arranged and closed $205 million in fixed rate financing to refinance 260-261 Madison Avenue, two prime office buildings located directly across the street from each other on Madison Avenue 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, 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 . * $130 Million in Bridge Financing--100 Church Street Mr. Michaels and Mr. Campbell arranged and closed $130 million in floating-rate, bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. for its client's redevelopment of 100 Church Street, a 21-story, one-million-square-foot, Class A office building located in the heart of 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 , New York. * $151 Million in Acquisition Financing - Metropolitan Square Mr. Michaels and Mr. Campbell arranged $151 million in fixed rate financing for its client's acquisition of Metropolitan Square, St. Louis' tallest office building. The Class-A property totals more than one million square feet and is located in the central business district of St. Louis, Missouri. |
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