Money found for Florida condos despite downswing.

Carlton Advisory Services' Chairman Howard L. Michaels announced that Carlton has successfully secured $90 million of construction financing for South of 5th, a luxury condominium development located on one of the last available beachfront sites in the South Beach section of Miami Beach, Florida. South of 5th will be the premier project in South Beach due to its limited number of high end "Homes on the Beach" units, its unparalleled location and direct beachfront access. South of 5th was designed by acclaimed architects Nichols, Brosch, Wurst, and Wolfe to include only 28 finely appointed units plus three cabanas.

South of 5th is located at 125 Ocean Drive, in the heart of the highly desirable SOFI (South of Fifth) section of South Beach. It is bordered on the north by the South Beach Marriott Destination Resort and on the south by the highly successful Bentley South condominiums. The South of 5th neighborhood is populated with some of the premier venues in South Beach, including Joya, Prime 112 Steakhouse, Joe's Stone Crab and Nikki Beach.

Against the backdrop of substantial negative press and growing weakness in the South Florida residential condominium market, Carlton's deep relationships help identify institutional capital willing to finance this luxury condominium development despite the market's challenges, the firm said.

This transaction was arranged by Carlton executives Romano Tio, Marc Sznajderman and Will Lee.