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Carlton Group catering to condo boom developers.

The Carlton Group has been increasingly active in arranging equity and debt capital for both condominium developments and conversions in South Beach, Florida.

"South Beach is one of the hottest condo markets in the nation and local developers have been relying on Carlton's expertise to arrange senior, mezzanine and preferred equity financing for their condo projects," said Carlton Chairman Howard L. Michaels.

"Our firm excels in placing this type of capital and has completed a number of condo transactions in South Beach over the past year."

South Beach equity and debt condominium development and conversion transactions either closed by or assigned to Carlton over the past year include: Procuring a senior debt and preferred equity facility for The Shore Club at South Beach;

$47 million equity and debt financing for Caribbean Hotel Conversion;

$24 million equity, and debt financing for its clients purchase of The Villa Luisa and;

$200 million construction financing for its client's ground-up development of a 500-plus unit luxury condo project.

Michaels explained, "The residential real estate market in South Beach attracts buyers from across the. United States and the world.

"Demand is being driven by a number of factors, including buyers from other parts of Florida seeking an urban in-town experience, out-of-state buyers desiring second homes and foreign investors driven by the weakened U.S. dollar and the reasonable cost of warm climate real estate."
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Apr 20, 2005
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