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Carlton gets Sturner $215m.

Carlton Advisory Services' Chairman Howard L. Michaels announced that Carlton has successfully closed $215 million of acquisition and mezzanine financing for the acquisition of 1250 Broadway, a 39-story, 770,000 s/f office tower located on Broadway between West 31st and 32nd Streets in Manhattan.

Carlton secured a $175 million first mortgage with a major German lender at a competitive spread not easily obtained in today's market, the firm said. In addition, a prominent REIT provided $40 million of mezzanine financing to complete this financing.

The transaction was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund.

This transaction is one of approximately $2 billion of closings and signings achieved by Carlton in 2008 despite the supposed "shut down" in the capital markets, the firm said. Moreover, Carlton continues to consistently provide its clients with equity and debt solutions to take advantage of the present opportunities which have been created by the CMBS dislocation.

Michaels was assisted in completing this transaction by Michael J. Campbell, partner, and Damien Wilson, senior associate.
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Publication:Real Estate Weekly
Date:May 21, 2008
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