Carlton Group Chairman Howard L. Michaels announced the closing of a $172 million multi-family and hotel preferred equity recapitalization for a major property owner whose portfolio had a concentration of assets located in the Southeast.
The 2,129 unit multifamily portfolio was located in Florida, Georgia and Illinois and produced a generous cash flow, but had a low debt yield given the 90% loan to value financing which Carlton was able to craft.
In addition, the collateral included the Edgewater Hotel in South Beach, which is one of South Beach’s most successful boutique hospitality properties.
Carlton conducted a competitive process which resulted in a preferred equity component which allowed the borrower to achieve an approximate 90% loan to value at a blended cost of under six percent.
National Equity Fund (NEF), a leading national
Forbes Global Properties, a curated consumer
Multiple generations of the Sanzari family were joined
The transactions included the following: ● Harlem
Northeast Private Client Group®
MD Energy Advisors, a commercial, utility, and
Skyline Development Group has rolled out special new
Arden Group (“Arden”) and Spitzer Enterprises (“Spitzer”)