Recent Carlton Group, Ltd. Transactions, prepared by the office of Gabe Weinert
July 30, 2011 § Leave a comment
Senior Vice President Gabe Weinert provides origination and valuation services for many of the Carlton Group’s private equity acquisitions. Here are some highlights from the Carlton Group’s most recent successes, which have totaled nearly $3 billion in equity and debt transactions so far in 2011.
Manhattan Condo Conversion Acquisition for Macklowe Properties
A beautifully preserved, pre-war building on East 72nd Street in New York, the Carlton Group recently confirmed that the 72,000-square-foot property will be converted into condominiums by Macklowe Properties. Carlton Chairman Howard L. Michaels was able to secure a first mortgage for the development of $90 million, along with secondary mortgages totaling approximately $30 million. Macklowe Properties is recognized as one of the most innovative residential property developers working today.
San Francisco Phelan Building Mortgage for Thor Equities
Located on San Francisco’s Market Street, this building is one of the oldest flatiron office buildings in the city. It consists of approximately 52,000 square feet of retail space and 226,000 square feet of office space. Carlton assisted Thor Urban Operating Fund II in acquiring a $75 million first mortgage for the property.
Manhattan Park Avenue Luxury Apartment
One of the few remaining unconverted pre-war apartment buildings in Manhattan, this property is located at Park Avenue and 71st Street in New York. Following fierce competition by several developers, the sale was awarded to Macklowe Properties and financed by the Carlton Group.