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Carlton Arranges $42.4 Mil Industrial Loan, Sells Asset

WOOD-RIDGE, NJ-The money will finance the acquisition, also arranged by the advisory firm, of the 2.5 million-sf Curtiss-Wright Industrial Complex by two prominent real estate families.

By Eric Peterson | Updated on December 27, 2001

WOOD-RIDGE, NJ-Jet engine maker Curtiss-Wright has sold its 2.5 million-sf industrial complex here to a joint venture between two prominent, unnamed real estate families for an estimated $51 million. Both the sale of the property and a $42.4 million acquisition loan to complete the deal were arranged on behalf of the buyers by Howard Michaels, chairman, and Michael Campbell, vice president, of the New York-based real estate firm, Carlton Advisory Services.

Carlton originated and closed the 80% leveraged loan after September 11, with an unnamed Manhattan-based source providing the funding. “Using our banking relationships,” Campbell tells GlobeSt.com, “we were able to close the requested financing without any significant deal changes.”

The partners in the acquisition and loan transactions “do not wish to be identified,” according to Campbell, who describes them as “two of the largest private real estate families in the country. Combined, they own more than 20 million sf of industrial space, as well as a variety of other commercial properties.”

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