A source close to the deal could not reveal to GlobeSt.com the identity of the investment firm, with which Carlton is co-investing, except to say that it is a hedge fund. The source also could not give details on the assets themselves.
The assets were acquired from a major financial institution--which also could not be disclosed--which sought a swift execution rather than a protracted exit under the present market conditions, Carlton explained in a statement. In each of these transactions, Carlton committed and closed quickly.
Carlton, along with its investment partner, brought in Goldman Sachs to provide the venture with non-recourse, matched-term financing for this acquisition. In addition, Carlton has recently added senior finance professional Ernie Rosato to its high yield team. Rosato was formerly a director at Merrill Lynch and several other Wall Street firms. Rosato will be a senior member of the high yield debt team and assist Carlton in its efforts to buy more than $1 billion in high yielding performing and non-performing real estate mortgage assets.
The source explains to GlobeSt.com that this $300-million closing is a follow-up to Carlton's formation of the new $1-billion fund. Carlton Strategic Centures was added to Carlton back in October 2003 to facilitate the ability of Carlton's clients to access sponsor equity capital that can be utilized to complete real estate acquisitions. At that time, the new group said that it intends to acquire office buildings, apartment properties, hotels, portfolios of properties and mortgages when substantial discounts to value and/or replacement cost can be achieved.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
