$1.8 billion bifurcated original
Howard Michaels, chairman of locally based Carlton Group Ltd., was able to arrange $630 million consisting of a $325-million first mortgage, $135-million mezzanine mortgage and $170 million in equity from a $3-billion opportunistic fund for the property. Carlton sources tell GlobeSt.com that the $3-billion opportunistic fund for the property "is a Carlyle fund." The source couldn't specify the exact fund.
Michaels has executed more than $40 billion in equity and debt transactions over the last few years and many of the transactions have been equity and debt recapitalizations. Michaels, working with extremely difficult market conditions, according to a Carlton release, was able to arrange the 666 Fifth Ave. retail condo equity recap, which it considers the largest equity and debt recapitalization to take place in Manhattan this year.
According to a prepared statement, "this recap shows that for the right deals and the right borrowers led by the right intermediary, there is still plenty of capital available to complete transactions."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
