$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."
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