While Carter will maintain its focus on the Southeast, the New York office will allow the commercial real estate firm to strengthen its platform to source new deals and increase service to clients. Seton has strong connections there, having previously served as managing director and division head with the originations group of German real estate bank Eurohypo.
Seton is credited with a pivotal role in recapitalizing the Chrysler Building and General Motors Building in New York City and the Merchandise Mart in Chicago. He also secured construction financing for the acclaimed 15 Central Park West, Manhattan's most expensive new residential building.
"Carter is well-positioned to take advantage of the current market cycle and is very outward looking," Seton tells GlobeSt.com. He adds that Carter, one of the largest office development firms in the US, will be able to enhance its already strong reputation in the capital markets.
Seton's new tasks include expanding Carter's principal investment activity by further developing its relationships in the equity and debt capital markets, as well as sourcing new investment opportunities. He will work closely with Carter's Advisory Services Group and The Carter Funds, which have made 20 investments with a combined value of at least $500 million over the past five years.
"Our New York office will enable Carter to better leverage our existing relationships on the debt and equity sides," Bob Peterson, Carter chairman and CEO, stated in a release. "The addition of Michael, in particular, will enable Carter to establish new relationships while fortifying the existing ones."
Privately held Carter has 400 associates at offices throughout the Southeast. Over the past six months, it has formed strategic alliances with Align Healthcare to plan and develop healthcare facilities and medical office buildings, and T5 Partners to market and develop data centers.
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