CONSHOHOCKEN, PA–The Carlton Group has arranged a bridge loan of $18.5 million in senior debt for the development of two large, luxury mid-rise apartment complexes in Conshohocken.
The sponsor of the deal is a successful local developer that sought an infusion of capital in order to keep the project on track. The lender, which does not typically provide development financing, will keep the loan on its books.
Because plans for the 318- and 270-unit complexes, located at 401 and 433 Washington Street in Conshohocken, PA, are still pending final approval, the transaction illustrates The Carlton Group's depth of relationships and ability to secure capital under unique circumstances. Stephen Scorgie from The Carlton Group's Florida office, and Brendan Sullivan, Michael Campbell and Andrew Karaan from the firm's New York office, managed the transaction.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
