Carlton Closes €30 Million Financing for Twin Office Towers in Bucharest, Romania

New York, NY ( 11-1-2010) — Carlton Advisory Services’ Chairman Howard L. Michaels is pleased to announce the €30 million refinancing of a construction loan for twin office towers, in Bucharest, Romania.

According to Mr. Michaels, “this is one of many international transactions that Carlton is currently working on and confirms that there is liquidity available for quality projects”.   In addition, this financing confirms that there is money available for transitional projects in that we were able to obtain this financing even though the towers are not fully leased yet.

The office towers, which are located in the city of Bucharest, the capital of Romania, are scheduled to be completed in 2011.  The 500,000 square foot complex will consist of two, 18 story buildings, a three story mall, two conference halls and a 1,000 car parking garage.

This transaction is just one of over $7 billion of closings achieved by Carlton since 2008 despite the turbulent state of the capital markets.  Moreover, Carlton continues to consistently provide its clients with debt and equity solutions to take advantage of the present opportunities which have been created by the real estate dislocation both in the United States and abroad.

For additional information on how Carlton can deliver capital to you in today’s market please contact our office at 212-545-1000 to speak with Howard L. Michaels, Chairman or Michael J. Campbell, Partner.

Carlton Advisory Services, Inc. is a national real estate investment banking firm prominent in debt and equity placement, investment sales, and commercial and residential loan sales. Carlton specializes in arranging passive, promotable equity for real estate and real estate-related Fund vehicles for many of its clients who include some of the most successful developers and institutions nationally. Carlton was founded in 1991 and has consummated in excess of $50 billion of transactions since 1998.

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