Carlton Raises $600 Million of Equity and Debt Amidst Capital Markets Mess

Carlton Chairman Howard L. Michaels has announced the closing of over $600 million of equity and debt transactions bucking the capital markets volatility which is adversely affecting many proposed transactions.

“We are extremely proud of the deals that we have been able to close over the last 60 days” said Partner Michael J. Campbell. Our success is attributed to a lifetime of equity relationships that Carlton has developed which gives us tremendous access throughout the world to bring in different investors who are suited for a particular investment. Just recently, we called on a London based lender that provided $250 million of debt capital which represented 100% of the purchase price. On another deal, we brought in a $20 billion balance sheet lender that provided our client with $90 million in first mortgage financing even though the purchase price was only $70 million.

We have also been able to access capital from “family offices” and major private equity investors who are anxious to invest with quality operators to take advantage of the high yield returns which can be generated right now in the real estate sector. In addition, with many of the CMBS shops either folding or curbing their activity, Carlton’s access to non-traditional capital sources who are willing to fund now is providing a true value-add service to our clients.

In addition, Carlton has recently added several new, senior level capital markets professionals including Rich Cooney who was formerly a partner at the Greenwich Group and Managing Director Ken Montgomery who headed up East Coast lending operations for CIT and ING. Both Rich and Ken are marvelous additions to the team as they bring a ton of domestic and international relationships to the Carlton team. Carlton also recently added Kyle Morque who is a senior real estate professional and who assisted the Moinian Group through $3 billion of restructures. Kyle and Ken will be working together along with new General Counsel Dan Bildner (who was formerly at Greenberg Trauig for a dozen years) to lead and bolster Carlton’s significant Restructure Group. Carolyn Pianin also joins the Carlton Team as a Managing Director with a senior position on Carlton’s analytics team. Carrie was previously a Director at Square Mile where she had a significant role evaluating and underwriting potential investments for the highly successful investment firm.

Carlton already has been involved in over $2 billion of successful, commercial loan restructures and capital raises as evidenced by the big successes which Carlton has earlier this year at One Park Avenue, 1180 Sixth Avenue and 450 West 33rd Street.

In addition, Carlton is presently representing clients on over $2 billion of investment sale, debt and equity assignments and we look forward to working with new clients and meeting new investors who are anxious to invest today to take advantage of the marvelous, high yield opportunities which exist in real estate today.

For additional information regarding Carlton’s advisory services, please contact Carlton Chairman Howard L. Michaels.


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