New York, NY – Carlton Group Chairman Howard L. Michaels has announced the closing of a $42 million construction loan and joint venture equity investment for a new condominium project in the Flatiron District, one of Manhattan’s hottest residential areas. The financing of the property, located at 21 West 20th Street, will enable the developer, Gale International, to build a 37,000 sf ground up condominium development consisting of 13 full floor units, including four spectacular penthouse units with 100 feet of frontage and more than 4,000 sf of private terrace space.
Carlton arranged the $42 million construction loan and joint venture equity for its client, Gale International, from a balance sheet lender at Libor + 325 bps together with an overseas equity joint venture to develop this rare Flatiron development site. This is Gale’s first condominium project in Manhattan.
The Carlton Group, under Chairman Howard L. Michaels, is one of the top intermediaries for arranging development financing having closed well over $3 billion of development transactions in the last 12 months. Recent Completed development transactions by Carlton include the $815 million blockbuster construction and mezzanine loan of one of Time Squares most valuable hotel, retail and signage developments, $700 million of joint venture equity and multi tranched debt to facilitate the acquisition of four large Manhattan multifamily buildings slated for conversion, and the sale and joint venture of 346 Broadway – to name just a few of the large development deals completed by Carlton.
Carlton also specializes in arranging nonrecourse construction debt along with joint venture equity providing excellent financial terms for its clients.