Carlton Closes $250 Million Recapitalization of an 1,800+ Unit Multi-family Portfolio

Carlton Chairman Howard L. Michaels has announced the closing of a $250 million equity recapitalization of an 1,800+ unit stabilized apartment portfolio located in the Baltimore MSA. Carlton Partner Michael Campbell and Managing Director Steve Fenster handled both sides of this transaction and facilitated this major recapitalization which provided the following benefits for Carlton’s client.

  • We achieved for our client a very favorable valuation for their existing equity stake in the portfolio, and our client will also stay in as property manager and continue to reap the future economic benefits of this portfolio.
  • The recapitalization received sufficient capital to buy out our client’s existing institutional partner as well as to renovate 1,000 apartment units which will significantly increase the future value of the portfolio.

Carlton’s client is a successful family business which owns and operates over one billion dollars of residential and commercial property throughout the United States.

For additional information regarding Carlton’s unique ability to access, structure, and execute large equity and debt recapitalizations we encourage you to contact Michael Campbell, Partner, mjc@howardmichaels.com212-716-5611.

About The Carlton Group

Founded in 1991, The Carlton Group is an international real estate investment banking firm that specializes in arranging equity partnerships and executing large, complex, often multi-tranche equity and debt transactions for large development and trophy assets.

The firm has offices throughout the United States and Europe and has consummated well in excess of $125 billion of closed transactions for its high-profile roster of clients.  The Carlton Group also executes an aggressive international advisory platform which is currently executing well over three billion dollars of equity, debt and investment sale advisory business throughout Europe.  Carlton’s expertise includes arranging passive promotable equity, typically raising 90-95% of the equity to facilitate client transactions.  Carlton is also an active principal investor and, under Carlton Strategic Ventures, owns and manages in excess of 3 million square feet of commercial, residential and retail property.

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