Carlton allocated $1b in condo conversion cash

Real Estate Weekly, Feb 2, 2005

The Carlton Group is playing an increasingly large role in the red-hot condo conversion market these days.

One of Carlton's preferred lending institutions has just received a billion-dollar allocation to provide senior, mezzanine and preferred equity financing for qualifying condo conversion projects.

Carlton, which excels in arranging this type of capital, has completed a number of condo conversion transactions over the past year.

In addition to its close relationship with this preferred lender, Carlton is in constant contact with numerous domestic and overseas equity sources looking to partner with successful principals on profitable conversion projects.

Listed below are a few condominium development and conversion transactions either closed by or assigned to Carlton in 2004:

* South Beach, FL--Carlton arranged a land loan and $200 million in conversion financing for its client's ground-up development of a 500-plus-unit luxury condominium project in Miami, Florida.

* The Villa Luisa, South Beach, FL Carlton arranged and closed $23.5 million of joint venture equity and debt financing for its client's acquisition and condominium conversion of three buildings located in Miami, Florida. The capital package will enable the client to acquire the property and begin the initial marketing and pre-sale efforts of the condos.

* 415 Greenwich Street, Lower Manhattan, NY--Carlton arranged and closed $67 million of senior debt, mezzanine and preferred equity financing for its client's acquisition and condominium conversion of 415 Greenwich Street, located in the heart of the TriBeCa neighborhood of Lower Manhattan.

* High End Midtown Manhattan Hotel, New York, NY--Carlton, as exclusive debt and equity advisor to a highly successful entrepreneurial operator, is arranging $140 million of construction and mezzanine financing for the acquisition, repositioning and condominium conversion of this superbly located hotel asset.

* The Empire & Windsor Hotels, Midtown Manhattan, NY--Carlton arranged and closed $180 million of acquisition and construction financing for a highly successful real estate entrepreneur to convert two superbly located hotel assets into luxury condominium developments.

* Three Detroit Condo Conversions, Southfield & Auburn Hills, MI --Carlton arranged and closed $49 million of financing for its client's acquisition and condominium conversion of three prime stabilized apartment communities totaling 828 units located in the affluent suburbs of Auburn Hills and Southfield, Michigan.

* Luxury Condo Conversion & Development, Miami, FL--Carlton, as exclusive debt and equity advisor to a national owner/developer, is in the process of arranging $100 million of debt and equity financing for the acquisition and residential conversion of a prime, oceanfront Miami Beach hotel and the construction of an adjacent residential tower.

Carlton has completed over $21 billion of transactions since 1998.