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Carr, Merritt Receive Funding In Two Separate Deals

Carr Properties has completed a $300 million convertible debt investment with Israeli insurer Clal while Almanac Realty has committed up to $400 million to Merritt Properties.

A Carr Properties holding. Photo by Carr Properties

WASHINGTON, DC–Two Washington DC area commercial real estate companies received an infusion of capital via separate deals. In one, Carr Properties completed a $300 million convertible debt investment with Israeli insurer Clal. In the other, Almanac Realty committed up to $400 million to Merritt Properties.

Under the terms of the Carr Properties transaction, Clal’s $300 million investment will convert into equity by August 2018. The transaction closed on December 20, 2017, with funding taking place in early 2018. Stroock represented Carr in the deal. Other investors in Carr are Alony Hetz Properties and Investments and institutional investors advised by J.P. Morgan Asset Management.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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