Partner Michael Campbell, managing director Steve Fenster andSVP Steven Rock of Carlton Advisory Services placed $92-millionsenior debt and mezzanine financing for the acquisition. The selleris 511 W. 25th St. Corp. and the buyer is a joint venture betweenHalcyon Real Estate Investors and Cardinal Real Estate Investments.Grubb & Ellis Co. represented both the buyer and seller in thepurchase and sale of the three buildings.


Kyle Ransford, general partner of Cardinal, explains that theopportunity in Chelsea is tremendous. "A wholesale secondtransformation of the area is under way. The pedestrian arterybetween the Meatpacking and the rail yard will have a greaterpositive impact on the area than most are expecting. As a neighborof the Highline, we are excited to contribute to the artist andHighline communities."


Trevor Stahelski, the New York City partner of CardinalInvestments, tells that "what drew us to the projectwas the chance to be part of the art district and the highline inthe same project. It is a rare and exciting opportunity that wecould not pass up." He adds that "we are not changing the use ofthe building. we want to improve the look and feel of the buildingsso that we can continue provide commercial office spaces for smallbusinesses and gallery space to Chelsea businesses."


For this transaction, Carlton accessed a balance sheet lenderfor the first mortgage, and separately brought in a boutique moneymanagement firm to provide the mezzanine for its client'sacquisition. Carlton's efforts provided the borrower with a lowcost of capital required to consummate the transaction, notable intoday's capital constrained environment, the firm said in aprepared statement.


Carlton recently revealed that it has closed more than $1billion in equity and debt financing transactions in January. Someof the significant deals that the firm closed includes: a$100-million entity level equity placement between a pension fundand a Carlton multifamily developer client; $100 million of equityand debt arranged for the ground-up development of a boutique hotelin Brooklyn; a $300-million entity level equity placement continuesto fund four new West Coast transactions; a $300-million discountedperforming note acquisition by Carlton Strategic Ventures, thefirm's principal transactions group; a $100-million equityplacement for the $300-million acquisition of a 3,000-unitmultifamily apartment portfolio in Texas; and a $100-million equityand debt placement for a multifamily development in Latvia--EasternEurope.

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Natalie Dolce

Natalie Dolce, editor-in-chief of and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel,, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including and Museums New York magazine.