Howard Michaels, chairman of locally based Carlton Group Ltd.,was able to arrange $630 million consisting of a $325-million firstmortgage, $135-million mezzanine mortgage and $170 million inequity from a $3-billion opportunistic fund for the property.Carlton sources tell GlobeSt.com that the $3-billion opportunisticfund for the property "is a Carlyle fund." The source couldn'tspecify the exact fund.
Michaels has executed more than $40 billion in equity and debttransactions over the last few years and many of the transactionshave been equity and debt recapitalizations. Michaels, working withextremely difficult market conditions, according to a Carltonrelease, was able to arrange the 666 Fifth Ave. retail condo equityrecap, which it considers the largest equity and debtrecapitalization to take place in Manhattan this year.
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