NEW YORK CITY-Bouncing back from the challenging capital markets of 2009, the Carlton Group executed approximately $3 billion in equity and debt recapitalizations, loan restructurings and various asset sales in 2010, CEO Howard Michaels announced Monday. Additionally, Carlton says it’s currently the exclusive advisor on over $1 billion in loan restructuring and tactical advisory assignments.
Highlights of the past year included Carlton’s acting as exclusive advisor to the buyers of 300 S. Riverside Dr. in Chicago, a 1.1-million-square-foot office tower that sold to a group of private investors led by Joseph Mizrachi and David Werner for $190 million. Brookfield Real Estate Opportunity Fund sold the tower after owning it for about four years. In addition, Carlton was exclusive advisor to Pershing Square Capital Management and Winthrop Realty Trust in their acquisition of mezzanine debt on the 11,227-unit Peter Cooper Village Stuyvesant Town apartment complex in Manhattan.
During the year, Carlton also closed over 1,000 loan and REO asset sales which included numerous capital placements for discounted loan payoffs on behalf of a variety of institutional and private clients. The company also sold the performing loan on the Westin Golf Resort and Spa in Savannah, GA and arranged a large construction loan on two towers in Bucharest, Romania.
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