(Read more on the debt and equitymarkets.)
NEW YORK CITY-Carlton Advisory Services Inc. has arranged theequity and debt recapitalization of 104 W. 40th St., a 22-storyclass A office tower within Midtown Manhattan. The property justrecently sold to Principal US Property Separate Account for $140million, as GlobeSt.com recentlyreported.
Carlton accessed a major insurance company which provided 95% ofthe equity capital along with favorable financing to effect therecapitalization on very favorable terms for the sponsor, the firmsays in a statement. For this transaction, Carlton was engaged byManhattan leasing expert Myers Mermel, to assist in therecapitalization of the asset at a market valuation in order forMermel to buy out his investment partner.
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