Tuesday, July 14, 2015

Carlton Gets Conshohocken MF Project $18.5M Bridge Loan

by Steve Lubetkin Globest.com
The Carlton Group has arranged a bridge loan of $18.5 million in senior debt for the development of two large, luxury mid-rise apartment complexes in Conshohocken.

The sponsor of the deal is a successful local developer that sought an infusion of capital in order to keep the project on track. The lender, which does not typically provide development financing, will keep the loan on its books.

Because plans for the 318- and 270-unit complexes, located at 401 and 433 Washington Street in Conshohocken, PA, are still pending final approval, the transaction illustrates The Carlton Group’s depth of relationships and ability to secure capital under unique circumstances. Stephen Scorgie from The Carlton Group’s Florida office, and Brendan Sullivan, Michael Campbell and Andrew Karaan from the firm’s New York office, managed the transaction.

“Regardless of the circumstances surrounding a transaction, The Carlton Group will assemble a team of professionals with the expertise and critical relationships necessary for structuring and delivering the right financing,” says Howard Michaels, chairman of The Carlton Group. “This financing was particularly artful and reflects the level of commitment and resourcefulness that our clients have come to expect.”

Over the past several years, The Carlton Group has completed more than $6 billion of development equity and debt transactions, regularly working with some of the largest developers and institutions in the world. As a result of this track record, the firm has come to be widely known for its ability to navigate the complexities of high-profile transactions.

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