Carlton Advisory Services' Chairman Howard L. Michaels announced that Carlton has successfully closed $35 million mezzanine financing for the acquisition of Spring Garden Corporate Center, a 1.1 million square foot office tower located in the northwest quadrant of the Philadelphia Center City area.
Carlton accessed a major hedge fund to provide $35 million of mezzanine financing for its client's acquisition. The mezzanine loan is junior to a $127 million first mortgage, made by a major regional bank.
The capital stack included generous tenant improvement, leasing and interest reserves, Carlton said. The tenant improvement and leasing reserves will be used to stabilize ...