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Article: Carlton closes mezzanine loan.(FINANCE)
- Article from:
- Real Estate Weekly
- Article date:
- November 28, 2007
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Copyright informationCOPYRIGHT 2007 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...
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