Industry News
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008

The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced. The trophy is a 39-story, 770,000 square foot office tower prominently located on Broadway between West 31st and 32nd Streets in Manhattan. After nine years of ownership, SL Green Realty Corp. sold the Class A office tower to Murray Hill Properties for $310 million, or approximately $463 per square foot. Carlton secured a $175 million first mortgage with a major German lender, a REIT provided $40 million of mezzanine financing to complete this financing. The transaction was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund.

 
Recent Industry News Headlines
Allied Partners' Hadar Busted for Drugs
Oct. 06, 2008
According to a report in the New York Daily News, Eric Hadar, CEO of Allied Partners, was busted for drugs, including cocaine, Oxycontin and Xanax, He was stopped while driving erratically Friday on the Saw Mill River Parkway in New York and is due to make a court appearance on two felony counts today in Westchester, N,Y., the paper stated. His real estate firm bought the Citigroup Center on Lexington Ave. for $725 million in 2001.
CSV Acquires $214M Mezzanine Loan on Hotel Portfolio
Oct. 06, 2008
Carlton Group has reported that Carlton Strategic Ventures, CSV, the principal investment and merchant banking group of the Carlton Group, has acquired a $214 million participation in the M7 mezzanine loan tranche on the Extended Stay Hotels portfolio. The M7 loan tranche is a senior mezzanine level tranche with over $1 billion of subordinate debt and borrower equity. The M7 mezzanine loan is part of a $7.4 billion financing provided by Wachovia Bank, Bank of America, Merrill Lynch, and Bear Stearns to fund the acquisition of Extended Stay Hotels Inc. by the Lightstone Group in June 2007.
JCPenney Expands Houston Presence with 2 New Stores
Oct. 06, 2008
J.C. Penney Co. Inc. is swinging open the doors of two new locations in the Houston area, increasing its portfolio of new department stores in the market over the last three years to nine.
$55M Financing Deal Wraps Up for New Ritz-Carlton Denver
Oct. 06, 2008
A $55 million mortgage loan for the 202-room Ritz-Carlton Denver, located in downtown Denver at 1881 Curtis St., has just closed
University Medical Center Buys Land for 500,000-SF Biotech Park in Dallas
Oct. 06, 2008
The University of Texas Southwestern Medical Center acquired a 13-acre site from the City of Dallas for the development of BioCenter at Southwestern Medical District, a 500,000-square-foot biotech park.
 

 

REal Talk with Adam Perrotta-Monday
October 06, 2008
By Adam Perrotta, News Writer --If it's true that misery loves company, the struggling American financial sector can at least take some solace in the fact that Europe is not immune to difficulties of its own, such as the struggles...

Financial Markets Update: Over the Weekend
October 06, 2008
By Dees Stribling, Contributing Editor -- It might have been a weekend, but there's no rest for attorneys. At least not those involved in the Wachovia-Citigroup-Wells Fargo dispute. A judge has granted Citi an injunction blocking further Wachovia-Wells Fargo negotiations...

Casino Hotels Feel the Pinch from the Economic Slowdown
October 06, 2008
By Eugene Gilligan, Senior Editor -- Lower airline capacity, tighter credit markets and the general economic downturn now gripping the U.S. have taken a deep toll on casino hotels. A sector that was enjoying positive times as recently as 2007...

Manhattan Office Market Reaches Uncharted Waters
October 06, 2008
By Paul Rosta, Senior Associate Editor -- The flagship of the United States office investment and leasing market, Manhattan is now also at the heart of the financial crisis. The stunning events of recent weeks point to a new era...

Q&A: Trikona's Kalra Says Not Impacted by Down Cycle in India
October 06, 2008
By Barbra Murray, Contributing Editor -- While it is anticipated that it will be short-lived, India is currently facing a cyclical downturn in its economy, according to a recent report by real estate services firm Cushman & Wakefield Inc. However,...

Management Matters with Mike Myatt: Partisan Politics Not Always Bad
October 03, 2008
The truth about partisan politics is that contrary to public opinion, it's not always a bad thing. Likewise, bipartisan efforts don't always reflect altruistic behavior and selfless acts. From my perspective, it isn't necessarily the stance you take, but rather...

Management Matters with Mike Myatt: Facing Up to Rogue CEOs
September 26, 2008
By: Mike Myatt, Chief Strategy Officer, N2growth --Rogue CEOs. Given the recent failures of banks and financial institutions previously thought to be untouchable, there has been a tremendous amount of justifiable venom being spewed at the CEOs of these firms....

When to Consider Corporate Restructuring
September 19, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Times are tough, and they're likely to get tougher, so my question is this; Should you, or should you not, consider a move toward corporate re-engineering? Whether directly or indirectly, your business will...

Expectation Alignment Key to 'Promise Management'
September 05, 2008
by Mike Myatt, Chief Strategy Officer, N2growth --The art and science behind making commitments and managing expectations has always been a critical skill set for senior executives and entrepreneurs to master. In fact, understanding how to come out on the...

It's All In The Message
August 29, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Top CEOs understand the power, influence, and leverage created by great messaging. Do you ever find yourself sitting back and marveling at those chief executives who always seem to have the right thing...