Fenster and Campbell of Carlton Group arrange financing for development site

Manhattan, NY According to Carlton Group chairman Howard Michaels, managing director Steve Fenster and partner Michael Campbell have arranged the funds for the closing of the acquisition of a development site located across from the High Line in the West Chelsea area.

Carlton was the exclusive advisor to the buyer, a highly successful New York developer, and represented them in the off-market acquisition of this 65,000 s/f development site by sourcing balance sheet capital from an area alternative asset management firm. This was a complicated transaction which involved the negotiation and financing of a long-term ground lease The client intends to build an office and retail tower which has the potential to be valued at  $150 million upon completion.