Carlton arranges equity, debt recapitalization of 104 West 40th St. tower

According to Carlton Advisory Services‚ chairman Howard Michaels, Carlton has successfully arranged the equity and debt recapitalization of 104 West 40th St., a 22-story class A office tower. Carlton was engaged by Myers Mermel, one of Manhattan's most highly acknowledged leasing experts, to assist in the recapitalization of the asset at a market valuation in order for Mermel to buy out his investment partner. Carlton accessed a major insurance company who provided 95% of the equity capital along with favorable financing to effect the recapitalization on very favorable terms for the sponsor. In addition to Michaels, the transaction team was headed by Carlton senior executives Michael Campbell, partner, and John Bralower, managing director.