Michaels of the Carlton Group closes $42 million construction loan and joint venture equity investment for Flatiron condominium development

Carlton Group chairman Howard Michaels has arranged the closing of a $42 million construction loan and joint venture equity investment for a new condominium project in the Flatiron District. The financing of the property, located at 21 West 20th St., will enable the developer, Gale International, to build a 37,000 s/f ground up condominium development consisting of 13 full floor units, including four spectacular penthouse units with 100 feet of frontage and more than 4,000 s/f of private terrace space. Carlton arranged the $42 million construction loan and joint venture equity for its client, Gale International, from a balance sheet lender at Libor + 325 bps together with an equity joint venture participant which included an overseas investor to develop this rare Flatiron development site. This is Gale's first condominium project in Manhattan.