Michaels of Carlton arranges invest. grp. and 86% financing pkge.: $275m

Carlton Group chairman Howard Michaels assembled an investor group and 86% financing package in order to close a $275 million deal at 1372 Broadway, a 572,000 s/f office building located at Broadway and 37th St. Over the summer, Wachovia Corporation along with partner SL Green agreed to put the building on the market for $295 million, lower than the buildings original $335 million value in 2007 when Wachovia purchased 85% of the building from SL Green. At the conclusion of the sale to Llyod Goldman, the building was purchased at a $60 million discount. The financing package was also arranged with Doug Harmon, a senior managing director at Eastdil Secured Inc., representing Wachovia.? Goldman was able to close this deal because Carlton Group secured 86% (or $235 million) of the financing for less than 5% (or LIBLOR 125) from Wachovia for Goldman.