Carlton Advisory Services' chairman Howard Michaels, said, "That Carlton has arranged $130 million of creative equity and debt capital on behalf of Haim Revah's Metropolitan Real Estate Investors for the acquisition of 292 Madison Ave., located in Midtown." On behalf of Metropolitan, Carlton arranged the sale of 292 Madison Ave's. fee simple interest to a major REIT for $70 million and simultaneously arranged a 10-year, fixed rate leasehold mortgage for $60 million. The total capital package aggregated 93% of the purchase price, or $130 million, the firm said. The combined pay rate for the financing is 4.92% and Carlton also structured a 70-year sale leaseback and ground lease with a buy back provision on the fee simple interest. Haim Revah established Metropolitan Real Estate Investors in 2002 He and his partner Jacob Abikzer have generated returns from investment in real property. Their current strategy is to invest in high profile, trophy and class A office buildings with significant opportunity for improved cash flow and property value. Specifically, they recently acquired the Bank One tower in Dallas, Texas, and another Manhattan asset, the Lipstick Building. Metropolitan Real Estate Investors was joined in the Lipstick acquisition by the Marciano Brothers and two Israeli public companies. 292 Madison Ave. is 100% occupied with 60% of the building's net rentable area set to expire over the next six years. With average current rents approximately 41%below market, this acquisition offers incredible upside through re-leasing at market rents, almost doubling the net operating income by 2013," Carlton said. In addition to Michaels, the transaction team was headed by Carlton senior executive Michael Campbell, partner.