Michaels, chairman of The Carlton Group, continues to serve as a premier dealmaker in 2008

Howard Michaels, chairman of real estate investment bank The Carlton Group, completed $4 billion in 2008 transactions. Michaels, who is best known for being a client advocate, demonstrated his hard hitting, aggressive style of accessing equity and debt capital, and closed some of the year's largest transactions. His 2008 deal list includes the following: * $630 million  equity and debt recapitalization at 666 5th Ave. This is sure  to be a "Deal of the Year" winner as Michaels coordinated with multiple lenders to raise $630 million to recap the  retail condominium at 666  5th Ave. Charles Kushner was facing a potential default on a $335  million mezzanine payment due July 1, 2008. Unlike some of the other less fortunate, Michaels was able to recap the deal at a near 100% valuation for  Kushner. * Michaels organized and closed a $300 million deal for 1372 Broadway with high net-worth equity investors and a great finance package from Wachovia. SL Green and  Wachovia were the sellers.   * Michaels arranged a $175 million first mortgage and $40 mezzanine loan for the acquisition of 1250 Broadway by Murray  Hill Properties and Jamestown Properties. * $500 million of performing, discounted loan acquisition by Michaels, through Carlton's principal  group, Carlton Strategic Ventures (CSV), continued its merchant banking enterprise and selectively acquired $500 million in discounted first mortgage and mezzanine note positions from financial institutions.   * Carlton advised  sellers on over $1 billion of residential and commercial loan assets for some of the country's largest financial institutions. Assets ranged from partially completed townhouses and single family developments to large mezzanine loans secured by hospitality assets. Carlton has been one of the country's leading loan sales advisors for the last 10 years and this group has continued to flourish as cash-constrained financial institutions look to create liquidity through the sale of loan assets. In addition to the foregoing, Michaels is currently executing approximately $1 billion in confidential N.Y.C. transactions, which are comprised of two large, high-profile Manhattan deals scheduled to be launched early this year. In addition, Michaels' firm, The Carlton Group, completed $4 billion in 2008 transactions including the following: * $300  million in four equity and debt transactions located overseas in  Latvia, Poland, Croatia and Berlin. Of these transactions, Carlton, working through its Tel Aviv office and Ido  Kapner and Neil Bane, a director in Carlton's  Manhattan office, accessed Canadian pension  funds and other international debt and equity sources to complete the  acquisition of two ground-up development deals and 5,000 existing apartment  units in Berlin. * A $63 million bridge loan was arranged for the acquisition of a class A office park in Fort Lee, N.J. * $300 million in equity financing was arranged for a multifamily portfolio. Carlton arranged $100 million of JV equity for the acquisition of a 3,000-unit Texas multifamily portfolio. The total  project capitalization was $300 million. * $92 million  in acquisition and mezzanine financing was placed for 511-541 25th St. Carlton arranged a $65 million first mortgage and $27 million mezzanine loan to finance a 160,000 s/f commercial condominium conversion located in the Chelsea Art  Gallery District in Manhattan. Carlton is an international real estate investment banking firm prominent in debt and equity placement, investment sales, and commercial and residential loan sales. Carlton's clients include some of the most successful developers and institutions internationally and in the New York metropolitan area. Founded in 1991, Carlton has consummated in excess of $45 billion of transactions since 1998.