$42M loan for new Flatiron condo

Carlton Group chairman Howard L. Michaels announced 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 Street, will enable developer, Gale International, to build a 37,000 s/f ground up condo of 13 full floor units, including four penthouse units with 4,000 s/f of private terrace space.

Carlton arranged the construction loan and joint venture equity from a balance sheet lender at Libor + 325 bps together with an equity joint venture participant which included an overseas investor.