carlton advisory services, inc. - the carlton groupcarltongroup.com/registration/carltonrrb.pdf ·...

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Carlton Advisory Services, Inc.

Restructuring and Equity and Debt Recapitalization Services

In business since 1991, Carlton Advisory Services, Inc. (“Carlton”) is an international

real estate investment banking firm prominent in debt and equity placement, merchant

banking, valuations, underwriting, restructuring/workouts and loan sales.

Carlton has been one of the most successful advisory firms since the credit crunch, having completed over

$7 billion in transactions.

We specialize in arranging joint venture and passive, promotable equity. As such, we possess extensive

international and domestic relationships with high net worth and institutional equity and debt investors. Many

of our investors are not generally known, and are relationships that have been developed over many years.

Moreover, as a direct result of our 20 year commitment of focusing on real estate “private equity”,

we have unparalleled and proven access to many “off the radar” non traditional sources of capital,

many of whom are looking to invest in today’s opportunistic market. Our capital relationships

include access to:

Wealth and money management firms

Family Office

Individual high net worth investors

Sovereign wealth and other Middle Eastern equity investors

European and Asian institutional investment firms

Private equity, hedge and opportunity funds

Introduction

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Corporate Structure

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Carlton Advisory

Services, Inc.

Equity & Debt Placement

The Carlton Group, Ltd.

(“Carlton”)

Carlton Strategic

Ventures

Merchant Banking

Carlton Exchange

Loan & REO Trading Platform

The Carlton Group consists of 3 strategic divisions:

Carlton Advisory Services, Inc. is the investment banking division of Carlton, which specializes in arranging debt and

passive, promotable equity for real estate and real estate-related fund vehicles for many of its clients who include some of

the most successful developers and financial institutions around the world.

The Carlton Exchange is a proprietary loan and REO asset trading platform. Over the years, Carlton has executed

billions of loan and REO sales for some of the country’s largest investment banks and financial institutions, loan servicers,

regional banks and other distressed sellers.

Carlton Strategic Ventures, LLC is the Carlton Group's principal transactions group formed to acquire real estate for

Carlton's own account or enter in joint ventures with existing clients for the acquisition, capitalization, and operation of

opportunistic real estate.

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Restructuring Overview

Carlton possesses a deep roster of investment professionals that have conducted billions of dollars

of workouts and restructurings. Our professionals have in-depth knowledge of both securitized and

balance sheet financings.

For borrowers with loans in a securitization, we have a deep understanding of the complex documentation

and intercreditor agreements which guide these transactions. Moreover, we have been involved in the

origination, structuring and valuation of multi-tranche debt stacks and can assist in organizing and

coordinating modifications and workouts between the various parties. These negotiations are often complex

and very time consuming. Notwithstanding, our significant experience with master, primary and special

servicers allows us to expedite the process, while ensuring that you receive the best possible treatment with

respect to required modifications, extensions and loan workouts.

The current valuation for a particular loan asset is often the beginning of the workout process. Once the

lender and/or servicer can be made to understand the asset’s current valuation, the atmosphere for the

restructuring can be set. Carlton has extensive valuation skills, having underwritten, valued and priced billions

of dollars of loans. Moreover, the fact that we are in the market every single day valuing and selling assets

provides credibility which will assist the restructuring process.

Our team has originated, valued, underwritten and closed well over $50 billion in loans and CMBS.

As indicated, we are securitization, valuation and underwriting specialists. At the end of this

presentation, are detailed resumes on our advisory professionals.


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Certain of the benefits which you will receive by working with us are as follows:

Provide an independent third-party valuation of your asset or portfolio of assets. This valuation will be

based on existing market standards and be the baseline for our negotiations with your lender.

Having packaged, marketed and sold over $50 billion of structured products, if your loan is included in a

securitization vehicle, Carlton can analyze the material documents your loan is subject to including, but not

limited to, the Free Writing Prospectus and Pooling and Servicing Agreement, in order to successfully

navigate you through the servicing process.

Thorough understanding of agented real estate loans. We understand the rights and responsibilities of the

agent, the participants, and borrowers and the interplay amongst them so as to obtain maximum value for

you in a restructuring or workout.

We are diligent, tireless advocates on your behalf during the entire negotiation process to insure that you

obtain maximum value during the workout and restructuring process.

Ability to raise debt and equity to facilitate the restructuring.

Provide an asset manager for your construction loan to make sure your asset is being managed properly,

including but not limited to, draws being properly processed and scrutinized, compliance with all municipal

codes and regulations and making sure all lien waivers have been properly obtained.

Complete access to premier litigation and bankruptcy counsel to strategize and generate the best possible

outcome through highly aggressive and competent legal recourse.


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Equity & Debt Placement Expertise

Over $7 Billion in Completed Transactions Since the Credit Crunch

Carlton has been one of the most successful advisory firms since the credit crunch, having completed over

$7 billion in transactions. We possess an extensive international and domestic high net worth and

institutional equity database. Many of our investors are not generally known, and are relationships that

have been developed over many years.

Most importantly, Carlton has unique expertise, acting as a “borrower’s broker”, arranging equity and debt

capital for borrower debt buybacks and off-market acquisitions. This unique niche allows us to compete and

execute transactions without conflict and with the highest level of competency. Several of our post “Credit Crunch”

transactions are as follows:

$630 million recapitalization at 666 Fifth Avenue – June 2008- Arranged 3 tranches of debt and

equity capital (12 capital sources overall) to close $630 million of equity and debt capital for

recapitalization of the retail condominium at 666 5th Avenue , New York. This was a heroic transaction

in that the owner stood to lose $500 million of cash due to a $335 million mezzanine loan, which was due.

$500 million Equity and Debt Recap – This is a current transaction where we have arranged $200

million of preferred capital to facilitate a major restructure and fund to complete the development of this

$450 million project. The total capitalization is approximately $500 million involves.

1372 Broadway – December 2008 - We simultaneously arranged a discounted debt payoff and the equity

surrounding this 500,000 square foot office building in the heart of Manhattan’s Garment Center. The

loan asset was acquired directly from the bank, and we simultaneously arranged approximately $60

million of high net worth investor capital to facilitate the transaction.


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Confidential Trophy Manhattan Office Asset – August 2009 – We accessed $60 million of high net

worth capital from Israel to acquire this iconic one million square foot asset, junior to a $450 million

fixed rate mortgage.

$200 Million Manhattan Busted Condo Project – This is a current transaction, where we negotiated a

discounted debt buy from a $100 million B-note lender on this 50-story Manhattan tower. The capital to

buy the b-note is from an overseas investor.

$290 Million Note Acquisition – Arranged high net worth investor capital to acquire the note on this

iconic hotel/office building in a prime Midtown Manhattan location.

$200 million Discounted Mezzanine Acquisition - Closed high net worth and private equity capital to

acquire a $200 million mezzanine tranche secured by a national portfolio of hospitality properties.

$30 Million DIP Financing – Carlton arranged a binding commitment for a $30 million DIP financing

secured by a Manhattan condominium conversion. This financing was provided in order to facilitate the

completion of construction for a prime Manhattan condominium conversion.


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Carlton, through our affiliated broker/dealer, Bradley Woods, has the ability to raise equity for financial

institutions which are under capitalized or seeking growth equity, or to provide capital for the acquisition

of financial institutions.

Community banks are having the most difficult time getting back to sound financial footing since they lack the

access to the Fed and other liquidity sources, which is available to larger financial institutions. Carlton, through our

extensive relationships with overseas and domestic institutional and high net worth investors, can quickly access

capital to allow financial institutions to recapitalize and strengthen their lending platform or capital position.

The current economic conditions in the capital markets are creating a very favorable pricing environment for

investors in bank acquisitions. While, in the past, banks have traded as high as four times book value, banks are

currently trading at a considerable, and attractive, discount to that level.

Accessing Equity for Bank Acquisitions and/or Recapitalizations

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Completed Equity Transactions

Carlton arranged nearly $600 million of capital in a

highly creative and unique capital structure, occurring

at the commencement of the credit crisis in 2007.

Carlton divided the property into a fee interest and

ground lease; arranging for a $300 million sale of the

property’s fee interest while simultaneously arranging

a 10 year fixed rate lease hold mortgage for $210

million. We then raised a $60 million bridge equity

facility, allowing the borrower to close the

transaction.

1.0 million square foot Class A trophy office tower in

Midtown Manhattan.

Financed on behalf of a major Los Angeles based

real estate investment firm.

Lipstick BuildingNew York, NY

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Successfully accessed $300 million from a German

closed end fund as part of $1.7 billion

recapitalization. The recapitalization was completed

prior to the Apple Store lease sining or the Chase

Manhattan expansion on Madison Avenue.

This was a value-added transaction predicated on a

construction and leasing component that the owner,

Macklowe Organization, had planned. 2.0 million

square feet of office and retail space, including

development rights for additional area.

Office rents in excess of $100 per square foot.

Prime retail space on 5th and Madison Avenues.

General Motors BuildingNew York, NY

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$805 million joint venture and credit lease financing.

A Class-A 1.2 million square foot office building net

leased to Credit Suisse.

Includes a 270,000 square foot tower prime for

residential conversion, including air rights for

additional development.

Financed on behalf of a major New York owner /

developer.

One Madison AvenueNew York, NY

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Arranged the $630 million debt and equity

recapitalization to facilitate the payoff of a $335

million mezzanine position that would have

jeopardized the owners $500 million equity interest in

the building. Sold building’s fee simple interest to a

major REIT for $317 million, and simultaneously

arranged a 10 year, fixed rate leasehold mortgage for

$210 million.

This recapitalization consisted of a $325 million first

mortgage, a $135 million mezzanine loan, and a $170

million of equity. Over 12 different lenders were

involved in the recapitalization, all of which were

orchestrated by Carlton.

1.5 million square foot Class A trophy office tower in

Midtown Manhattan.

666 Fifth AvenueNew York, NY

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$244 million of senior mortgage financing and $65

million of institutional equity capital, which

combined represented well in excess of 90% of the

total capital structure.

The Property is a 1.4 million square foot, Class A

trophy office tower in Chicago’s resurgent West

Loop.

Carlton accessed a major investment bank to provide

the senior financing, and joined together two equity

investors to provide joint venture equity on behalf of

a partnership led by Mark Karasick.

The total project capitalization included more than

$25 million in leasing and interest reserves.

311 South Wacker DriveChicago, IL

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Initially arranged a $860 million acquisition,

capitalized by a $750 million mortgage and a large

preferred equity investment made by a Canadian

REIT.

Subsequently sold to an Asian investment group for

$1.2 billion, facilitating a multi-hundred million profit

for the ownership group.

Trophy office asset comprised of three buildings

totaling approximately 1.8 million square feet.

Arranged a 7-year, fixed rate, interest only first

mortgage.

As reported by Commercial Mortgage Alert, this

transaction was valued at almost $860 million.

Bank of America CenterSan Francisco, CA

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$100 million equity placement to facilitate the

acquisition and repositioning of a $300 million, 3,000

apartment unit portfolio in Texas.

Carlton accessed a major Midwestern pension fund

advisor to provide the equity investment.

The Sponsor is a national real estate investment and

management company.

Internacional PortfolioTexas Multifamily Portfolio

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Arranged equity capital with a major

US pension fund for the equity

recapitalization of 5 Hanover Square.

5 Hanover is a 25-story, 320,000

square foot office property located in

the heart of downtown New York’s

financial district.

Swig Equities PortfolioNew York, NY

Arranged equity capital with a

Norwegian investment bank for the

equity recapitalization of 44 Wall

Street.

44 Wall Street represented the

Norwegian investment bank’s first

US real estate investment.

44 Wall Street is a prime, 99%

occupied, 350,000 square foot office

building centrally located in

Manhattan’s financial district.

Arranged equity capital with a major

US pension fund for the equity

recapitalization of 90 Broad Street.

90 Broad Street is a Class A, 400,000

square foot office building located in

the financial district of Downtown

New York.

5 Hanover Square 44 Wall Street 90 Broad Street

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Grosvenor HotelWalt Disney World Resort in Orlando, FL

Carlton’s Hospitality Group arranged a strategic equity joint venture partnership with a private equity fund

to recapitalize the property and fund a substantial renovation and repositioning of the hotel.

The Grosvenor Resort is only one of seven hotels located inside the Walt Disney World Resort, along Hotel

Plaza Boulevard in Lake Buena Vista, in the area known as “Downtown Disney”.

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AtlanticA ResortDominican Republic

$70 million of acquisition and development equity capital.

The largest planned development of an upscale resort in the Caribbean. When complete, AtlanticA will

contain seven villages located on 2,200 acres along the Northeastern Dominican Coast and include hotels,

homes, a mega yacht marina, private airstrip and shopping village.

Carlton accessed a private equity group who provided the equity. This was the investor’s first real estate

investment.21

Arranged $245 million in a multi-tiered acquisition

structure consisting of a first mortgage, a mezzanine

interest and a preferred equity interest.

A 478-key luxury resort, spa & casino located in

Palm Beach, Aruba.

The Property will undergo major renovations and be

reflagged a Westin Hotel, managed by Starwood

Hotels & Resorts.

Wyndham ArubaPalm Beach, Aruba

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$840 million joint venture and condominium

conversion financing.

One of the largest and most significant

condominium conversions in the country.

Located between 65th and 66th Street and Second

and Third Avenues in highly desirable Upper East

Side Manhattan neighborhood.

Prime 583 unit residential building aggregating over

one million gross square feet.

Carlton arranged the joint venture between Jerry

O’Connor of O’Connor Capital Partners and

Richard Kalikow of Manchester Real Estate.

Manhattan HouseNew York, NY

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Completed Debt Transactions

Carlton arranged $1.5 billion of floating rate senior

acquisition financing

33 property, 4.6 million square foot office portfolio.

The financing represented 90% if the total

acquisition cost (including reserves and closing costs)

and more than 100% of the purchase price

Carlton was the exclusive advisor to Cabi Developers,

the US affiliate of GISCA, Mexico’s largest

commercial real estate developer.

Arden Office PortfolioSouthern California

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$350 million construction financing.

A 42-story, 413 key, five-star hotel located at the

intersection of Spring and Varick Streets in the highly

desirable and fashionable SoHo section of

Manhattan.

Project amenities include a five-star restaurant,

premiere day spa, as well as an outdoor sundeck and

pool with adjacent bar.

Trump SohoNew York, NY

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$780 million ten-year, fixed-rate senior mortgage for

our clients’ refinancing of Sears Tower.

Class A+, world-renowned, trophy office tower

totaling more than 4.4 million square feet, located in

Chicago’s West Loop.

Financing was used to repay existing Carlton-

arranged, floating-rate financing from 2004, and fund

a very large TI/LC facility and sizable capital

improvement reserve for the repositioning of the

landmark property.

Previously arranged $825 million senior mortgage for

our clients’ acquisition of the asset in 2004.

Sears TowerChicago, IL

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1.05 million square foot Class A trophy office tower

in Boston’s Financial District.

100%-leased to State Street Financial Corporation

(S&P Rated AA-) on a long-term basis.

Arranged a $775 million, ten-year interest-only, fixed-

rate senior mortgage.

Multiple banks bid on the financing. Carlton joined

together two major investment banks who bid

separately in order to maximize the loan amount and

obtain the best possible pricing.

Carlton was the exclusive mortgage advisor to Fortis

Property Group for their acquisition.

State Street Financial CenterBoston, MA

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Carlton arranged $200 million of ten-year, fixed-rate

senior financing.

The Property is a 1.5 million square foot, Class A

landmark office tower in the Dallas CBD.

The $200 million mortgage was placed with a major

investment bank at an extremely competitive spread,

generous interest-only period, and with a sizable

tenant improvement/leasing commission facility.

The financing was arranged on an exclusive basis by

Carlton on behalf of Metropolitan Real Estate

Investors, led by Haim Revah.

Bank One CenterDallas, TX

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$522 million fixed-rate, ten-year interest-only senior

mortgage.

Carlton arranged 90% financing at 140 bps over the

10-year US Treasury.

A 37-story, 1.5 million square foot, Class A trophy

office building in Chicago’s Central Loop.

The Property features a “blue chip” long term

tenancy, including JP Morgan Chase and Citadel

Investment Group.

Citadel CenterChicago, IL

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$480 million in acquisition and condominium

conversion financing.

The Property is a 41-story, mixed-use residential

rental apartment building located in Manhattan’s

prestigious Upper East Side, half a block from the

East River.

Originally constructed in 1985, the Property contains

408 luxury residential units with a net rentable or

sellable area of 361,283 square feet.

River TerraceNew York, NY

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Carlton arranged a new $807 million, fixed-rate, ten-

year interest-only senior mortgage for our client’s

refinancing of the trophy asset.

A 2.23 million square foot, Class A, 99.7%-leased

office building in the heart of Midtown Manhattan.

The Property is more than 80% leased by Credit

Suisse (S&P Rated AA-) through 2017, and serves as

their global headquarters.

Other credit tenants result in a 93% total investment-

grade credit tenancy.

Eleven Madison AvenueNew York, NY

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Completed Entity Level Equity Transactions

D.R. Stephens Industrial FundWest Coast – United States

Closed $300 million of discretionary equity capital for a highly-successful industrial owner, operator and

developer.

The fund will enable the Sponsor to expand its acquisition and development pipeline in the western United

States. 34

$200 million of joint venture equity.

Joint venture equity from a major financial institution

was arranged to acquire and develop approximately

$600 million in assets.

Cardel Hotels will be the asset and joint venture

manager and Driftwood Hospitality will manage all

of the properties acquired by the fund.

Cardel Hospitality FundSun Belt Region – United States

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Carlton Management Team


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Howard L. Michaels, Chairman – Mr. Michaels is the owner and Chairman of the Carlton Group. Since 1991, Mr. Michaels has been

instrumental in the marketing, sale and financing of over $50 billion of commercial and residential assets through the Carlton Group and

its related entities. In addition to his responsibilities as Chairman, Mr. Michaels directs Carlton’s loan sales and debt and equity placement

activities. In this capacity, he has established a reputation as one of the nation’s foremost dealmakers, and has arranged capital for such

notable transactions as The General Motors Building, Manhattan House, 666 Fifth Avenue, and the Starrett-Lehigh Building in New York,

among numerous others. He is a graduate of American University with a BS in Business Administration.

Michael J. Campbell, Partner – Mr. Campbell has over 15 years of commercial real estate experience. Since joining Carlton in 1998, he

has been integrally involved in the structuring and procuring of equity and debt capital for over $40 billion of real estate projects around

the world, is a senior member of Carlton’s principal business. Prior to joining Carlton, Michael spent five years at various Prudential real

estate groups including Prudential Realty Group, Prudential Capital Group and Prudential Mortgage Capital Corp. He has extensive

experience in all facets of real estate investments including: complex equity and debt capital structuring, business origination &

development, loan/REO auctions and underwriting for all property classes. Michael has a bachelor’s degree in Financial Engineering from

James Madison University and a master’s in Real Estate Finance and Investments from New York University.

Dax Scharfstein, Managing Director and General Counsel – Mr. Scharfstein has over 12 years experience in the real estate finance

industry, primarily in the structuring and closing of commercial and residential mortgage loans and mezzanine loans. Mr. Scharfstein’s

previous positions include Associate Director of Structured Finance for Bear Stearns Commercial Mortgage, Inc., where he was directly

involved in the structuring of over $10 billion of commercial and residential loans in 2007. Prior to Bear Sterns, Mr. Scharfstein spent 6

years as a Senior Associate at the law firm of Schulte Roth & Zabel LLP, one of the nation’s premier legal advisors of commercial and

residential real estate. While at Schulte, Mr. Scharfstein was responsible for leading all aspects of major real estate transactions including

the drafting and negotiation of loan documentation, purchase and sale agreements, and joint-venture agreements. Mr. Scharfstein received

a J.D. from Hofstra University School of Law, and a B.A. from Brandeis University, where he graduated Cum Laude.

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Joseph Korbar, Managing Director – New York Office – Mr. Korbar is a Managing Director of the Carlton Group and is a

residential loan and capital markets expert having held senior positions for JP Morgan Chase, Mortgage It and Deutsche Bank over a

20 year period. At Deutsche Bank, Mr. Korbar was a Senior Banker in the RMBS Fixed Income Division where he was responsible for

pricing and new product development for a $25 billion per year book of investments. In addition, Mr. Korbar managed risk, hedged

positions and determined best execution strategies for the portfolio. Prior to Deutsche Bank, Mr. Korbar worked at JP Morgan Chase

as a Senior Vice President in the Finance Division. Mr. Korbar has a B.S. in Finance from Seton Hall University.

John S. Ward, Managing Director – Mr. Ward is a senior finance professional who runs Carlton’s senior debt platform. He has over

20 years experience in commercial real estate with the last 12 having been spent as an institutional lender on Wall Street. He was most

recently a Senior Director at Barclays Capital where he was the top fixed and floating rate debt and mezzanine originator during his four

years at the firm placing over $3 billion.

Prior to this, Mr. Ward spent five years as a Senior Director at GE Capital where he was also the top originator for fixed and portfolio

debt placing more the $1 billion. Mr. Ward began his lending career with Bear Stearns underwriting and then transitioning to debt

originations. Prior to the lending side, Mr. Ward spent several years with CB Richard Ellis and Joseph J. Blake as a commercial real estate

appraiser. Mr. Ward started his real estate career in 1990 with a large commercial/residential developer in the Virginia/DC Metro area. Mr.

Ward received a BA from Virginia Polytechnic Institute and State University.

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Robert Mudry, Managing Director – Mr. Mudry oversees the Carlton Merchant Banking/Equity Placement and Advisory Service

Groups. Mr. Mudry is a seasoned sales and marketing professional with over 30 years of business development, capital raising and

managerial skills. He has raised billions of dollars in capital from global sources for financial institutions including, prominent hedge

funds, private equity and family offices. He has also served as advisor and provided strategic direction and financing for several listed

public companies over the last decade. His prior experience includes senior executive positions in investment banking and corporate

finance when he was employed by Kidder Peabody, Drexel Burnham and Solomon Brothers. Mr. Mudry received both an MBA in

Finance and a BS in Management from New York University.

Philip A. Powers, Managing Director - Philip A Powers was most recently Senior Vice President and Manager of the Commercial

Real Estate (CRE) Lending Group at Security Pacific Bank in Los Angeles. Mr. Powers started the CRE Lending Group in 2004,

hiring over 20 professionals in the origination, processing, underwriting, closing and servicing areas. The CRE Lending Group closed

over $660MM of new originations and purchased loans, with average pre-tax net income of $10MM per year on $25MM of allocated

capital and $250MM of average assets. Before Security Pacific Bank Mr. Powers was VP-Manager of the Southern Region Retail

Lending division at Imperial Capital Bank. At Imperial Mr. Powers managed nine loan officers and was responsible for over $500MM

in originations of small balance commercial real estate loans.

Mr. Powers also started the Secondary Market Acquisition Group in 2000 and bought over $350MM of small balance commercial real

estate loans from 2000 to 2004. In 1995 Mr. Powers moved to Los Angeles from New York City to be Executive Vice President and

Region Manager for Koeppel Tener Real Estate, a national due diligence and appraisal firm. In New York City, Mr. Powers was VP-

Loan Syndications for Chemical Real Estate Finance, and before that was VP-Loan Originations for the New York Office of National

Bank of Canada. Mr. Powers started his real estate career at Marine Midland Bank in the Construction Lending Department. Mr.

Powers received his BA from Columbia University in New York City and his MBA with a concentration in Finance from New York

University’s Stern School of Business.

Brendan P. Sullivan, Managing Director - Mr. Sullivan has executed hospitality-related principal and advisory transactions with a market

value in excess of $5.0 billion. Prior to joining Carlton, Mr. Sullivan was President of Stephen W. Brener Associates/InterBank Brener

Hospitality, where he was responsible for the company’s three primary business lines: Investment Banking and Principal Activities; Advisory

and Brokerage Services; and Strategic Relationships. His major clients included Marriott International/Host Marriott, Ladbroke (Hilton),

FelCor Lodging Trust, Thayer Lodging Group and the Port Authority of NY and NJ, among others. Mr. Sullivan has also been the Regional

Director of the Americas for London-based Knight Frank Access and on the Advisory Board for New York University’s Tisch Center for

Tourism and Hospitality. Mr. Sullivan began his career as an Investment Banker.

John Bralower, Managing Director - During his career, Mr. Bralower has completed over $10 billion of debt, equity, corporate finance,

M&A advisory and leasing transactions for many of the real estate and hospitality industry’s leading companies. Mr. Bralower’s positions

prior to joining Carlton include Managing Director and co-head of global real estate investment banking at Houlihan Lokey Howard &

Zukin and President of Sonnenblick-Goldman Company. Mr. Bralower has been quoted and featured in industry and mainstream

publications, including the New York Times, the Wall Street Journal and the New York Observer. His speaking engagements have included

the New York University and UCLA hotel investment conferences, the NYU Real Estate finance conference and the IH&RA Annual

Congress in London. Grid magazine ranked him in the top ten on its POWERgrid of real estate bankers and brokers.

Steven Fenster, Managing Director - Steven Fenster is a Managing Director of Carlton Advisory Services, Inc. He has over 25 years of

combined real estate and investment finance experience. During the course of his career working both with syndication firms and

investment banks, he has been involved in raising money from investors for many diverse financial projects throughout the country.

Whereas he has familiarity in all areas of Real Estate Equity and Debt financing, he specializes in obtaining Equity for acquisitions,

recapitalizations and development projects. He has extensive experience with office buildings, multifamily rentals, hotels, ground up

developments, condominium conversions and mixed use projects. Steve holds a BA from American University and an MBA in Accounting

from Hofstra University. He resides in Briarcliff Manor, New York with his wife and two sons, where he is an active member of his

community. He is a licensed real estate salesperson in the State of New York.

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Anthony Marando, Managing Director - Mr. Marando is a Managing Director in Carlton’s Equity and Debt Advisory department,

responsible for the origination and placement of large real estate and related transactions and funds. Mr. Marando is a veteran of the

commercial real estate market, having personally originated and placed over $1 billion of transactions throughout his career. Mr.

Marando is happily married for over 21 years and is a proud father of 3 children. He is also an active member in his residential

community. Mr. Marando is a graduate of Fordham University with a B.A. in Economics and currently maintains dual citizenship in

the U.S. and Italy.

J.P. Josephson, Managing Director - Mr. Josephson has over 13 years experience in all aspects of the real estate industry, with

extensive experience in the CMBS market. His previous positions include Managing Director and Principal of JBK Capital and

Cobblestone Advisory Group, where he was directly responsible for the modification of over $300 million of senior securitized and

mezzanine debt for various borrowers. During his tenure there, he was also responsible for raising all capital for its principal

investments. Prior to Cobblestone and JBK Capital, Mr. Josephson was a Senior Vice President at Montecito Property Company,

where he was responsible for all aspects of deal underwriting, due diligence, sourcing, structuring and negotiating with all

capitalization sources (both debt and equity). While there, he sourced and closed on the financing of over $1.2 billion of multifamily

properties (consisting of over 25 properties of over 7,000 units). Other transactions Mr. Josephson worked on included the financing

of the acquisition of a $145.2 million medical office portfolio (14 properties, totaling 583,000sf). Prior to Montecito, he was a Vice

President at LNR Property, where he completed over $2.5 billion of workouts, foreclosures, loan dispositions, and various borrower

loan requests of commercial loans in approximately 70 different CMBS pools. Prior to his time at LNR, Mr. Josephson was at UBS,

where his responsibilities included large loan underwriting and was a member of the securitization team. Mr. Josephson received a

Bachelor of Science in Business from Washington and Lee University.

Mitchell Foon, Senior Vice President - Mr. Foon has over 20 years of real estate finance experience and most recently was a senior

executive at East West Bank. Since then he has worked at the senior executive level for a number of financial companies. Mr. Foon

has developed and managed hundreds of millions of dollars worth of commercial loan portfolios. Most recently, Mr. Foon was a

Senior Vice President at Los Angeles based Pathfinder Mortgage. Mr. Foon has extensive relationships with many major financial

institutions in Western United States and has very strong ties with the various Chinese American banks based in California.

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