Global Capital, Local Knowledge

The Carlton GroupReal Estate Private Equity Bankers Since 1991

The Carlton Group

Overview

In business since 1991. Carlton is a global real estate investment bank and we have closed in excess of $125 billion of advisory and principal real estate equity and debt transactions.

Carlton specializes in arranging equity partnerships, large loans and multi-tranche capital solutions for complicated transactions. We also have a major principal business which does opportunistic lending and investments. We often partner with clients and provide sponsor equity and contract deposit money for qualifying transactions. Our senior management team has well over 200 years of investment management experience.

Carlton has one of the best proprietary deal flows in New York and the United States having completed over 50 million sf of Manhattan transactions. We typically see billions of dollars of potential transactions each month and we have tremendous relationships with owners, investors, and lenders throughout the world.

The Carlton Group

Asia Team

Carlton Group Asia Team specializes in raising large amounts of equity and debt from the Far East. It is working with pension funds, insurance companies, family offices, real estate developers, private equity funds, as well as high net worth individuals. Carlton Group has successfully completed hundreds of millions of dollars in transactions with groups such as HNA, Cindat, Tai Ping Insurance and many others.

The Asia Team travels frequently to China, Singapore, Hong Kong, Japan, and Korea for its capital markets activities. It also covers the Southeast Asia region including Malaysia, India, and Taiwan. We have excellent relations with domestic capital sources and we seek out the best execution for our clients’ capital needs.

Examples of Debt and

Equity Advisory Transactions

1568 Broadway (THE Doubletree Hotel in Times Square, Manhattan)

As the exclusive advisor to Maefield Development and its institutional investment partner, we facilitated the acquisition of this $1 billion hotel, retail, LED signage and entertainment property in the heart of Times Square. Overall, this is a $2 billion redevelopment which is expected to have $6 billion in residual value.

One Billion Dollar High Line Luxury Condo and Hotel

Carlton organized a one billion dollar multi-tranche capital stack to facilitate one of the largest as-of-right land development acquisitions in the history of Manhattan. This extraordinary mixed-use development is going to have a super-amenitized luxury condominium, a five-star luxury lifestyle hotel, along with a significant retail component.

Two Billion Dollar JV Equity and Acquisition and Construction Loan and JV Equity at 20 Times Square (Formerly 701 Seventh Avenue)

Carlton arranged a joint venture equity and acquisition financing for the development of a Marriott Edition and Ian Schrager to build a 42-story Edition Hotel plus 76,000 square feet of prime retail and a 18,000 square feet LED sign in the heart of Times Square. This transaction is expected to make at least a 4x equity return.

Examples of Debt and

Equity Advisory Transactions

111 Murray Street, Tribeca Manhattan

Carlton arranged a joint venture from a consortium of 3 Chinese investors who invested a $125 million in conjunction with one of New York’s top developers to facilitate the development of this $800 million, 70-story luxury condominium tower in Tribeca.

125 Greenwich Street Debt, Equity & EB-5 Financing Financial District, Manhattan

Carlton raised more than $400 million of debt, equity and EB-5 financing for this acquisition and pre-development financing. Carlton organized 6 different lenders from 5 different countries and investors in order to generate a highly beneficial capital stack for the Sponsor. Additionally, Carlton arranged a $130 million first mortgage from a Singaporean lender and $35 million of mezzanine which came from one of the wealthiest families in India.

Park Lane Hotel Manhattan

Carlton arranged a $616 Million structured financing to support the acquisition of the Park Lane Hotel. The Park Lane is an iconic New York hotel overlooking Central Park. Although this asset generated only $10 Million in net operating income, Carlton was able to arrange a very attractive structured financing. The capital stack included a senior lender who provided inexpensive terms for the A note with a balance sheet lender who provided a junior first mortgage which resulted in a good blended rate to the borrower.

Current Investment Opportunities

56 St Manhattan

Deal High Line

As-of-right zoning with inclusionary air-rights already purchased

No possession or environmental issues

Low land basis of $500/SF

Projected deal level IRR of 31.3% and an equity multiple of 2X+

Investment period of 34 months

90% of the condo units are priced between $1.5 to $3.5 million

Internationally renowned architect and designers- Alvaro Siza

Close to the new Hudson Yards master development

Cultural and shopping venues such as Lincoln Center, Columbus

Circle, and New York City’s best restaurants are nearby.

The development is located in the Midtown West area of Manhattan and the tower will provides tremendous unobstructed water views. It consists of retail, parking, and condo

units totaling 172,799 SF. It has 80 residential units and approximately 10,000 sqft of retail. The project plans to get a construction loan of 60% with no mezzanine loans. The

developer has already invested around 40% of equity in the deal during its predevelopment phase.

Queens Multifamily and Retail Property

Deal High Line

The property is a newly-completed seven-story, mixed-use

development located in the Elmhurst neighborhood of Queens

right across from the Queens Center Shopping Mall

The property is proximate to all major highways and mass transit

bus and train stations.

There is a diverse selection of studio, one-bedroom, two-bedroom,

three-bedroom, and loft-style apartments targeting multiple

demand segments—singles, couples, and families.

An experienced real estate investor is seeking a JV partner to facilitate the acquisition of a built and currently being leased 230,000 sf multifamily rental and retail property in a

prime Queens location minutes from Midtown Manhattan. The expected NOI upon lease-up within the next twelve months is $8.3 million dollars, and this high-profile project

includes 144 luxury residential units along with 66,000 sf of prime retail and a 34,000 sf community facility which is already leased, plus an adjacent 280-space 86,000 sf covered

parking garage.

Albany Road

Deal High Line

5 million square feet of institutional quality office, retail and industrial

properties located in prime locations across the North and South East

U.S.

93% occupancy providing desirable in-place cash flow

In-Place NOI of approximately $51 million.

The portfolio is being offered at an attractive basis of $145 psf.

Diverse tenant mix minimizing exposure to any single firm or industry.

Projected returns of 2.3x equity multiple, a 20% IRR and 9% cash-on-

cash over the 5 year hold period.

A highly successful property owner who is seeking a JV equity partner to recapitalize a heavily cash flowing Office/Retail/ Industrial portfolio located in prime locations

throughout the North and South East United States. The Sponsor, established in 2012, is a highly experienced operator delivering attractive risk-adjusted and tax efficient

returns for their investors. Following an initial focus on opportunities in the Northeast, the firm expanded its reach into the Southeast, with the opening of a Nashville

office, and subsequent acquisitions in Tennessee, Georgia, and the Carolinas.

Heavily Cash Flowing Office Portfolio

Deal High Line

Average cash-on-cash of 13% over the 5 year hold period. 31% IRR. 3.3x equity multiple.

34 Class-A office properties encompassing assets in Mid-Atlantic, West Coast, New

England, Texas, and Florida markets.

The Portfolio is 81% leased providing a desirable mix of in-place cash flow and leasing

upside. It is being offered at an attractive $138 psf.

Demonstrating its exemplary capabilities, the Sponsor has executed over 2.8 million

square feet of new leases and renewal amendments within the Portfolio since July 2014.

Significant upside as below market rents roll to market levels.

9 Million square feet and over 750 tenants delivering a diversification in rollover,

geography, product type, and tenant industry with a 2016 In-Place NOI of $85 Million.

An amazing opportunity for you to acquire and joint venture in this heavily cash flowing office portfolio which enjoys approximately $85 million of in-place NOI. We have made

a price adjustment which significantly lowers the price and provides you with even better economics. The total transaction value inclusive of reserves is $1.3 billion. A major

U.S. financial institution is prepared to give us $1 billion in senior financing and the equity investment from you is approximately $300 million.

1568 Broadway

Deal High Line

Convert And Renovate The Current 467 Hotel Keys (Which Are 750 Psf On

Average) To 744 Regular Sized Hotel Rooms - $54 Million Of NOI.

Newly Created 63,000 Sf Of Retail On Four Floors - $54 Million Of NOI.

17,000 Sf Of Brand New Led Signage - Is Expected $17 Million Of NOI. 31,000 Sf

Of Non-hotel F&B - Is Expected To Produce $16 Million Of NOI.

The Existing Palace Theater Will Move Its Entrance To 47th Street And Will Be

Lifted 25 Feet In The Air Which Will Facilitate The Retail Space Discussed Herein.

The Hotel Will Not Close And Will Produce Income Throughout The Renovation

Period Which Is Articulated In The Investment Model.

The aggregate NOI of the above is $141 million which will produce an aggregate

residual value of more than $3.6 billion.

1568 Broadway (aka. The DoubleTree Hotel) is a tremendous mixed-use asset which consists of a 43 story hotel, the legendary Palace Theater, a small amount of retail, and

several signs on the facade of the property. the Sponsor has an ingenious plan to move the Palace Theater thus creating 63,000 sf of highly valuable retail space which does

not currently exist at the property. This retail will create an additional $50 million of NOI or $1 Billion of additional value.

New York Wheel

Deal High Line

As indicated above, this is an exceptional profit making opportunity and the

asset has fabulous retail, F&B, parking and a truly unique operating business

component and you will be partnering with some of the top real estate

professionals in Manhattan.

This project is fully financed, and your partners will have three times the

amount of cash equity invested than you, allowing for a true alignment of

interest amongst the partners. This transaction is also substantially un-

promoted, and the actual profit and cash flow here can be much greater

than what is stated.

We are writing to you as the exclusive advisor to a best in class sponsor group who is interested in recapitalizing and partnering with you on one of the top real estate projects in New York.

Cher Chang 张育瑞 |

Carlton Group Managing Director

– Head of Asia Division

卡尔顿集团亚太区常务董事

cchang@carltongroup.com917-332-2059 Direct604-729-3586 Cell560 Lexington Ave,New York, NY 10002

卡尔顿集团国际领先的房地产私募股权投资银行

全球资本，专业知识

卡尔顿集团概况

卡尔顿集团（The Carlton Group）是一家坐落在纽约曼哈顿的国际商业地产私募股权投资管理公司。卡尔顿集团成立于1991年，商业与住宅房地产交易总额超过1，250亿美元。卡尔顿集团专注于为资本项目通过复杂、高度结构化的债券和股票提供解决方案。

在过去的二十年里，卡尔顿集团同时积累了传统投资者和一些不经常出现在公共视线的投资者。卡尔顿集团常常能为特定的项目融到90% - 95%的股权，同时为客户控制着最优的债务结构。

卡尔顿集团也在不断发展着商业银行业务，与此同时拥有并管理着超过三百万平方英尺的商业、住宅和零售空间。卡尔顿集团通过投资存款或通过股本赞助与客户维系着长远的合作关系。卡尔顿集团还积极运营着目前已超过三十亿美元的股权，债务交易的投资业务国际资讯平台，并在欧洲发展着投资销售业务。

卡尔顿集团亚洲团队

卡尔顿集团亚洲团队致力于从远东地区筹集大量的股票和债券。亚洲团队主要服务养老基金、保险公司、家庭办公室、房地产开发商、私人股本基金，以及高资产净值人群。卡尔顿集团已成功地完成了数百万美元的交易。我们的客户包括海航集团，信泰资本，泰平保险等。

亚洲团队经常到中国、新加坡、香港、日本和韩国参与资本市场活动。它还涵盖了东南亚地区包括马来西亚、印度和台湾。我们与国内资本来源保持着良好的关系，同时我们也不断满足这客户的资金需求。

卡尔顿集团贷款与股权咨询交易项目

百老汇大道1568 号：希尔顿DOUBLETREE酒店

卡尔顿集团独家代理为其中一家机构投资者完成收购与改建所需的资金。该重建项目的总投资额将达到20亿，位于时代广场中心。

曼哈顿高线公园10亿美元项目

卡尔顿集团独家代理HFZ开发集团，协助其筹集了超过十亿美元的高线项目收购资本。HFZ是纽约市最大的开发商之一。高线公园项目占地84万平方尺（1.5英亩）。卡尔顿集团从五个不同的投资银行里得到土地贷款并从投资者里得到了收购股权资本。

曼哈顿时代广场20号

卡尔顿集团共筹集了20亿美元合作资本用于收购与开发时代广场20号。卡尔顿集团在最初就为47街与7大道的地块筹集了5亿美元的资本和贷款。

卡尔顿集团贷款与股权咨询交易项目

纽约111号MURRAY街

卡尔顿帮助Witkoff集团与Fisher Brothers 完成了2亿美元的收购与建筑贷款。此项目位于曼哈顿下

城，楼高10层，共有145，000平方尺。该建筑之前被圣约翰大学所拥有。投资者计划建造成为

370，000平方尺的高级公寓。

集资2.4亿美元资产与债权协助125号GREENWICH街并购与发展

卡尔顿安排来自五个国家的六位贷款商共同投资债务，协助125号Greenewich项目的发展商得到

有利的建筑贷款。卡尔顿集团从新加坡的集团得到了1.3亿美元的一级贷款，从印度高净值家庭基

金里得到了3，500万美金夹层贷款。与此同时，卡尔顿集团从中国投资者得到了超过70%的私募

股权投资。这栋80层的公寓落成后预计销售总价格将达到超十亿美元。

6.16亿美元，柏宁酒店收购融资

卡尔顿集团为该酒店安排了6.16亿美元的融资。柏宁酒店当时约有每年一千万的营运收入。债权

中包括一笔利率较低的一级贷款。卡尔顿的贷款协助Witkoff集团与一个马来西亚的地产投资集团

合作来完成了此次收购计划。

当前投资机会

曼哈顿56街

投资热点

无需申请政府区域审批，其上空权已经购买

无环境污染

低至$500/SF的土地收购价格，带来丰富的收益回报

投资周期34个月

预计项目年收益率达到31.3%，其权益系数达到2.0x+

90%住宅单位售价位于150万美元至340万美元，以中端的价格匹

配高端的设计

由国际知名设计师和建筑师共同合作，楼盘设计质量保证

西临哈德逊河，南靠新建的大型Hudson Yard社区，地理位置优越

地处文化、经济和娱乐的中心：Lincoln Center、Columbus Circle、

以及整个曼哈顿最好的餐厅都汇集于此

该项目地段位于纽约曼哈顿中城，毗邻哈德逊河，地理位置优越，交通便利。项目开发将由纽约当地知名开发商承建，其在曼哈顿已有多处开发项目正在进行中。

开发面积共计172,799平方英尺，总共包含80个住宅单元，零售商铺和地下车库。开发商已经投入等同于项目总价的40%的资金用于项目开发前期的准备工作。

皇后区新近完工混合型物业

投资热点

该大楼地理位置优越，地处皇后区中心，交通便利，距离曼哈顿中城

仅分钟之遥。

大楼内部包括约144户高端公寓，66,000平方英尺的优质商铺和34,000

平方英尺的社区设施（该社区设施已经完全租赁出去），还有相邻的

86,000平方英尺共计280个车位的车库。

该物业位于交通中心，毗邻各大主要高速和公共交通系统，包括地铁

和公交车站。

住户可选户型广泛，包括：单身公寓，一居室，二居室，三居室以及

阁楼式公寓，以满足不同阶段顾客（单身，夫妇或者多户家庭）的不

同需求。

现为一个房地产投资人寻找投资合伙人，共同参与其收购位于纽约皇后区中心区域的商铺与住宅公寓混合型物业的投资机会。该大楼目前已建成，共计230,000平方

英尺目前正在租赁230,000平方英尺，其内部空间正在陆续出租。该物业共计7层，是新近完工的混合型物业地处皇后区Elmhurst。在未来的12个月内，该物业预计运

营收入可达830万美元。

奥尔巴尼路混合地产组合

投资热点

总计500万平方英尺的顶级写字楼、零售商铺和工业用楼，遍布于

美国北部和东南部的主要城市。

93%的入驻率保证了大量稳定的现金收入。

实际运营收入预计大约5100万美元。

该投资组合的资产重组价格非常诱人，大约每平方英尺145美元。

多样化的租客类型保证了该地产组合的稳定性，避免了租客种类

过于单一的市场风险。

预计5年的投资期内，资本收益倍数将达到2.3x，内部收益率达到

20%，每年的现金收益将稳定在9%。

我们的客户是一个美国当地非常成功的地产商，其正在寻求一个合资伙伴，共同参与其名下混合地产组合的资产重组。该混合地产组合包含写字楼、商铺和工业

用楼，地理位置遍布美国北部和东南部，并且有稳定的现金流。我们的客户拥有丰富的地产投资和管理经验，曾多次成功地为其合作伙伴和投资人提供有效的风

险规避和高效的收益回报。公司也从最初的关注美国东北地区的地产投资机遇，逐渐把业务拓展到了美国东南部，并在纳什维尔设立分公司。随后公司又在田纳

西州、乔治亚州和北卡罗来纳州等多地进行地产收购。

A级办公楼组合

投资热点

投资期5年 -平均每年大约13%的现金收益；31%的年内部收益率；资本收益倍

数预计高达3.3倍。

34个A级写字楼资产，遍布于全美各地，包括美国东西海岸，新英格兰地区，

德克萨斯州和佛罗里达州等地的各大主要城市。整个地产组合入驻率高达81%，

能够产生实际的稳定现金流，并且其有很大的上升空间。其现阶段租金远低

于市场平均租金，未来上升趋势看好。

该写字楼组合重组价值非常诱人，低至每平方映出138美元。总计900万平方

英尺的写字楼面积和超过750个租户，为投资该写字楼组合提供了巨大稳定性，

同时大大降低了流失风险。

自2014年7月以来，该业主已经重新签订或续签新的租约面积累计达到280万

平方英尺，再次证明了该写字楼组合的稳定性。

卡尔顿作为独家代理，现为一经验丰富的业主寻找股权或债权合伙人，参与其有大量稳定现金流的办公楼资产组合的再融资，该办公楼组合分布于全美主要城市。

该投资组合均为A级写字楼，共占地920万平方英尺，租户种类多样。第一年预计净运营额为8500万美元。我们最近调整了该投资组合的价格，以便给您提供更好的

经济回报。整个地产组合的价值超过13亿美元，一家美国境内的主要金融机构已经同意给该地产组合提供10亿美元的一级贷款，投资人只需要3亿美元的投资金额。

百老汇1568号

投资热点

翻修和改造现有的467间酒店房间（平均750平方英尺），增加到744间

酒店房间 – 预计将产生5400万美元的净运营收入。

新创造出63,000平方英尺，总共四层的零售商铺，预计将产生5400万美

元的净运营收入。总计17,000平方英尺全新LED广告显示屏，预计将给

整个项目增加大约1700万美元的运营净收入。

总计31,000平方英尺非酒店餐饮业务预计将给整个项目带来额外1600万

美元的净运营收入。

现有的宫殿剧院入口将会移到47街，并且将抬升25尺高，这样会给零售

商铺提供位置便捷。

最重要的是：酒店在整个施工翻修和升级阶段并不会关闭，而会完全处

于运营状态。在数据模型中有直接体现。

该投资机会是对时代广场一现有酒店进行改造升级。1568 Broadway（“The DoubleTree Hotel”）是一个巨大的混合型地产，现阶段其包括一个高达43层的希尔顿旗

下奢华酒店，一个著名的宫殿式剧院，一些少量零售，和几个位于酒店外墙面的巨型广告牌。这个未来的零售空间预计将额外创造5000万美元的净运营收入或高

达10亿美元的附加值。

HFZ高线公园超奢华住宅项目

投资热点

地理位置极度优越，地处高线公园核心位置，西临哈德森河。

价格定位优势巨大，相比曼哈顿中城其他超奢华住宅公寓，价格定位区

4百万-7百万美元间完全有非常强的竞争力。

该项目开发主要为超奢华公寓，共计900,000平方英尺，还会有部分酒店

空间、零售商铺以及停车场，预计总共利润高达10亿美元。

酒店的潜在客户将会由一家亚洲6星级酒店入住，目前合作细节还在商

讨之中。这无疑将给该项目未来盈利前景带来了保证。

目前该开发项目已经锁定了共计12亿美元的建筑贷款、2亿8千万的EB-5

融资以及近3亿美元的资本投入。稳定的资金流保证了项目的完美运行。

该投资机会是以优选股权的方式参与该奢华住宅项目的开发，开发商为纽约当地知名开发商HFZ承建，目前该项目已经拿到了全部贷款，并且已经开始施工。该公寓

开发项目是目前曼哈顿最有盈利前景的项目，其地处高线公园（High Line Park）最佳地段。从资金结构来看，目前该项目已经拿到总计5亿美元的EB-5融资和银行贷

款。更重要的是，该高线公园公寓项目预计销售的公寓价位处于4百万至7百万美元之间，该价位区间目前是纽约曼哈顿市场上最后消费者欢迎的价位。

纽约摩天轮项目

投资热点

如上所述，该投资机会绝对是万里挑一的盈利投资。其项目计划是开发

包含奢华零售、餐饮、停车场和一个绝对与众不同的运营型商业。所有

这些包含的项目，都会与纽约当地顶级地产专业人士共同合作。

该项目的贷款已经到位。并且合伙开发商将会投入三倍于你的股本，这

样能够保证合作伙伴之间的利益。并且这个项目开发商在其中并不会拿

到提成，所以投资人的实际回报将会非常丰富!

卡尔顿集团作为独家代理，现代表纽约一个顶级开发商，向您提供一个以合资方式和资产重组方式投资纽约房地产的绝佳机会。