Carlton Advisory Services Inc., a commercial real estate investment bank, said Monday that it has hired Sal Tarsia to be a managing director and the senior credit officer of its principal transactions arm.

Tarsia is in charge of underwriting first-lien mortgages and pricing loans, securities and equity investments acquired by the New York firm.

He worked for eight years in Capmark Financial Group Inc.'s New York office as a senior vice president and managing director.

He was in charge of originations and underwriting for the Horsham, Pa., company's principal finance group and worked on more than $20 billion of loans.

Before joining Capmark, he worked for three years as a senior credit officer at Matrix Acceptance Corp., where he helped launch a lending program for franchises and convenience stores.

Carlton's principal transactions arm is offering first mortgages for up to 65% of the value or cost of the building. "This type of debt is virtually nonexistent in the market," the firm said.

The loans, generally for up to $70 million, are available for all types of commercial property, other than undeveloped land.

Carlton said it prefers to make floating-rate loans but will consider fixed rates for loans with terms no longer than five years.

Operating income from the building must be at least equal to annual debt service, the company said, unless there are reserves or some other type of credit support.

Carlton also said it is targeting "transitional" properties that are nevertheless generating cash flow.

The principal transactions arm has acquired more than $800 million of assets for Carlton, the real estate investment funds the company manages and its clients' accounts.

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