In April of 2005, PSONY Carlton LLC, an affiliate of each of Meritage Properties and Avenue Capital Group, acquired 87 apartments at Carlton Tower Condominium, a 21 story high-rise apartment building located in Passaic Park, New Jersey. The Portfolio consisted of 25 studio apartments, 42 one bedrooms, 15 two bedroom units and 5 three bedroom units.

Carlton Tower is locally recognized as Passaic’s premiere luxury doorman condominium. The building has been enhanced by numerous capital improvements including a new roof, new elevator mechanical systems and doors, new balcony doors, a new front door canopy and a re-designed lobby and doorman station. Residents have exclusive use of an on-site swimming pool and both an indoor and gated outdoor parking facility. Carlton Tower is a two block walk from Passaic Park and New Jersey Transit, offering direct access to Hoboken and New York Penn Station. The building is across the street from the Express Bus to Port Authority Terminal in Midtown, and a short walk to numerous houses of worship.

In late 2009, Meritage executed a refinancing and purchase of Avenue Capital’s ownership interest in the remaining units owned. As owner and manager, Meritage oversees the renovation, marketing and sales program for the remaining units.

The apartment renovation program includes:

• Cherry wood cabinets
• Stainless steel appliances
• Ceramic tile floor & new Formica countertops
• Wood laminate flooring in entryway hall
• Mohawk carpet throughout bedroom & living room
• Fully tiled baths, new vanities, sinks and toilets