Rose Associates, DTH Capital secure $375M loan for 70 Pine

Syndicate of Brookfield, Bank of China and ING provided the financing package

New York /
Apr.April 27, 2017 06:00 PM

Rose Associates and DTH Capital received a $375 million loan to refinance their Financial District building at 70 Pine Street.

Brookfield Real Estate Financial Partners, an affiliate of Brookfield Asset Management TRData LogoTINY, arranged the financing. Brookfield structured it to take the subordinate mezzanine loan, with Bank of China and ING providing the debt on the senior loan, according to the Commercial Observer.

DTH Capital is the majority owner of 70 Pine Street, and Rose Associates is the minority owner.

Once insurance offices, the owners spent $600 million converting the building into a luxury rental building and a hotel. There are now 612 units and Q&A’s 132-room hotel. The 66-story building took a year longer than expected to convert, and ran over budget by $50 million, according to a past New York Post story.  It’s one of many rental buildings in the city that have offered concessions to tenants to keep vacancies at bay.

The new financing is likely a take-out for construction costs, according to CO. [CO]Miriam Hall


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
These were the largest Manhattan real estate loans in April
These were the largest Manhattan real estate loans in April
C-PACE gives landlords and developers cheap financing in exchange for making energy efficient improvements. (Getty)
Landlords can now retroactively tap financing tool for energy improvements
Landlords can now retroactively tap financing tool for energy improvements
11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)
Rockrose investment values Nomad office building at $235M
Rockrose investment values Nomad office building at $235M
Jamie Dimon, Steve Roth, Donald Trump and 555 California St. (Trump, Getty)
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Ron Perelman and 35-39 East 62nd Street (Getty, Google Maps)
Big discounts on sale of Perelman properties and loans
Big discounts on sale of Perelman properties and loans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...