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

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

Apr.April 27, 2017 06:00 PM

From left: 70 Pine Street, Amy and Adam Rose

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

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

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

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch