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

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

TRD New York /
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

Blackstone Chairman Stephen Schwarzman (Credit: Blackstone via YouTube)

It will make you laugh, it will make you … cringe: Blackstone’s latest holiday video

Paul Volcker (Credit: Getty Images)

Paul Volcker, Fed Chair who infuriated real estate, dies

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Redwood Trust’s CEO Christopher J. Abate (Credit: iStock)

Wall Street is collecting rent payments

From left: 1407 Broadway, 805 Third Avenue and 195 Broadway (Credit: Google Maps)

These were the 10 largest Manhattan real estate loans in November

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss