Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

DTH Capital, Rose Associates converted former AIG offices to apartments, hotel

TRD New York /
Sep.September 24, 2019 02:07 PM
70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

The developers who converted the landmarked American International Building in the Financial District from offices to apartments and a hotel have refinanced the Art Deco tower with a large loan from Goldman Sachs.

DTH Capital and Rose Associates secured $386 million to refinance the 66-story tower that now goes by the address of 70 Pine Street, brokers who negotiated the loan told The Real Deal.

The floating-rate financing comes with a term of five years and replaces $375 million worth of debt that Bank of China, ING and Brookfield Asset Management provided the building owners in 2017.

A JLL team of Christopher Peck, Geoff Goldstein and Kristen Knapp secured the financing for DTH and Rose.

DTH bought the 1 million-square-foot tower in 2011 for $205 million, and soon after brought Rose in as a partner. The duo spent $600 million converting the former headquarters of AIG into 612 luxury rentals and a 132-room hotel. The lodging portion of the building is run by Lyric, a San Francisco-based startup backed by Airbnb that manages units in multifamily buildings and rents them out on home-sharing sites.

Goldman Sachs, meanwhile, recently provided a $226 million loan to RXR Realty to finance its 476-unit apartment development on the Long Island University campus in Brooklyn.

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