Rose Associates, DTH Capital secure $375M loan for 70 Pine
Syndicate of Brookfield, Bank of China and ING provided the financing package
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 [TRDataCustom], 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