Trending
Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan
DTH Capital, Rose Associates converted former AIG offices to apartments, hotel
![70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)](https://static.therealdeal.com/wp-content/uploads/2019/09/1200-Goldman-Sachs-refis-Art-Deco-apartment-conversion-at-70-Pine-with-386M-loan.jpg)
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.