Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan
DTH Capital, Rose Associates converted former AIG offices to apartments, hotel
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.