search

The Real Deal Logo

Trending

Brickell office slump? Nearly 3M sf planned, zero preleasedBrickell office slump? Nearly 3M sf planned, zero preleasedArbor modifies $1.9B in loans as delinquencies keep risingArbor modifies $1.9B in loans as delinquencies keep risingFriend or foe? Here’s what the new tax break means for office-to-resi conversionsFriend or foe? Here’s what the new tax break means for office-to-resi conversionsGoogle kicks off Thompson Center revamp forecasting shift to LoopGoogle kicks off Thompson Center revamp forecasting shift to Loop
Commercial
New York

FiDi conversion at 70 Pine lands $395M refinancing

DTH Capital, Rose Associates mixed-use property

DTH Capital, Rose Associates Refi 70 Pine Conversion Again
70 Pine Street in Manhattan NYC, DTH Capital partner Davina Bruckner (left) and Rose Associates CEO Amy Rose (The 70 Pine, DTH Capital, Rose Associates)

It’s deja vu all over again at a mixed-use property in the Financial District, where another refinancing has landed.

DTH Capital and Rose Associates refinanced 70 Pine Street with a $395 million loan from Goldman Sachs, the Commercial Observer reported. A JLL Capital Markets team including Chris Peck and Geoff Goldstein arranged the financing.

The Art Deco property previously refinanced five years ago, when Goldman Sachs provided a $386 million loan. That floating-rate financing came with a five-year term — hence the latest refinancing — and replaced $375 million of debt from the Bank of China, ING and Brookfield Asset Management.

DTH acquired the property in 2011 for $205 million, bringing in Rose as a partner shortly thereafter. The partners then spent $600 million converting the office building — the former home of AIG’s headquarters — into a luxury apartment building and a 165-key Mint Hotel. They completed the conversion of the landmarked property in 2016.

Sign Up for the undefined Newsletter

The multifamily portion of the property includes 612 market-rate rentals, a 22,000-square-foot fitness center, golf simulators, bowling alleys, a screening room and a bank vault harkening back to the building’s origins. The property also includes two Michelin-star restaurants in Saga and Crown Shy.

Despite the tough lending environment — which could become more relaxed as the Federal Reserve stops and even reverses interest rate hikes — there are still opportunities for pricey refinancings in New York City. Aby Rosen’s RFR Holding refinanced the Seagram Building in Midtown Manhattan late last year for $1.1 billion.

That same month, David Lichtenstein’s Lightstone Group scored a refinancing package for its 12-story, 430-unit rental property in Brooklyn’s Gowanus neighborhood and its Moxy Hotel in the Lower East Side.

— Holden Walter-Warner

Read more

Companies and People
DTH CapitalGoldman SachsRose Associates
Tags
Real Estate FinanceRefinancing