![Aby Rosen Gets $1.1B Refi for RFR’s Seagram Building](https://static.therealdeal.com/wp-content/uploads/2023/12/NY-Aby-Rosen-gets-1.1B-refi-for-Seagram-Building-FEATUREIMG_v2-r1-150x106.jpg)
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FiDi conversion at 70 Pine lands $395M refinancing
DTH Capital, Rose Associates mixed-use property
![DTH Capital, Rose Associates Refi 70 Pine Conversion Again](https://static.therealdeal.com/wp-content/uploads/2024/02/DTH-Capital-Rose-Associates-Refi-70-Pine-Conversion-Again-m-1400x875.jpg)
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.
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
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![Aby Rosen Gets $1.1B Refi for RFR’s Seagram Building](https://static.therealdeal.com/wp-content/uploads/2023/12/NY-Aby-Rosen-gets-1.1B-refi-for-Seagram-Building-FEATUREIMG_v2-r1-150x106.jpg)
![70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)](https://static.therealdeal.com/wp-content/uploads/2019/09/493-Goldman-Sachs-refis-Art-Deco-apartment-conversion-at-70-Pine-with-386M-loan-200x143.jpg)
![Lightstone Group Refinances Two Properties for $275 Million](https://static.therealdeal.com/wp-content/uploads/2023/12/ft_NY_Lightstone-Moxy-Hotel-150x106.jpg)