Tall & Urban News

DTH Capital and Rose Associates have secured a $395 million refinancing for the 67-story 70 Pine Street. Goldman Sachs (GS) provided the nearly $400 million loan, while the JLL Capital Markets team of Chris Peck, Geoff Goldstein and Christopher Pratt arranged the financing on behalf of the sponsors. The Art-Deco high-rise was completed in 1932 and was designated by New York City as a historical landmark in 2011. The mixed-use tower was converted from an office building into a hotel and luxury apartment complex in 2016,

Mark Ehrlich, Rose Associates’ chief investment officer, said in a statement that even in a tough credit market, the refinancing for 70 Pine drew “significant interest” from other parties. 

Located in the heart of the Financial District — where it is flanked by 40 Wall Street and the Woolworth Building at 233 Broadway — 70 Pine is an icon among the New York City skyline with its trapezoidal crown and numerous limestone setbacks. For much of its history, 70 Pine was the Citgo energy conglomerate's corporate headquarters and AIG's world headquarters, which bought controlling ownership in the building in 1976 and held onto it until its 2009 bankruptcy. Beginning with their 2012 purchase, Rose Associates and DTH Capital began transforming 70 Pine from an outdated office tower into a luxury apartment complex and hotel. Renovations were completed in 2016, with the 165-key Mint Hotel opening in 2020. 

Aside from the Mint Hotel, 70 Pine boasts 612 market-rate rental apartments, replete with stainless steel appliances and high-end finishes. Residents have access to a 22,000-square-foot fitness center, two golf simulators, two bowling alleys, a screening room, and a historic bank vault from the 1930s. 

Learn more about this story at Yahoo Finance.