Downtown Manhattan Apartments Land $375M Refi
- May 04, 2017
Matthew Scoville and Associates Douglas Hoffmann and Ida Phair of Hunton & Williams LLP were recently tapped by EBNB 70 Pine Owner LLC, a joint venture between Eastbridge Group and AG Insurance-owned DTH Capital and Rose Associates, to arrange the refinancing of 70 Pine St. in Manhattan. The combined $375 million loans secure both permanent and mezzanine financing. David Bolen with Greenberg Traurig LLP acted on behalf of AG Real Estate. The lender was Brookfield Real Estate Financial Partners LLC, a subsidiary of real estate investment trust Brookfield Office Properties, represented by Cleary Gottlieb Steen & Hamilton LLP’s Daniel Reynolds and Aron Zuckerman. The loan repaid an existing construction mortgage.
Formerly known as the American International Building and 60 Wall Tower, the 1 million-square-foot asset last changed hands in 2011, when it was acquired in order to be converted into 612 luxury apartments and a hotel, with additional retail and restaurant space. Similarly, 20 Broad St. received a massive financing for conversion purposes.
“DTH and Rose had the foresight to appreciate the potential for downtown Manhattan as an upscale residential neighborhood, and we are proud to have been a part of the team for every step of the ride on the conversion of 70 Pine into one of the most exciting rental buildings in New York,” Scoville said in a prepared statement.
The 67-story residential building, which is situated in Manhattan’s buzzing Financial District, was constructed in 1932, PropertyShark data shows. The property offers one-, two-, three- and four-bedroom apartments with state-of-the-art finishes, a rooftop bar, 24/7 attended lobby, a wellness center, a full-service market, a bowling alley and a game room. Residents here also have easy access to nearby retailers, restaurants, South Street Seaport, Fulton Transit Hub and multiple subway lines.
Image via 70Pine website