NEW YORKCITY—DTH Capital Inc. has procured a $240 million construction loan for 20 Exchange Pl., the landmark Art Deco building built in 1931 as headquarters for firms that ultimately became Citigroup. The financing was provided by Natixis Real Estate Capital and the borrower was advised in the transaction by the law firm of Hunton & Williams.
A number of the tower floors were previously converted to apartments following construction financing obtained in 2006. The proceeds of the loan will be used, in part, to convert the remaining floors to residential apartments, significantly upgrade the residential amenities and build out commercial space on the mezzanine and subcellar floors.
The Hunton & Williams legal team was led by Carl Schwartz, co-chair of the global real estate practice, and New York associate Matthew Scoville. Other team members were New York associates Jason Ryu and Kevin Wakefield.
“We look forward to completing the conversion of 20 Exchange Place and we are pleased to have completed the financing with Natixis, expanding our relationship of real estate lenders,” comments Steve Galiotos, CEO, DTH Capital.
DTH is also the majority owner of 63 Wall St., 67 Wall St. and 70 Pine St. “This loan represents another important step in recognizing the vision of Ronny Bruckner, the late founder of Eastbridge, who had the foresight to appreciate the potential for downtown as an upscale residential neighborhood,” says Schwartz.
DTH is owned by AG Insurance, a publically traded, Belgium based insurance company, and the Eastbridge Group, a European private investment company. The AG Insurance affiliate was represented by a team led by Kevin O'Shea and Lisa Hin at Allen & Overy LLP.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
