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DTH Capital Takes Large Loan for 20 Exchange Place

NEW YORK CITY—The former Citibank headquarters, in Lower Manhattan, is being converted to a multifamily tower.

By Rayna Katz | Updated on June 17, 2014

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.

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