NEW YORK CITY—A joint venture between DTH Capital and Rose Associates—which goes by the name of EBNB 70 Pine Owner—has secured a $375 million mortgage and mezzanine loan for 70 Pine St., in Lower Manhattan.
The owners acquired the 67-story, former office building in 2011 and converted the one-million-square-foot landmark property into 612 residential apartments and a hotel with additional restaurant and retail components. The asset has several prior names, including the American International Building, 60 Wall Tower and, originally, the Cities Service Building. It sits at the corner of Pearl Street and runs to Cedar Street.
The financing was arranged by an affiliate of Brookfield Real Estate Financial Partners on behalf of itself and a syndicate of participating lenders, and was used to refinance the existing construction loan.
A legal team from Hunton & Williams—led by New York partner Matthew A. Scoville and associates Douglas Hoffmann and Ida Phair—advised the partnership.
“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,” declares Scoville.
DTH is owned by the Eastbridge Group, a European family investment company, and AG Real Estate, a subsidiary of AG Insurance, Belgium's largest insurance company.
Brookfield was represented by a team led by Daniel C. Reynolds and Aron M. Zuckerman of Cleary Gottlieb Steen & Hamilton. AG Real Estate was represented by David Bolen of Greenberg Traurig.
The owners acquired the 67-story, former office building in 2011 and converted the one-million-square-foot landmark property into 612 residential apartments and a hotel with additional restaurant and retail components. The asset has several prior names, including the American International Building, 60 Wall Tower and, originally, the Cities Service Building. It sits at the corner of Pearl Street and runs to Cedar Street.
The financing was arranged by an affiliate of Brookfield Real Estate Financial Partners on behalf of itself and a syndicate of participating lenders, and was used to refinance the existing construction loan.
A legal team from
“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
DTH is owned by the Eastbridge Group, a European family investment company, and AG Real Estate, a subsidiary of AG Insurance, Belgium's largest insurance company.
Brookfield was represented by a team led by Daniel C. Reynolds and Aron M. Zuckerman of
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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.
