Joint Venture Scores $386M For Mixed-Use Tower
Loan proceeds will refinance the construction debt on the Financial District property.
NEW YORK CITY- DTH Capital and Rose Associates have scored a $386 million financing package for 70 Pine St., a 66-story, 1.03 million-square-foot, mixed-use tower in Lower Manhattan.
Cushman & Wakefield arranged the financing on behalf of the partnership, securing a five-year, floating-rate Goldman Sachs loan to refinance the construction debt used to redevelop the property.
The art-deco style tower in the Financial District was constructed in 1932 and has preserved some of its architectural features since its 2016 remodel. Formerly serving as the headquarters for CITGO and AIG, the property has 612 luxury rental apartment units, the 132-room Lyric Hotel and approximately 30,500 square feet of retail space, including Black Fox Coffee, Blue Park Kitchen and grocer City Acres.
The building’s residential packages include the City, Tower and Penthouse Collections, featuring stone countertops, European cabinets, in-unit washers and dryers and walk-in closets. Other amenities include a 21,000-square-foot Elite by NYSC fitness center and a private bowling alley, screening room, golf simulators, children’s playroom, game room and lounge.