JLL’s Capital Markets group has secured the $395-million refinancing of 70 Pine St., a 66-story, mixed-use property with luxury multi-housing rental, retail and hotel space located in a landmarked building in the Financial District of New York City.
JLL worked on behalf of the borrowers, DTH Capital and Rose Associates, to secure financing through Goldman Sachs.
The landmark property was built in 1932 originally for office use, and at the time, was the third tallest building in the world. Renovated in 2016, the property is now an adaptive-reuse building with 612, 100% free-market, luxury rental residences, a 22,000-sq.-ft. fitness center, two golf simulators, two bowling alleys and a screening room in the property’s historic bank vault.
The 165-key Mint House hotel occupies floors two through six of the property and offers studio-, one- and two-bedroom apartments. The rooms feature fully equipped kitchens, en suite laundry in select rooms, custom-designed furniture, free WiFi, living areas and smart TVs.
The property also features two restaurants, a gourmet market, a beauty salon, a coffee shop and a quick-service restaurant.
Marc Ehrlich, chief investment officer, Rose Associates, said, “Rose Associates and DTH Capital thank JLL, Goldman Sachs and the individual team members who assisted in this refinancing. While the current credit market has its challenges, 70 Pine drew significant interest. This property has outperformed as an asset since leasing began in 2016, and it is a shining example of a successful office-to-residential conversion.”
JLL’s Capital Markets Debt Advisory Team was led by Senior Managing Director Christopher Peck, Managing Director Geoff Goldstein and VP Christopher Pratt.
“Rose Associates and DTH Capital are among the most experienced sponsors in the industry, and their market-leading redevelopment of this iconic property presented lenders with a spectacular opportunity in New York’s strong luxury housing market,” said Peck.
