The owners of 70 Pine Street secured a $300 million construction loan Friday, allowing them to move forward on converting the office tower, the former headquarters of AIG, into residences, GlobeSt reported.
EBNB, the current owner, took title to the building in 2011. The Financial District building housed AIG before it was sold to developer Youngwoo & Associates in 2009.
Attorney Carl Schwartz of Hunton & Williams LLP advised the current owner on the new financing.
The building will be ready in its new form by 2014 or 2015, Schwartz told GlobeSt. [GlobeSt] –Mark Maurer