DTH Capital, Rose Associates Refi 70 Pine Conversion Again

It’s deja vu all over again at a mixed-use property in the Financial District, where another refinancing has landed.

DTH Capital and Rose Associates refinanced 70 Pine Street with a $395 million loan from Goldman Sachs, the Commercial Observer reported. A JLL Capital Markets team including Chris Peck and Geoff Goldstein arranged the financing.

The Art Deco property previously refinanced five years ago, when Goldman Sachs provided a $386 million loan. That floating-rate financing came with a five-year term — hence the latest refinancing — and replaced $375 million of debt from the Bank of China, ING and Brookfield Asset Management.

DTH acquired the property in 2011 for $205 million, bringing in Rose as a partner shortly thereafter. The partners then spent $600 million converting the office building — the former home of AIG’s headquarters — into a luxury apartment building and a 165-key Mint Hotel. They completed the conversion of the landmarked property in 2016.

The multifamily portion of the property includes 612 market-rate rentals, a 22,000-square-foot fitness center, golf simulators, bowling alleys, a screening room and a bank vault harkening back to the building’s origins. The property also includes two Michelin-star restaurants in Saga and Crown Shy.

Despite the tough lending environment — which could become more relaxed as the Federal Reserve stops and even reverses interest rate hikes — there are still opportunities for pricey refinancings in New York City. Aby Rosen’s RFR Holding refinanced the Seagram Building in Midtown Manhattan late last year for $1.1 billion.

That same month, David Lichtenstein’s Lightstone Group scored a refinancing package for its 12-story, 430-unit rental property in Brooklyn’s Gowanus neighborhood and its Moxy Hotel in the Lower East Side.

— Holden Walter-Warner