DTH Capital and Rose Associates secured a combined $375 million mortgage and mezzanine loan for 70 Pine Street.
Hunton & Williams LLP advised EBNB 70 Pine Owner LLC, a joint venture between DTH Capital and Rose Associates, in connection with the transaction.
The owners acquired the building in 2011 and have converted the one-million-square-foot landmark building into 612 residential apartments and a hotel, with additional restaurant and retail components.
Hunton & Williams’ legal team was led by New York partner Matthew A. Scoville, and associates Douglas Hoffmann and Ida Phair.
“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,” said Scoville.
The financing was arranged by an affiliate of Brookfield Real Estate Financial Partners LLC, on behalf of itself and a syndicate of participating lenders, and was used to refinance
the existing construction loan.
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 LLP.
AG Real Estate was represented by David Bolen of Greenberg Traurig LLP.