The Capital Markets Group at JLL (NYSE:JLL) has secured the $395 million refinancing of 70 Pine St., a landmarked 66-story property in the heart of New York City’s Financial District.
The property was built in 1932 as the offices of Cities Service Company (later known as Citgo) and was the third tallest building in the world at the time of its opening. Over the years, its tenants included the Federal Reserve Bank of New York and American International Group. The property was renovated in 2016 and is now a mixed-use property featuring the 165-key Mint House hotel, 612 luxury rental residences, two restaurants and several retail businesses.
JLL worked on behalf of the borrowers, DTH Capital and Rose Associates, to secure financing through Goldman Sachs (NYSE:GS). JLL’s Capital Markets Debt Advisory Team was led by Senior Managing Director Christopher Peck and Managing Director Geoff Goldstein and Vice President Christopher Pratt.
“Rose Associates and DTH Capital are amongst 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. It was a pleasure to work with all parties to close the transaction,” said Peck.
Photo: Clement Bardot / Wikimedia Commons
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