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JLL Arranges Refi on 70 Pine St. Tower
JLL arranged $386 million in financing for 70 Pine St., the onetime headquarters of AIG and now a luxury rental tower in Lower Manhattan’s Financial District. A JLL Capital Markets team of Christopher Peck, Geoff Goldstein and Kristen Knapp worked on behalf of the borrower, a joint venture between DTH Capital and Rose Associates.
The five-year, floating-rate financing was obtained through Goldman Sachs. Loan proceeds refinanced construction financing that funded the redevelopment of the property.
Originally constructed in 1932, the Art Deco 70 Pine St. consists of 612 luxury rental apartment units, a 132-room Lyric Hotel, and approximately 30,500 square feet of retail leased to Black Fox Coffee, Blue Park Kitchen and gourmet grocer City Acres.
In addition, the 66-story property is home to two restaurant concepts by James Kent and Jeff Katz, formerly of Eleven Madison Park and Del Posto, including the critically-acclaimed Crown Shy.
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