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Rudin Closes on $100M Refi of 80 Pine St. Office Tower
The Rudin Family has closed on a $100-million refinancing of 80 Pine St., a 1.2-million-square-foot office tower that occupies the full block between Pearl and Water streets in Lower Manhattan. Bank of America served as the lender.
Proceeds from the new loan will be used to refinance 80 Pine’s existing debt and fund the costs of an extensive capital expenditure program and repositioning of the 38-story tower, which Rudin originally developed in 1960.
“This refinancing package by Bank of America is a testament to New York City and Downtown’s enduring allure as well as a validation of our continued stewardship of this asset,” said Neil Gupta, Rudin’s CIO and EVP.
The renovation project is being done in concert with Rudin’s recently launched leasing and marketing campaign. Rudin has retained a JLL team led by Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers and Kyle Young.
- ◦Financing
