JLL arranges $386M financing for 70 Pine Street
JLL arranges $386M financing for 70 Pine Street Funds refinance construction loan used for the redevelopment of the iconic tower in Lower Manhattan |
| [27-September-2019] |
NEW YORK, Sept. 27, 2019 /PRNewswire/ -- JLL announced today that it has arranged $386 million in financing for 70 Pine Street, a 66-story, 1.03 million-square-foot, mixed-use, Art Deco-style tower in Lower Manhattan's Financial District. JLL worked on behalf of the borrower, a joint venture between DTH Capital and Rose Associates, to secure the five-year, floating-rate financing through Goldman Sachs. Loan proceeds refinanced construction financing that funded the redevelopment of the property. 70 Pine Street 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 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. The iconic New York property, which formerly served as the global headquarters for CITGO and AIG, was originally constructed in 1932. Some of its most notable Art Deco architectural features were preserved through during its 2016 transformation into a state-of-the-art residential building. 70 Pine features three tiers of residential packages: the City, Tower and Penthouse Collections, all of which include conveniences such as high-quality appliances, stone countertops, European cabinets, in-unit washers and dryers and walk-in closets. Residential amenities include access to the 21,000-square-foot Elite by NYSC fitness center and a private bowling alley, screening room, golf simulators, children's playroom, game room and lounge. The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Geoff Goldstein and Associate Kristen Knapp. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: U.S. newsroom. Deal secured by Holliday Fenoglio Fowler LP ("HFF") prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. About DTH Capital About Rose Associates, Inc. About JLL Connect with us Contact: Olivia Hennessey, JLL Public Relations Specialist
SOURCE JLL | ||
Company Codes: NYSE:JLL |
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