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Big Mortgage Loan Goes to Downtown Resi Property

NEW YORK CITY—The financing comes on the heels of the former office building’s conversion into 612 residential units, along with a hotel and retail offerings.

70 pine st The former office building at 70 Pine St. has been converted into 612 residential apartments and a hotel.

NEW YORK CITY—A joint venture between DTH Capital and Rose Associates—which goes by the name of EBNB 70 Pine Owner—has secured a $375 million mortgage and mezzanine loan for 70 Pine St., in Lower Manhattan.

The owners acquired the 67-story, former office building in 2011 and converted the one-million-square-foot landmark property into 612 residential apartments and a hotel with additional restaurant and retail components. The asset has several prior names, including the American International Building, 60 Wall Tower and, originally, the Cities Service Building. It sits at the corner of Pearl Street and runs to Cedar Street.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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