Hunton Andrews Kurth LLP Represents DTH Capital and Rose Associates on the $386M Mortgage Financing of 70 Pine Street

Hunton Andrews Kurth LLP advised EBNB 70 Pine Owner LLC, a joint venture between DTH Capital and Rose Associates, in connection with a $386 million mortgage loan for 70 Pine Street. The owners acquired the building in 2011 and have successfully converted the one million square foot landmarked building into a residential apartment building, with a hotel, sports club, retail component and culinary hot spot Crown Shy.

Hunton’s legal team was led by New York partner Matthew A. Scoville and associate Douglas Hoffmann, as well as associate Jason Antrican. “DTH and Rose had the foresight to appreciate the potential for lower Manhattan as an upscale residential neighborhood, and we are proud to have been a part of the team for every step of the ride on the conversion of 70 Pine into one of the most exciting rental buildings in New York” said Scoville.

The financing was provided by Goldman Sachs, and was used to refinance existing debt on the property. The lender was represented by a team led by Daniel C. Reynolds and Aron M. Zuckerman, as well as Christopher J. Bachand-Parente and William Xiong, of Cleary Gottlieb Steen & Hamilton LLP.

DTH Capital is a real estate development and investment management firm with a successful track record of repositioning landmark office buildings into luxury multi-family properties. DTH Capital is currently the majority owner of a 2.6 million-square-foot apartment portfolio concentrated in New York City. The firm’s growth strategy is focused on applying its valuable experience, gained from completing complicated change of use conversions, to other asset classes and expanding its geographic market area. DTH Capital is owned by the Eastbridge Group, a European private investment company, and AG Real Estate, a subsidiary of AG Insurance, Belgium’s largest insurance company and real estate investor.

Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 14,000 units across New York, with approximately $2.24 billion in projects developed in recent years. rosenyc.com