Hunton & Williams LLP Represents Owner of 20 Exchange Place in $240M Construction Loan
June 17, 2014
NEW YORK — June 17, 2014 — Hunton & Williams LLP advised DTH Capital Inc. in connection with a $240 million construction loan with respect to 20 Exchange Place, the landmark Art Deco building built in 1931 as headquarters for firms that ultimately became Citigroup.
A number of the tower floors were previously converted to apartments following construction financing obtained in 2006. The proceeds of the loan will be used, in part, to convert the remaining floors to residential apartments, significantly upgrade the residential amenities and build out commercial space on the mezzanine and subcellar floors.
The Hunton & Williams legal team was led by Carl F. Schwartz, co-chair of the global real estate practice, and New York associate Matthew A. Scoville. Other team members were New York associates Jason Ryu and Kevin A. Wakefield.
The financing was provided by Natixis Real Estate Capital LLC. “We look forward to completing the conversion of 20 Exchange Place and we are pleased to have completed the financing with Natixis, expanding our relationship of real estate lenders,” commented Steve Galiotos, chief executive officer of DTH Capital.
DTH is also the majority owner of 63 Wall Street, 67 Wall Street and 70 Pine Street. “This loan represents another important step in recognizing the vision of Ronny Bruckner, the late founder of Eastbridge, who had the foresight to appreciate the potential for downtown as an upscale residential neighborhood,” said Schwartz.
DTH is owned by AG Insurance, a publically traded, Belgium based insurance company, and the Eastbridge Group, a European private investment company.
The AG Insurance affiliate was represented by a team led by Kevin O’Shea and Lisa Hin at Allen & Overy LLP.
The Hunton & Williams real estate practice group advises clients on matters involving the full spectrum of commercial, industrial, retail, multifamily, hospitality and mixed-use properties, as well as counseling global private equity, opportunity and hedge funds in all aspects of real estate investments.