April 26, 2017
Hunton & Williams LLP advised EBNB 70 Pine Owner LLC, a joint venture between DTH Capital and Rose Associates, in connection with a combined $375 million mortgage and mezzanine loan for 70 Pine Street. The owners acquired the building in 2011 and have successfully converted the one million square foot landmarked building into 612 residential apartments and a hotel, with additional restaurant and retail components.
Hunton & Williams’ legal team was led by New York partner Matthew A. Scoville, and associates Douglas Hoffmann and Ida Phair. “DTH and Rose had the foresight to appreciate the potential for downtown 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 arranged by an affiliate of Brookfield Real Estate Financial Partners LLC, on behalf of itself and a syndicate of participating lenders, and was used to refinance the existing construction loan.
DTH is owned by the Eastbridge Group, a European Family Investment Company, and AG Real Estate, a subsidiary of AG Insurance, Belgium’s largest insurance company.
Brookfield was represented by a team led by Daniel C. Reynolds and Aron M. Zuckerman of Cleary Gottlieb Steen & Hamilton LLP. AG Insurance was represented by David Bolen of Greenberg Traurig LLP.
Hunton & Williams’ real estate group advises clients on matters involving the full spectrum of commercial, industrial, retail, multifamily, hospitality and mixed-use properties. With more than 75 real estate and finance lawyers, the group closed deals in 34 states and handled over 185 transactions totaling $37.5 billion last year. Working across practices to service clients in the real estate industry, the team has advised on more than 200 REITs. In addition, the team was named among Dealogic’s top 10 advisors for handling nearly $20 billion in real estate M&A deals in 2016, and its lending team handled $6.8 billion in financial institutions’ mortgage loans last year alone.