NEW YORK – 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.

MIAMI, August 22, 2019 – JLL announced today it has arranged a $24 million loan to refinance Agora at Port Richey, a 288-unit, garden-style apartment community in Port Richey, Florida.

Working exclusively on behalf of Agora Capital Partners, JLL placed the 10-year, fixed-rate loan with Goldman Sachs. The loan, which closed on July 31st and includes interest-only payments for the full term, replaces acquisition financing the same deal team secured on the borrower’s behalf in 2017.

Agora at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of one-, two- and three-bedroom layouts. Unit amenities include faux granite countertops, raised panel cabinet doors, new appliances and faux wood plank flooring. Community amenities include a swimming pool with cabanas, fitness center, dog park, playground, clubhouse, business center, internet café and coffee bar.

The JLL Capital Markets team representing the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.

“Goldman Sachs provided a very attractive, low-rate, full-term, interest-only loan with a cash out option that won the business in the midst of a highly competitive lender field, including the agencies and other CMBS shops,” Wright said. “With this financing, the borrower has put themselves in an excellent position to hold the asset long-term.”