DTH, Rose Associates sign $395M refi for 70 Pine in FiDi

DTH Capital and Rose Associates through the entity Ebra 70 Pine Master Tenant LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank Usa valued at $395 million for four condominium tax lots at 70 Pine Street with 612 residential units including the 612-unit rental condo at 66 Pine Street in Financial District, Manhattan, hotel condo at 66 Pine Street in Financial District, Manhattan, and retail condo at 66 Pine Street in Financial District, Manhattan.
The deal closed on February 9, 2024 and was recorded on February 29, 2024. The prior lender was Series 2019-70P which held debt that had an original loan amount of $386 million.The four properties have 975,719 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $404 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for DTH Capital and Rose Associates was Marc Ehrlich. The Commercial Observer reported on this refinance last month, reporting the broker were a JLL Capital Markets team of Chris Peck, Geoff Goldstein and Christopher Pratt.  DTH Capital and Rose Associates borrowed $286 million in 2019 from Goldman Sachs, which was securitized into Series 2019-70P.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 66 Pine Street.

The property

The rental condo with 612 residential units in Financial District has 975,719 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 774,779 square feet. The city-designated market value for the property in 2022 is $204.5 million. The most recent loan totaled $386 million and was provided by Goldman Sachs on September 23, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 66 Pine Street, PincusCo has identified the owners of one of the two commercial properties representing 49,197 square feet of the 91,197 square feet. The identified owner is Charles Luk.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 91,197 square feet of built space are hotel buildings, with office buildings next occupying 46 percent of the space.

The borrower

The PincusCo database currently indicates that Rose Associates owned at least three commercial properties with 700 residential units in New York City with 764,086 square feet and a city-determined market value of $206.5 million. (Market value is typically about 50% of actual value.) The portfolio has $878 million in debt, with top three lenders as Goldman Sachs, NYS Housing Finance Agency, and Wells Fargo respectively. Within the portfolio, the bulk, or 100 percent of the 764,086 square feet of built space are elevator properties, with specialty properties next occupying 0 percent of the space. They are all located in Manhattan.

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