Apollo Fund inks $90m mezz deal for downtown's 90 Pine.

Apollo Real Estate Advisors' debt investment fund Apollo Real Estate Finance Corporation (AREFIN) has provided $90 million in mezzanine financing for the 20 Pine-The Collection residential development.

AREFIN's financing for 20 Pine was part of the planned second stage financing of the project and will repay existing acquisition mezzanine financing and fund a portion of the cost of renovation. AREFIN structured and underwrote the $90 million financing, syndicating a $45 million senior participation interest while retaining the $45 million subordinate portion of the loan. "This financing exemplifies the tailored financing solutions and transitional assets that are the focus of AREFIN's lending efforts," said Bradford Wildauer, Apollo partner.

Apollo formed AREFIN in 2006 to expand its lending and debt investment activities.

Leveraging Apollo's real estate investment expertise, AREFIN provides customized single-source and subordinate financing solutions for clients with complex needs.

Located in the financial district of Manhattan, 20 Pine is a 38 story building that was formerly the headquarters for Chemical Bank. The building is being converted to 408 luxury residential condominiums by Leviev Boymelgreen Developers. Renovation of the building began in July 2005 while condominium presales commenced in January 2006 and to date sales contracts have been executed for more than 60% of the residential units.

"20 Pine is among the premier residential developments in lower Manhattan. The excellent pace of sales is a testament to the quality of the project and the expertise of Leviev Boymelgreen," added William McCahill, Apollo partner.