Swig paid approximately $27 million, all cash, for the three-story 97,000-sf office building in the North Waterfront submarket back in April, a local industry source told GlobeSt.com at that time, and the new financing backs that up. Holliday Fenoglio Fowler, which sourced the loan, says the financing represents 65% of the value of the property.Swig declined to say what percentage of the building it sold to Angelo, Gordon but sources familiar with the deal tell GlobeSt.com it was a majority stake. Angelo, Gordon principal Tom Gordon did not return phone calls seeking comment. The loan broker, HFF's Bruce Ganong, also did not respond to a request for comment.

The transaction represents the second joint venture between Swig and Angelo, Gordon. Last year, Swig sold Angelo Gordon an undisclosed stake in 115 Sansome Street, a historic 128,000-sf office building in the financial district that Swig acquired in 2006 for a little more than $30 million.

One Beach Street is a three-story 1920s-era building located across from Pier 39, a tourist attraction. One Beach Street, a warehouse converted for office use in the 1970s, is the former home of Otis Elevator's West Coast manufacturing operation. The building has been seismically retrofitted and is 100% leased. Tenants include Alliant International University, which leases over half of the building, as well as S/B Architects (formerly Sandy & Babcock) and Skyy Spirits, which leases the top floor.