NEW YORK CITY-Swig Equities, LLC, the owner of Downtown staples such as 48 Wall St. and 5 Hanover Square, has refinanced 110 William St. in Lower Manhattan for $161.5 million, the real estate investment and management firm said on Friday. The company arranged the financing with Silverpeak Real Estate Partners, an asset manager for Longwing Real Estate Ventures, LLC, a member of New York-based private real estate investment Dubai Investment Group.
The financing was led by a $141.5 million first mortgage provided by UBS Real Estate Securities, Inc. and Barclays Capital, which is expected to be securitized in an upcoming CMBS transaction, according to Swig. In addition to the first mortgage loan, Pearlmark Real Estate Partners, LLC, provided a $20 million mezzanine loan through Pearlmark Mezzanine Realty Partners III, an investment fund with $427 million in capital commitments.
Kent Swig, president of Swig Equities, says in a statement that the refi provides “long-term stability” for the property. A spokesman for Swig tells GlobeSt.com via e-mail that the loan replaces a $156.6 million loan from Lehman Brothers. Property records from Real Capital Analytics indicate that the loan fell under LB 2007-C3, part of a bundle of commercial mortgage backed securities that were originated in June 2007 shortly before the fall of the real estate market.
Michael Girimonti, managing director of Pearlmark Real Estate Partners, says the transaction “took creativity and flexibility” by all involved. “The strong credit metrics, quality tenancy, attractive debt basis and significant reserves and structure make this a compelling debt investment,” he says in a statement.
Swig Equities acquired the 32-story, 900,000-square-foot building in 2004 from Trizec Properties (subsequently, Trizec’s US office assets were acquired by Brookfield Office Properties in 2006 for $9 billion.) Since acquiring the asset, Swig & Longwing have recently renovated the lobby, curtain wall fa
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