Swig Burris recaps 110 William St. with Dubai member.
Longwing recapitalized the building with a $38.7 million "A" note allowing Swig Burris to repay a $34.5 million bridge loan from Lehman Brothers.
"The recapitalization of 110 William Street provides long-term stability to the building," said Swig.
"Also, I am so honored to be working with Longwing as this deal confirms the financial commitment of both Swig Burris Equities and Longwing to Lower Manhattan."
"We are so pleased to be a part of the continuing revitalization of the Downtown area through the recapitalization of 110 Williams Street," said Vincent Pica, Chief Executive, Longwing.
Following the path of Swig Burris Equities' recent acquisition, renovation and leasing of four major Downtown New York City properties which include 80 Broad Street, 48 Wall Street, 44 Wall Street, and 5 Hanover Square, as well as 7 Hanover Square which Kent Swig owns through his family's firm, The Swig Company, the firm plans to build upon the renovation that was completed by the former owner by upgrading 110 William Street to ensure that it remains a luxury office building offering first class tenant services, amenities and security through a capital improvement program.
Longwing Real Estate Ventures, LLC, a member of the Dubai Investment Group, is a New York-based private real estate investment company established to make investments across industries and market segments in North America.
The Longwing team has made, since its establishment in early 2003, well over a dozen such investments totaling nearly $1 billion in real estate assets across a wide variety of market segments.
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|Title Annotation:||Swig Burris Equities LLC|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Apr 20, 2005|
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