SWIG BURRIS EQUITIES ANNOUNCES THE RECAPITALIZATION OF110 WILLIAM STREET IN DOWNTOWN MANHATTAN Longwing Admitted As Partner
New York, NY, Kent M. Swig, principal of Swig Equities, LLC announced that Swig Burris Equities has recapitalized 110 William Street, a 900,000 square foot multi-tenant office building located in the heart of Downtown Manhattan’s Insurance and Financial District with the admission of Longwing as a partner in the building. 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. 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,” said Kent M. Swig.
“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 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 wonderful 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.
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