NEW YORK—Swig Equities LLC and Silverpeak Real Estate Partners, an asset manager for Longwing Real Estate Ventures LLC, a member of the Dubai Investment Group, closed on the refinancing of 110 William Street, a 900,000-sq.-ft. multi-tenant office building located in Manhattan’s Financial District.
The total size of the loan was $161.5 million and 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.
In addition to the first mortgage loan, Pearlmark Real Estate Partners LLC provided a $20 million mezzanine loan as part of the transaction. This investment was made on behalf of Pearlmark Mezzanine Realty Partners III LLC (Mezz Fund III), a fully discretionary investment fund with $427 million in capital commitments.
Eastdil Secured arranged the debt on behalf of the borrower.
The borrowers, Swig Equities & Longwing have owned the asset since 2004. Recent renovations at the 110 William Street included updating the lobby, curtain wall façade and updates to the security and fire systems.