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Swig closes on $70m loan for 44 Wall St

Kent M. Swig, president of Swig Equities, in partnership with Zamir Equities, announced that Ackman-Ziff Real Estate recently closed a $75 million fixed rate financing for 44 Wall Street, a 25-story, 350,000 s/f office building in Downtown Manhattan.

In 2004, Ackman-Ziff represented the borrower for the acquisition financing of 44 Wall Street.

"We are extremely pleased with the financing secured by The Ackman-Ziff Real Estate Group. They have provided exceptional, professional and timely service in placing this loan for our company," Swig said.

The Ackman-Ziff Real Estate Group, based in New York City with offices in Boston, Washington D.C., Los Angeles and Miami specializes in debt, mezzanine and equity financing for commercial real estate. In 2005, the firm successfully arranged $4.2 billion of debt, mezzanine and equity capital for real estate transactions.

44 Wall Street, located in the heart of Downtown Manhattan's financial district, is a 25-story 350,000 square foot multi-tenant office building that was built in 1927 and designed by architects Trowbridge & Livingstone. Swig Equities and Zamir Equities each own 50% of the building and Swig Equities serves as the leasing agent and property manager. The ownership team has brought the building to full occupancy.

Building upon Swig Equities' successful renovation and leasing of 100 William Street and 5 Hanover Square, the ownership team plans to transform 44 Wall Street into a luxury boutique office building offering first class tenant services, amenities and security through a major capital improvement program.

Renovations to the building will include a redesigned and renovated building lobby; the installation of a new two-story storefront entrance; newly refurbished elevator cabs; new core bathrooms and new multi-tenant floor upgrades for newly signed leases; and the installation of state of the art security and fire/life safety systems.

Located on the northwest corner of Wall and William Streets, one block from the New York Stock Exchange and diagonally across the street from the Cipriani Grand Ballroom, 44 Wall Street has maintained all of the original 1927 architectural detail of this landmark building, while renovating many of its internal workings, including the installation of a new fiber-optic backbone for broadband internet access; the soon to be announced new and expanded lobby that will be exquisitely restored and expanded to include a new concierge desk and enhanced security systems; and new granite and ceramic tile ADA-compliant bathrooms for each newly tenanted floor. Tenants also benefit from full floor identity with floors ranging from 16,100 to 7,000 square feet.

COPYRIGHT 2006 Hagedorn Publication
COPYRIGHT 2006 Gale Group