Silverpeak Real Estate Partners and Swig Equities have closed on the refinancing of 110 William Street, a 900,000-square-foot office building located in Manhattan’s Financial District. Silverpeak is acting as asset manager for Longwing Real Estate Ventures, a member of the Dubai Investment Group, which co-owns the asset with Swig.
UBS Real Estate Securities and Barclays Capital provided a new $141.5 million first mortgage, which is expected to be securitised in an upcoming CMBS transaction, for the asset. In addition, Pearlmark Real Estate Partners, a Chicago-based real estate fund manager, provided a $20 million mezzanine loan on behalf of Pearlmark Mezzanine Realty Partners III, a $427 million real estate debt vehicle.
“This was a challenging transaction that took creativity and flexibility by all involved,” said Michael Girimonti, managing director of Pearlmark, in a statement. “The strong credit metrics, quality tenancy, attractive debt basis and significant reserves and structure make this a compelling debt investment.”
Swig and Longwing have owned 110 William Street since 2004, when they purchased the building for $164.5 million. The property currently is valued at $264.3 million, according to data provider Real Capital Analytics.
Last year, Silverpeak, which is led by former Lehman Brothers executives Mark Walsh and Brett Bossung, won a mandate to manage $1.1 billion of commercial real estate assets in the US and Germany on behalf of Dubai Investment Group, a real estate subsidiary ultimately owned by Dubai Holding, the Middle Eastern state’s financial conglomerate.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
