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Friday, 25 September 2009

Developer Kent Swig Considers Filing for Personal Bankruptcy

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The Real Deal

Developer Kent Swig is considering filing for personal bankruptcy if he's ordered to make good on a defaulted $28 million mezzanine loan against his Sheffield 57 venture in Manhattan. Square Mile Capital Management has initiated foreclosure proceedings on the mezzanine debt against Swig's venture, which had been handling a failed residential condominium conversion at 322 W. 57th St. The project was taken in foreclosure last month by another one of its mezz lenders, Fortress Investment Group.

Swig's venture acquired the property in January 2005 for $418 million. KeyBank is said to have provided $104.7 million of financing against the project, whose other mezz lenders include Gramercy Capital Corp.

Swig's company, Swig Equities is prominent in New York and San Francisco, where its holdings include the 97,000-square-foot One Beach Street office building that it acquired in 2008 for $27 million.



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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Subject: Bankruptcy/Foreclosure (BKRPT), Mortgages/Financing (MOR), Northeast Regional Digest (NEDIG)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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