Fortress expected to buy Sheffield57

Fortress Investment Group is
expected buy Kent Swig’s troubled Sheffield57 project through a
foreclosure proceeding, according to two people familiar with the
transaction. The Real Deal reported earlier this month that Swig was
rushing to sell the senior mezzanine debt to Fortress. If Fortress buys
Sheffield57, it will be the third high-profile foreclosure by a
mezzanine lender in the US. this year, following auctions of 1330
Avenue of the Americas and the John Hancock Tower in Boston.
Spokespeople for Fortress and Swig declined to comment, according to Bloomberg.

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