Embattled developer Kent Swig is facing another lawsuit on an alleged loan default, as RCG Debt IV Non-REIT Asset Holdings filed for a $3.5 million judgment Sept. 23. According to the suit filed in New York State Supreme Court, Swig, on Jan. 8, 2008, delivered a promissory note to RCG that was due Dec. 31, 2008. At the end of 2008, Swig was granted an extension until Feb. 28, 2009, and on July 24, 2009, he made two $50,000 interest payments for a total of $100,000, court documents show. Under the terms of the loan, Swig accumulated interest at 15 percent for the month of February, and 24 percent since March 1, minus the $100,000 payment. The judgment was signed Sept. 21, 2009, for $3.9 million. The judgment was entered at a time when Swig is appealing a $32.4 million judgment by Square Mile Structured Debt, which filed suit after Swig defaulted on $28 million in loans related to the conversion of his former condominium project Sheffield57, at 322 West 57th Street. [more]