The Real Deal New York

Posts Tagged ‘square mile structured debt’

  • 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]

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  • Swig appeals Square Mile judgment

    August 28, 2009 05:00PM
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    Developer Kent Swig and Sheffield57

    Former Sheffield57 developer Kent Swig filed an appeal to the New York State Appellate Division to overturn a $28.4 million judgment issued in July on behalf of Square Mile Structured Debt, a firm led by investor Jeffrey Citrin. In court papers filed earlier this year, Square Mile alleged that Swig defaulted on a $21.15 million personal loan issued in July 2007 to help finance the development of Sheffield57, a converted condominium at 322 West 57th Street. Swig, in court records filed late last week, argues against the judgment, stating that the loan was to be converted into a stake in Sheffield57, and not be repaid in cash. … [more]

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