Swig’s control of 80 Broad loosens

Swig and 80 Broad Street

JER Partners is set to market the $75 million mortgage on Kent Swig’s 80 Broad Street, sources say, putting the embattled developer at risk of losing the 36-story office building. Swig defaulted on the loan earlier this year, according to Crain’s, and could lose control of the Lower Manhattan property should a buyer pick up the note and decide to foreclose. This isn’t the first time that Swig’s ownership of 80 Broad Street has fallen into jeopardy — this summer, a mezzanine lender attempted to foreclose on the building. In a profile in the December print edition of The Real Deal, Swig described himself as “the fall guy” in recent deals gone bad and insisted that his empire is much stronger than many think. [Crain’s]