NEW YORK CITY-Savanna, a realty investment firm based in Manhattan, has acquired the discounted loan on the 5 Hanover Square building for $51.5 million in all cash from Capital One Bank, a 14% discount from the original loan amount of $60 million.
Kent Swig was the former owner of the building and he agreed to give up his equity on the property. However, he will continue to operate the 325,000 square-foot building, which is 85% leased. For the full story, go to Crain's New York Business.
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