Upbeat Swig Notches $104.7 M. Refinancing at Sheffield57

Kent Swig has refinanced Sheffield57, the controversial condo conversion that has earned him reams of bad press, including the recent news that his business partner Yair Levy conked him on the shoulder with an ice bucket.

“We just re-upped all the lenders, which is a complicated, complicated deal in today’s world, where there are so many layers of people who have sold off loans in different pieces,” said Mr. Swig of his $104.7 million loan from KeyBank. “We extended for 18 months, so we’re in very, very good shape.”

KeyBank had put the loan on a watch list of potentially risky deals, according to an August Standard & Poor’s report.

Mr. Swig, who bought the building with partners in 2005 for $418 million, was upbeat about the Sheffield’s prospects, saying he’s paid down 70 percent of its debt, and that units continue to sell briskly, despite the abominable real estate market.

“[Sales] are good,” Mr. Swig said. “Still. Shockingly. I shouldn’t say that. Surprisingly. Happily. I don’t know. We sold two units last week.”

Yet, all is not entirely hunky-dory at the Sheffield. Rent-stabilized tenants continue to pursue a lawsuit against Mr. Swig, alleging harassment. And, Mr. Swig called his relations with the ice-bucket-wielding Mr. Levy “chilly.”

drubinstein@observer.com