NEW YORK - Summit Bank of Princeton, N.J., originated a $64 million construction loan to finance the renovation of 48 Wall St., the former headquarters of Bank of New York.
The borrower is 48 Wall Street LLC, a joint venture between Swig Burris Equities and MacDonald & Cie, which bought the 34-story, 314,000-square-foot office tower from Bank of New York two years ago. The landmark building was built in 1927.
AFC Realty, a commercial mortgage brokerage, represented the developers.
48 Wall is vacant, but the landlords recently leased 74,000 square feet to three tenants: the financial publisher StockHouse Media Corp., the software maker NextSet, and Rockefeller Center Business Centers, which provides furnished executive-suite office space.
The tenants are expected to move in when the renovations are complete, which is slated for February.