SKW, Bain Capital Launch Second JV Targeting Debt
SKW Funding and Bain Capital Credit LP have formed their second joint venture, which will target special situation loan originations along with sub- and non-performing note acquisitions. The JV, which will operate nationally with a focus on New York City, will target an additional $1.3 billion of acquisitions and loan originations over the next several years.
Concurrently, the JV announced its first acquisition, a $42-million note purchase secured by an office portfolio in Austin. This was followed shortly thereafter by a $410-million loan origination secured by 111 Wall St. in Lower Manhattan. As part of the origination, SKW and Bain Capital provided mezzanine debt financing.
The new platform follows the successful origination of nine deals by the first JV. “Given the current dislocations in the market, we anticipate that we will continue to find very attractive investment opportunities in the debt space,” said SKW co-founders Daniel Wrublin and Ayush Kapahi.
Pictured: 111 Wall St.