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SKW, Bain Capital Partner on Distressed-Debt Fund
New York-based SKW Funding and Bain Capital Credit formed a joint venture to acquire $500 million in sub-and non-performing notes. The JV has made its first acquisition, a $27-million portfolio of non-performing notes secured by 652 garden-style apartment units in San Antonio.
The JV will seek opportunities nationally, with a focus on the greater New York City market. “With the slowdown in transaction volume and the recent rent law changes in New York City, we see this as an ideal time to provide solutions to borrowers looking for structured capital, and to lenders looking to sell off their assets/loans due to market conditions and regulatory pressure,” said SKW’s Ayush Kapahi.
Even as U.S. real estate capital markets remain robust, “we are seeing idiosyncratic, borrower-driven distressed situations and signs of late-cycle lender fatigue that we believe will lead to increased opportunities in non-performing loans,” said Bain Capital’s Jeff Robinson.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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