SKW and Bain Capital Credit Target $ 1.3 Billion in US Real Estate Debt | New
Bain Capital Credit and commercial real estate debt platform SKW Funding have formed a second U.S. joint venture to target an additional $ 1.3 billion (€ 1.1 billion) in acquisitions and loan origination over the next few years.
The companies said the new venture struck a $ 42 million deal secured by a portfolio of office buildings in Austin, Texas, which was followed shortly after by a $ 410 million loan secured by the office building located at 111 Wall Street in New York.
As part of the origination, SKW and Bain Capital provided mezzanine debt financing, the companies said in a joint statement.
Bain Capital Credit and SKW Funding first teamed up in July 2019 to invest $ 500 million in opportunistic US home loans over the next two and a half years.
The companies said the latest company will continue to seek opportunities nationwide, with a focus on acquisitions in the greater New York market.
SKW Funding and Bain Capital Credit will also target loan origination in specific situations, including mezzanine and preferred stock investments.
Daniel Wrublin and Ayush Kapahi, Directors and Co-Founders of SKW Funding, said, “We are delighted to grow our relationship and establish a very successful first joint venture with Bain Capital.
“Given the current market turmoil, we expect that we will continue to find very attractive investment opportunities in the debt space.”
David DesPrez, Director of Bain Capital Credit, said, “We continue to find excellent relative value in debt opportunities in the New York City market and other key geographies, particularly in the D class. assets impacted by COVID such as offices.
“We are delighted to expand our relationship with the entire SKW team and look forward to continuing to leverage our unique capabilities to take advantage of compelling opportunities. “
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