SKW Funding and Bain Capital Credit Announce Second Strategic Joint Venture Targeting $1.3 Billion in Real Estate Debt

• First Investments in New Strategic Partnership Include $42 Million Deal Secured by an Office Portfolio in Austin, TX and $410 Million Financing of 111 Wall Street

NEW YORK & BOSTON--(BUSINESS WIRE)--SKW Funding (‘SKW’), a private lending and distressed debt platform, and Bain Capital Credit, LP (“Bain Capital”) today announced the formation of the second joint venture between the two firms that will target special situation loan originations as well as sub- and non-performing note acquisitions. The joint venture will target an additional $1.3 billion of acquisitions and loan originations over the next several years.

Concurrently, the joint venture announced its first acquisition, a $42 million note purchase secured by an office building portfolio in Austin, Texas which was followed shortly thereafter by a $410 million loan origination secured by the office building located at 111 Wall Street in New York, NY. As part of the origination, SKW and Bain Capital provided mezzanine debt financing.

The new platform comes on the heels of the successful origination of 9 deals between SKW and Bain Capital in their first joint venture, which was formed in July 2019. The joint venture will continue to seek opportunities nationally, with a focus on acquisitions in the greater New York City market. SKW Funding and Bain Capital Credit will also target special situation loan originations including mezzanine and preferred equity investments.

“We are pleased to be expanding upon our relationship and a very successful first joint venture with Bain Capital,” said Daniel Wrublin and Ayush Kapahi, Principals and Co-Founders of SKW Funding. “Given the current dislocations in the market, we anticipate that we will continue to find very attractive investment opportunities in the debt space.”

“We continue to find excellent relative value in debt opportunities in the New York City market and other core geographies, particularly in COVID-impacted asset classes like office space,” added David DesPrez, a Director at Bain Capital Credit. “We are excited to expand our relationship with the entire SKW team and look forward to continuing to leverage our unique capabilities to capitalize on attractive opportunities.”

About SKW Funding
SKW Funding (www.skwfunding.com), founded in 2014 by Daniel Wrublin and Ayush Kapahi, Jerry Swartz, and Andrew Wrublin, is a New York based opportunistic commercial real estate investment platform focusing on debt across every category of commercial real estate throughout the nation. Messrs. Kapahi and Swartz have facilitated billions of dollars in transactions in mortgage origination, and related services for every form of lending and equity participation conceivable, including syndication, direct lending, construction, development, ownership, management, plus debt and equity procurement in every category of Real Estate. Daniel Wrublin and Andrew Wrublin are Principals of Dalan Management Associates, Inc., a Manhattan based firm that currently owns and operates over $2 billion of real estate throughout the United States.

About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 150 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.