Bain Capital Credit and commercial property debt platform SKW Funding have formed a second US joint venture to target an additional $1.3bn (€1.1bn) of acquisitions and loan originations over the next several years.
The companies said the newly created venture has made a $42m deal secured by an office building portfolio in Austin, Texas which was followed shortly thereafter by a $410m loan origination 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 $500m in opportunistic US real estate loans over the next two-and-a-half years.
The companies said the latest 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.
Daniel Wrublin and Ayush Kapahi, principals and co-founders of SKW Funding, said: “We are pleased to be expanding upon our relationship and a very successful first joint venture with Bain Capital.
“Given the current dislocations in the market, we anticipate that we will continue to find very attractive investment opportunities in the debt space.”
David DesPrez, a director at Bain Capital Credit, said: “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.
“We are excited to expand our relationship with the entire SKW team and look forward to continuing to leverage our unique capabilities to capitalise on attractive opportunities.”
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