SKW Funding along with joint venture partner Bain Capital Credit have formed a fund that will target sub and non-performing notes. The duo plan to invest $500 million over the course of the next 30 months. Seeking opportunities nationally, they’ll focus on the greater-New York City market. They will also provide special situation loan originations including mezzanine and preferred equity investments and close on their first acquisition: a $27 million portfolio of four non-performing notes secured by 652 apartment units in San Antonio, Texas.
“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 Ayush Kapahi, SKW Funding.
