SKW Funding has closed on $30 million in financing to support the acquisition of an existing loan and related bankruptcy court approved “debtor in possession” (DIP) loan for a building located on Manhattan’s Upper East Side.
The financing is secured by the property at 305 East 61st Street, a mid-construction condominium conversion that will feature high-end residential condo units and ground floor retail.
“The SKW team worked diligently with a new take out lender to structure a deal with maximum flexibility that skillfully accommodated the unconventional DIP loan structure,” said SKW’s Daniel Wrublin, who negotiated the transaction.
“We are pleased to have executed for our borrower on this deal under extremely challenging global circumstances.”
SKW was founded in 2014 by Ayush Kapahi, Jerry Swartz, Daniel Wrublin and Andrew Wrublin. “SKW Funding’s platform was designed to be a creative and flexible capital resource for both borrowers and lenders in tough times,” added Kapahi.
A one-time storage facility for fine art, 305 East 61st Street was purchased by developer Mitchell Marks for $40 million in 2016. Marks planned to convert the 11-story property into a condo building.