Seven Valleys sells $57.5M debt on RedSky building to SKW Funding

Seven Valleys Capital sold a loan with an original principal of $57.5 million secured by RedSky Capital’s building at 18 India Street to SKW Funding.

The properties include the tax class fireproof warehouse (E1) at 131 West Street and 18 India Street in Brooklyn. The deal closed on September 3, 2020 and was recorded on October 13, 2020.

Seven Valleys Capital assigned the $57 million loan to Ayush Kapahi’s SKW Funding. Kapahi, in turn, borrowed money from Centennial Bank. The Real Deal reported on the note sale in September.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 2 new building permit applications totaling 853,705 square feet. Those plans include a total of 771 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Note: Story updated with link from The Real Deal.