Firm Overview
Formation
Churchill Real Estate (“Churchill”) is a private real estate investment firm formed in 2014 to capitalize on United States real estate debt, equity, and distressed opportunities.
Experience
The firm’s Principals have over 100 years of combined real estate experience with strong track records of investing and asset managing billions of dollars in US real estate.
Opportunity
Churchill was founded to take advantage of bespoke, point-in-time opportunities throughout real estate market cycles with primary focus on downside protection while optimizing risk adjusted return.
Technology
Churchill’s value proposition is centered around the breadth and depth of experience of its management team as well as its development of proprietary technology platforms.
INVESTMENT OPPORTUNITIES
COMMERCIAL REAL ESTATE
Churchill underwrites/originates first and second mortgages, mezzanine loans, and late-stage preferred equity to finance development projects, transitional properties, repositioning projects, and inventory loans, in all cases stressing the importance of risk management and downside protection.
Churchill is “micro-focused” on specific neighborhoods within Manhattan, Queens, and Brooklyn, targeting mid-sized/boutique projects where the team can understand unique nuances and market-specific issues in order to help borrower/developer create a successful project.
Current market conditions provide a compelling opportunity for Churchill to pursue defaulted debt opportunities, originate and/or recapitalize construction loans, pre-development/acquisitions loans, and to provide capital for special situations including partnership funding shortfalls or distressed circumstances.
Churchill is sponsoring an open-ended fund which provides investors the opportunity to capitalize on debt opportunities and select equity opportunities primarily located in New York City.
TYPICAL INVESTMENT PARAMETERS
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$5-75mm total deal size
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Loan Term: 1-5 years
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Loan Types: Land, transitional, bridge, pre-development, construction, condo inventory
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Select distressed debt and equity opportunities
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Structures considered: First or second lien or A/B structures, mezzanine, preferred equity, note-on-note financing, repurchase facilities
RESIDENTIAL REAL ESTATE
REAL ESTATE DEBT
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Direct lending to experienced residential real estate investors
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Refinancing, Bridge, Rehab, Acquisition loan origination. Short duration opportunities, 6-12 months
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Whole Loan sourcing and aggregation
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Senior warehouse facility origination and management
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Residential new construction financing programs and builder lending solutions
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Structured term financing to lenders, credit funds, and large real estate developers
REAL ESTATE EQUITY
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Single Family Rental portfolio services and investing. Acquisition and disposition solutions, Build to Rent (B2R), property management strategies, and performance monitoring
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Other select opportunities with potential significant capital appreciation
DISTRESSED REAL ESTATE OPPORTUNITIES
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Identifying market inefficiencies to procure performing and non-performing loans that are being mispriced by the market
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Acquiring real estate debt and equity owned by banks and other lenders
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Bespoke correction-market opportunities
RESIDENTIAL TRANSITIONAL LENDING
Churchill’s captive direct lending platform provides short-term financing (generally 12 months or less) to real estate investors used for the purchase and refurbishment/construction of real estate which the investors re-sell after refurbishment/construction is complete.
Churchill has recognized that residential real estate investors and developers can’t wait for the burdensome, rigid bank loan approval and funding processes for which the financing market for these properties is highly fragmented; the industry - often being served by small individual investors and those using self-directed IRAs to pool capital and fund these projects. Real estate investors often fund projects by pooling multiple private individual investors, making for a burdensome and stressful process.
Real estate investors are frustrated with these inefficient and unreliable capital sources in the market and are unable to receive financing in a timely and efficient manner from typical lenders.
The fragmented, inefficient, and non-institutional capital market for these loans, coupled with the current need in the US for new and re-developed housing stock (due to the fact that much of the US housing market is aging) served by these real estate investors/developers provides an opportunity for Churchill to provide the needed capital to borrowers and developers, by being able to originate, underwrite, and fund loans quickly, efficiently, and reliably.
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INVESTMENT MANAGEMENT TECHNOLOGY
canop[i] is Churchill Real Estate's proprietary investment management technology platform. canop[i] is a SaaS-based business intelligence solution that is available for third party licensing and can be customized and white-labeled to your specific business needs.
OUR FUNDS
CHURCHILL INCOME OPPORTUNITY FUND
The Churchill Income Opportunity Fund seeks to provide current cash flow by strategically investing in performing real estate debt instruments in targeted markets across the U.S.
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Open-Ended opportunistic real estate fund focusing on investments in the U.S.
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Designed to monetize insights, relationships and proprietary structuring from a specialized U.S. real estate manager that has expertise in investing in all facets of the real estate capital stack
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Aim to generate attractive risk-adjusted returns over a full market cycle by investing in a combination of public and privately issued debt instruments
CHURCHILL SPECIAL SITUATIONS FUND
The Churchill Special Situations Fund is designed to take advantage of bespoke, point-in-time opportunities, throughout real estate market cycles, with a focus on downside protection while optimizing risk-adjusted returns
Investable Universe:
Performing and non-performing debt securities and other instruments including senior/subordinate loans, B-notes, bonds and notes, mortgage loans, construction/bridge loan, mezzanine loans, preferred equity securities issued by companies owning or operating real estate
INVESTMENT MANAGEMENT CAPABILITIES
Churchill Real Estate was established out of the collective ambition of investment managers experienced in real estate and finance industries. Our goal is to provide full-transparency asset management, leveraging technology to provide investors with best-in-class solutions.
Churchill’s existing infrastructure has the experienced personnel and capacity to monitor and service “high touch” real estate assets, as well as other bridge and transitional real estate debt and equity products. Following successful transaction execution, our in-house team conducts thorough due diligence to confirm that project funding accurately represents completed project work. As part of our rigorous asset-management process, we provide detailed periodic reporting on all investments.
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TECHNOLOGY
Exceeding Asset Management Expectations
At Churchill, we believe that technology should support and enhance your investment strategy, not constrain it. We designed and built our investment management platform, canop[i], to provide investors with real-time access to asset performance. With our wide range of proprietary applications, we provide customized solutions that fit your unique real estate investment management needs.
OUR TEAM
Our principals take pride in building lasting relationships with owners, borrowers, borrower-advisers, and lending partners. With extensive experience in development and asset management, an eye for creatively unlocking capital-driving value, and demonstrated structuring capabilities and risk mitigation strategies, Churchill Real Estate has established a strong market presence and continues to execute successful deals across various asset classes throughout the United States real estate market.
