Investment Process

Structuring Options

CSC is flexible regarding fund structure and will work with investors to create a structure that is optimal for their needs:

U.S. FUND
Joint Venture SPVs / Programmatic Co-Investments
Delaware Statutory Trusts (DSTs) or Private REITS / Commingled LP Funds
Delaware Limited Partnerships (LPs) or Cayman LP/Master-Feeder Structures
ILLUSTRATIVE PARAMETERS FOR OFFICE TO RESIDENTIAL CONVERSION FUND
Purpose
Residential real estate investment, providing 100% of the equity required for projects originated by CSC teams
Investment Class
Senior Preferred Equity
Geography
New York, Miami, Washington, San Francisco, Philadelphia are primary markets: Capital and Tier One Cities only
Geography
Rolling closes permitted for up to 12 months following initial close
Deal Profile
Blended Value-Add / Opportunistic / Development Typical LTV: 50-65% / Typical equity ticket size: $15.50m
Deal Profile
2 years from initial close (capital deployment for
new acquisitions)
Asset Class & Illustrative Weighting
Non-Profit to Residential Conversions (10%)
 Hotel to Residential Conversions (30%)
 Office to Residential Conversions (45%)
 Office Lease Up (15%)
Asset Class & Illustrative Weighting
< 8 years per asset, inclusive of conversion, lease-up, and exit
Fixed Return
12% Annual Yield, distributed quarterly
Collateral
First-lien equity position on manufactured basis
at or below land-value cost.
Targeted Preferred
$250.0MM
Potential fund benefits

A Generational Opportunity Office-to-Residential Market

enhanced
Preferred equity format
Efficient capital deployment for Investors
Appropriate for granular investments across diversified target assets
No exposure to dead deal costs
Control liquidity exposure on unallocated equity commitment
Provides certainty on fixed return, enabling reduced risk participation in while offering
mispriced risk / return parameters to investors.
Potential for Opt-Out Right (for Investors committing $50m+)
Regular communication about pipeline and new themes
Specific deal materials presented in advance of capital call, when Investors can opt-out of deal
After waiving the opt-out option, CSC subsequently has full discretion managing the investment
If an investor ops-out of an investment, the remaining equity will be allocated to other investors
Dedicated ManagedAccount
Dedicated LP vehicle (regulated or unregulated)
Mutually agreed investment strategy aligned to investment preferences, risk appetite and return profile