Distressed Situations

Our Principals' experience in distressed situations ranges from the acquisition, workout, and foreclosure of individual loans to acquiring assets and companies under distress, to creating and running platforms dedicated to systematically investing in distressed assets in the United States and Japan. Our Principals have substantial backgrounds in operations, finance, law, development, tax, bankruptcy and turnarounds that allow us to seek to add value to distressed investments, both during the distress resolution process, as well as at the property level.

During the Distress Resolution Process:

• Taking assets through workout, restructuring, bankruptcy and foreclosure
• Providing additional debt and equity financing
• Dealing with inter-creditor relationships
• Solving complicated tax matters
• Preserving value at the property level
• Improving operations and supplementing management teams when necessary

At the Asset Level:

• Leasing and expense control initiatives
• Redeveloping and repositioning underutilized assets
• Improving the profitability, growth and return on capital in operationally intensive sectors
• Identifying and unlocking hidden value
• Deep industry relationships throughout the industry to assist when necessary

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Distressed Debt

Our Principals have been directly responsible for over $5 billion in performing and non-performing high-yield debt investments, while running or co-running platforms with more than $10 billion in debt investments. In addition, our Principals have decades of workout, restructuring, bankruptcy and foreclosure experience, often resulting in obtaining control over and adding value to the underlying real estate after an event of default. The wide range of debt strategies that our Principals have utilized includes:

• Originating and acquiring whole loans, B-pieces, mezzanine debt, CMBS and convertibles
• Bifurcating debt positions to keep the resulting high-yielding security
• Workouts and restructurings resulting in new debt or equity securities with higher returns and greater liquidity
• Foreclosing on and repositioning the underlying assets to sell on stabilization

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Hospitality

Our Principals have acquired and asset managed and directly operated hospitality related assets ranging from some of the finest luxury resorts in the world limited service hotels. Although we prefer to independently manage our hotels, we have enjoyed good working relationships with all of the major hospitality management companies, including Four Seasons Hotels and Resorts, Marriott International, Starwood Hotels and Resorts, and Hilton Hotels.

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Senior Housing and Health Care

Our Principals have deep knowledge, expertise and relationships in the senior housing and healthcare sector. We are primarily focused on larger continuing care retirement communities and IL/AL communities. Our investment experience includes individual community acquisitions, programmatic joint ventures with management companies, and to investments in operating companies. Our Advisory Board members have extensive direct experience throughout the healthcare industry, with two serving as the Chairmen and Chief Executive Officers of well-respected, and NYSE-listed healthcare companies, and, two serving as the Chairmen of leading corporate private equity funds with significant success investing in healthcare companies, including those that own their own real estate.

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Office

Our Principals have broad-ranging experience with office investments from acquiring major CBD office towers to building suburban office campus projects for credit tenants, to repositioning properties in need of major capital expenditures and re-tenanting. Our deep industry relationships allow for real-time updates on current market conditions, including assessments and forecasts of market rents, tenant allowances, leasing commissions and competition from sub-lease and shadow space.

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Industrial

Our Principals have successful industrial experience, including developing modern, efficient distribution facilities in emerging markets for multi-national credit tenants and leaders in supply chain management. Our strategic relationships within the chemical and food, processing and packaging industries provide us with the unique ability to acquire complete manufacturing and distribution facilities along with our partners who acquire their industrial equipment.

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Retail

Our Principals have extensive retail experience ranging from grocery anchored strip centers to regional shopping malls, to the retail components of broader mixed-used projects. Our corporate private equity experience provides additional understanding of the general retail environment that allows our Principals to effectively assess operational items such as:

• Demographic and economic factors affecting the community and the retailers
• The tenant and marketing mix needed to affectively attract customers
• The affect of cost structures on retailers
• Tenant viability and credit worthiness

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Multifamily

Our Principals have a successful history of acquiring impaired multifamily properties and repositioning them through both capital expenditures and improved management. In addition, our Principals have unique knowledge of multifamily specialties such as student housing, manufactured housing and senior housing that are significantly more operationally intensive than traditional multifamily apartment communities.

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Land and Development

Our Principals have been involved in homebuilding and development projects ranging from massive middle-market communities to luxury residential units affiliated with adjacent hospitality projects, to free-standing condominium towers. Although we are very limited in our pursuit of these investments today, our Principals have substantial experience achieving success across a wide range of land, homebuilding, and development strategies that provide us an underwriting and asset management advantage in our acquisition activities, including:

• Acquiring raw land and taking it through the entitlement process
• Acquiring finished lots at a discount to the cost of existing infrastructure and improvements
• Developing single-family homes, condominiums, and golf courses
• Developing land for commercial use, including hotels, office buildings, retail centers and industrial facilities

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International

Although CERES Real Estate Partners is focused on investment opportunities in the United States, our Managing Principal's global investment successes highlight skillful asset management and risk control execution on complex investments. Our Managing Principal has had primary, on-the-ground responsibility for investments in Europe, Asia, Australia and South America.

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