About Us
Overview
Chesterfield Faring, Ltd (the "Firm") acts in a capacity of direct investor or investment banking appropriate for each commercial real estate ("CRE") opportunity. The Firm will fill the capital gap with its own capital when required in any transaction. The Firm can produce better than expected financing results optimizing the capital stack to provide the lowest cost debt and equity.
Since formation in March 2006, the Firm has executed over $12 billion in transactions. The Firm completed over $8.0 billion alone in the restructuring and recapitalization of CRE assets in the last down cycle. The Firm was formed as a merchant bank but from 2014 evolved into a financier/investor.
Our expertise includes: direct debt and equity investment, underwriting. asset management, debt and equity restructuring, dispositions, advisory roles, and expert testimony when needed. Our core expertise is direct investment and recapitalizations of distressed debt (the purchase of distressed assets and debt). CFL can invest in any financing structure or position in the capital stack such as: first mortgage debt, origination of and closing, acquiring performing and non performing loans, mezzanine financing, stretch loans, value add and transitional loans, preferred equity, GP loans. GP equity, LP equity with preference liquidation, asset backed credit facilities, bridge financing, plus note on note financing.
CFL has four core business lines or "silos": i) Direct Investment Group: Direct CRE debt and equity investment, ii) Restructuring Group: Distressed debt services for lenders, borrowers, and acquirers of distressed debt, actively buying for our own account, iii) Corporate Group: Buying control positions in CRE operating companies with local partners, plus iv) Capital Markets Group: Participating and syndicating first mortgage debt, mezzanine financing, preferred equity, plus GP equity, third party placements as well as direct investments. This group provides exits for our direct investment opportunities.
Alignment of Interests
In every case, we align our interests with our investors and other stakeholders to build consensus and optimize returns. We pride ourselves in obtaining special situations that produce above market returns to our investors in the shortest possible time. By assuring borrowers and sponsors the fastest possible closing time, the Firm generates above market rate returns but also uses unique leverage and syndication structures to match risk with rewards.
Independence
The Firm is entirely independent and focused on our clients, investors, and their objectives. Our advice is unfettered by the internal conflicts and distractions inherent with larger, diversified financial institutions. As an independent, boutique firm, we can provide objective advice to our clients. This includes advising clients not to pursue transactions if they are unwarranted or inappropriate.
Our philosophy has always been: “No one deal is worth losing a client, tarnishing our reputation, or compromising future business."
Our Process
Engagement
Before the Firm accepts an engagement, it researches and assesses the efficacy of the client's business model, objectives, mission, sustainability, size, and scope. The firm determines if the client's desired result is achievable. Upon determination of client suitability, CFL appoints the appropriate personnel to meet the client's needs. CFL sets realistic time frames to complete the assignment. The client and CFL execute an engagement letter setting forth services.
Offering Materials
The Firm sends a checklist for documentation requirements to the client. From the documentation sources, the Firm prepares a comprehensive, clear, and concise description of the client's business and strategy, distilling the key drivers and competitive advantages. This may include business plans, business strategy, single asset or portfolio analysis, growth plan, liquidation plan, debt financing, or an equity capitalization plan.
Financial Modeling
The Firm creates detailed financial models for review by the client that complement the plan. The financial model acts as an integrated tool to enable investors, lenders, and capital providers the ability to determine the value proposition and anticipated returns.
Capital Strategy
The Firm will present the Plan setting forth strategic options and financial models to the client for review and comment.
Capital Formation
After review by the client of the plan, the Firm will assist the client in determining the timing, amount, and optimal capital structure to maximize value.
Investor Identification
Once the plan is complete, the Firm will identify appropriate capital sources for the transaction. Often, the appropriate capital sources add value through their relationships or knowledge base. CFL will use its strong and enduring long-term relationships to procure the most appropriate candidates to finance the client's business and/or assets.
Process Management
After narrowing the field, CFL will advise the client on the best potential market terms and negotiate all final terms and conditions of the funding(s) with the capital sources.
Final Strategic Advisory and Execution
Upon an acceptable plan structure, CFL will assist the client in all closing procedures until final funding occurs. Post closing, CFL will remain a resource for the client as needed; including raising additional rounds of capital and providing strategic advice, when requested.
Lawrence J. Selevan
Chief Executive Officer
Lawrence J. Selevan is responsible for the overall direction of the Firm. Mr. Selevan has more than 40 years of experience in real estate investment banking, investment management, principal ownership, and capital markets activities. During his career, Mr. Selevan has executed $15 billion (plus) in transactions for both US domestic and offshore institutional and private clients, including US REITs, pension fund, fund managers, global investment banks, private family home offices, and Sovereign Wealth Funds.
Prior to the Firm, Mr. Selevan was the CEO of Garrick Aug, Director of Fund Management for Sumitomo Real Estate, Managing Director at Fieldstone, Inc. and the merchant banker for a private family office. He has moderated several conference panels every year specifically referencing private equity, distressed opportunities, special opportunities, and global infrastructure project finance. He has worked on projects throughout the world including the US & the Americas, Europe, Africa, and Asia.
Keith Broemmer
Senior Managing Director
Keith Broemmer is a Senior Managing Director in charge of capital market placement activities of the investment banking assignments of the firm. This includes sourcing debt and equity for clients, as well as directing investments for the firm's principal related activities. Keith has over 25 years of experience in real estate portfolio and asset dispositions, structured equity and debt placements, acquisitions, and advisory. Assignments include hundreds of assets of all property types throughout the United States for an institutional client base of public and private investors. Keith is also a Managing Partner of Assured Realty Capital, Inc., a preferred equity investment platform affiliated with CFL, and heads the underwriting activities including oversight and management of operations and risk management of the portfolio. Keith was previously Managing Partner and Co-Founder of Broad Street Advisors, a real estate advisory firm that was in partnership with GE Capital and later Apollo, and which had a joint-venture relationship with the investment banking groups at Morgan Stanley, Deutsche Bank, and Bear Stearns.
Prior to Broad Street, Keith was a Senior Vice President in the Investment Sales Group of Harbert Realty Services, and marketed commercial real estate assets nationally. Previous to Harbert, Keith was a Vice President at Atlantic Realty Partners, a multifamily focused investment sales firm. Keith began his career as an MAI commercial real estate appraiser.
James Malone
Senior Managing Director
James Malone has more than twenty years of investment and advisory experience encompassing real estate equity and debt transactions, asset management, capital markets, best practices and distressed debt portfolios. Most recently, he was the Managing Partner of Wynnewood Realty Partners LLC, a real estate investment and advisory firm that specializes in buy-side strategy, originations, capital markets execution and debt valuation. In this capacity, he was a senior advisor to Cofinance Group, a Luxembourg-based private real estate investment firm, where he directed commercial acquisitions activity in the United States. He has also advised Vision Equities on capital raising, buy side strategies and originated CBD and suburban office properties.
Previously, he has held senior positions with Sentinel Real Estate Corporation, Greenstreet Real Estate Partners and Arbor Realty Trust where he was involved with the acquisition of more than $750 million of direct equity, joint venture equity and debt investments across various real estate property types. His transactional experience spans various investment disciplines both domestically and internationally.
James has advised lending institutions since 2009 on distressed debt, REO, best practices and regulatory compliance. His experience encompasses developing and implementing key strategies for clients based on developing best practices, workout and liquidation approaches, portfolio stratification, loan review, impairment and risk analysis and NPL, and credit policy review. He has led or co-lead several advisory assignments, including a project for a Colorado-based community bank on loan administration practices, as well as risk exposure and workout and liquidation policies pursuant to a recapitalization or sale. He has also managed underwriting, impairment, and risk analysis on U.S. commercial and real estate loan portfolios for Swiss National Bank, PPIP advisor, and multiple other clients.
James holds degrees from New York University and Fairfield University.
Kirk Lewin
Managing Director of Principal Investments
Kirk Lewin is the Managing Director of Principal Investments for Chesterfield Faring Ltd. This includes the firm’s principal investing activities in commercial real estate and real estate operating companies. Kirk has over 18 years of experience in finance that includes real estate, private equity and Hedge Funds.
Prior to joining the firm, he founded KDL Capital where he oversaw capital raises and investment in real estate, hedge funds and private companies. Previously, Mr. Lewin served the Vice President of Sales for two financial firms. He was responsible for developing and maintaining the firms' domestic and international high net worth and institutional client bases, including some of the largest family offices, private equity funds, hedge funds, banks, pension funds and institutions globally.
Garrett R. Bowden
Managing Director
Garrett R. Bowden career spans three decades in commercial real estate. His assignments have included the sale of 595 Madison Avenue (The Fuller Building) and the sale of the Saks Fifth Avenue leasehold to the Swiss Bank Corporation in 1986 to create a Class A office building off Fifth Avenue, which earned his team The Real Estate Board of New York’s “Most Ingenious Deal of the Year” award. He has extensive experience in recapitalizing golf and resort communities. Previous employers include: Chase Manhattan Bank, Cross & Brown (MetLife), and Sumitomo Real Estate.
Mr. Bowden is an active member of the Real Estate Board of New York, Inc., The Young Men’s/Women’s Real Estate Association of New York (YM/WREA), Advisory Board Member of the Soldier’s, Sailor’s, Airmen’s and Marines Club, The Explorers Club, a Director of the Big Apple Greeter (New York City), a Trustee of the Downtown Association, a former member of the Eckerd College Alumni Advisory Board where he graduated from in 1973, and active in other charitable and philanthropic organizations.
He holds a Masters of International Management (M.I.M.) degree in International Finance and Marketing from the Thunderbird Graduate School of International Management in 1975.
Sri Raju
Technology and Principal Investment Advisor
Sri is a Technology and Investment advisor for Chesterfield Faring. He is also the co-founder of RED Blocks a real estate tokenization platform and Leasedigs an auction based leasing portal. He is a seasoned Finance, Real Estate, Operations and Technology professional with more than 20 years’ experience in the Financial Services Industry who has executed numerous capital investments and strategic initiatives.
He is a long time thought leader in financial technology who has authored a book about digital assets and blockchain and serves as an advisor to startups and businesses. Sri is the the Head of Fintech for the CFO’s office for Sumitomo Mitsui Banking Corporation, was the Head of Analytics for the Alternative Investments and Real Estate in Deutsche Asset Management and was Manager of Operations & Technology in Citigroup.
Overview
CFL Portal
Current Investment OpportunitiesOverview
Chesterfield Faring, Ltd (the "Firm") acts in a capacity of direct investor or investment banking appropriate for each commercial real estate ("CRE") opportunity. The Firm will fill the capital gap with its own capital when required in any transaction. The Firm can produce better than expected financing results optimizing the capital stack to provide the lowest cost debt and equity.
Since formation in March 2006, the Firm has executed over $12 billion in transactions. The Firm completed over $8.0 billion alone in the restructuring and recapitalization of CRE assets in the last down cycle. The Firm was formed as a merchant bank but from 2014 evolved into a financier/investor.
Our expertise includes: direct debt and equity investment, underwriting. asset management, debt and equity restructuring, dispositions, advisory roles, and expert testimony when needed. Our core expertise is direct investment and recapitalizations of distressed debt (the purchase of distressed assets and debt). CFL can invest in any financing structure or position in the capital stack such as: first mortgage debt, origination of and closing, acquiring performing and non performing loans, mezzanine financing, stretch loans, value add and transitional loans, preferred equity, GP loans. GP equity, LP equity with preference liquidation, asset backed credit facilities, bridge financing, plus note on note financing.
CFL has four core business lines or "silos": i) Direct Investment Group: Direct CRE debt and equity investment, ii) Restructuring Group: Distressed debt services for lenders, borrowers, and acquirers of distressed debt, actively buying for our own account, iii) Corporate Group: Buying control positions in CRE operating companies with local partners, plus iv) Capital Markets Group: Participating and syndicating first mortgage debt, mezzanine financing, preferred equity, plus GP equity, third party placements as well as direct investments. This group provides exits for our direct investment opportunities.
Alignment of Interests
In every case, we align our interests with our investors and other stakeholders to build consensus and optimize returns. We pride ourselves in obtaining special situations that produce above market returns to our investors in the shortest possible time. By assuring borrowers and sponsors the fastest possible closing time, the Firm generates above market rate returns but also uses unique leverage and syndication structures to match risk with rewards.
Independence
The Firm is entirely independent and focused on our clients, investors, and their objectives. Our advice is unfettered by the internal conflicts and distractions inherent with larger, diversified financial institutions. As an independent, boutique firm, we can provide objective advice to our clients. This includes advising clients not to pursue transactions if they are unwarranted or inappropriate.
Our philosophy has always been: “No one deal is worth losing a client, tarnishing our reputation, or compromising future business."
Our Process
Engagement
Before the Firm accepts an engagement, it researches and assesses the efficacy of the client's business model, objectives, mission, sustainability, size, and scope. The firm determines if the client's desired result is achievable. Upon determination of client suitability, CFL appoints the appropriate personnel to meet the client's needs. CFL sets realistic time frames to complete the assignment. The client and CFL execute an engagement letter setting forth services.
Offering Materials
The Firm sends a checklist for documentation requirements to the client. From the documentation sources, the Firm prepares a comprehensive, clear, and concise description of the client's business and strategy, distilling the key drivers and competitive advantages. This may include business plans, business strategy, single asset or portfolio analysis, growth plan, liquidation plan, debt financing, or an equity capitalization plan.
Financial Modeling
The Firm creates detailed financial models for review by the client that complement the plan. The financial model acts as an integrated tool to enable investors, lenders, and capital providers the ability to determine the value proposition and anticipated returns.
Capital Strategy
The Firm will present the Plan setting forth strategic options and financial models to the client for review and comment.
Capital Formation
After review by the client of the plan, the Firm will assist the client in determining the timing, amount, and optimal capital structure to maximize value.
Investor Identification
Once the plan is complete, the Firm will identify appropriate capital sources for the transaction. Often, the appropriate capital sources add value through their relationships or knowledge base. CFL will use its strong and enduring long-term relationships to procure the most appropriate candidates to finance the client's business and/or assets.
Process Management
After narrowing the field, CFL will advise the client on the best potential market terms and negotiate all final terms and conditions of the funding(s) with the capital sources.
Final Strategic Advisory and Execution
Upon an acceptable plan structure, CFL will assist the client in all closing procedures until final funding occurs. Post closing, CFL will remain a resource for the client as needed; including raising additional rounds of capital and providing strategic advice, when requested.
Our Approach
Bios
Lawrence J. Selevan
Chief Executive Officer
Lawrence J. Selevan is responsible for the overall direction of the Firm. Mr. Selevan has more than 40 years of experience in real estate investment banking, investment management, principal ownership, and capital markets activities. During his career, Mr. Selevan has executed $15 billion (plus) in transactions for both US domestic and offshore institutional and private clients, including US REITs, pension fund, fund managers, global investment banks, private family home offices, and Sovereign Wealth Funds.
Prior to the Firm, Mr. Selevan was the CEO of Garrick Aug, Director of Fund Management for Sumitomo Real Estate, Managing Director at Fieldstone, Inc. and the merchant banker for a private family office. He has moderated several conference panels every year specifically referencing private equity, distressed opportunities, special opportunities, and global infrastructure project finance. He has worked on projects throughout the world including the US & the Americas, Europe, Africa, and Asia.
Keith Broemmer
Senior Managing Director
Keith Broemmer is a Senior Managing Director in charge of capital market placement activities of the investment banking assignments of the firm. This includes sourcing debt and equity for clients, as well as directing investments for the firm's principal related activities. Keith has over 25 years of experience in real estate portfolio and asset dispositions, structured equity and debt placements, acquisitions, and advisory. Assignments include hundreds of assets of all property types throughout the United States for an institutional client base of public and private investors. Keith is also a Managing Partner of Assured Realty Capital, Inc., a preferred equity investment platform affiliated with CFL, and heads the underwriting activities including oversight and management of operations and risk management of the portfolio. Keith was previously Managing Partner and Co-Founder of Broad Street Advisors, a real estate advisory firm that was in partnership with GE Capital and later Apollo, and which had a joint-venture relationship with the investment banking groups at Morgan Stanley, Deutsche Bank, and Bear Stearns.
Prior to Broad Street, Keith was a Senior Vice President in the Investment Sales Group of Harbert Realty Services, and marketed commercial real estate assets nationally. Previous to Harbert, Keith was a Vice President at Atlantic Realty Partners, a multifamily focused investment sales firm. Keith began his career as an MAI commercial real estate appraiser.
James Malone
Senior Managing Director
James Malone has more than twenty years of investment and advisory experience encompassing real estate equity and debt transactions, asset management, capital markets, best practices and distressed debt portfolios. Most recently, he was the Managing Partner of Wynnewood Realty Partners LLC, a real estate investment and advisory firm that specializes in buy-side strategy, originations, capital markets execution and debt valuation. In this capacity, he was a senior advisor to Cofinance Group, a Luxembourg-based private real estate investment firm, where he directed commercial acquisitions activity in the United States. He has also advised Vision Equities on capital raising, buy side strategies and originated CBD and suburban office properties.
Previously, he has held senior positions with Sentinel Real Estate Corporation, Greenstreet Real Estate Partners and Arbor Realty Trust where he was involved with the acquisition of more than $750 million of direct equity, joint venture equity and debt investments across various real estate property types. His transactional experience spans various investment disciplines both domestically and internationally.
James has advised lending institutions since 2009 on distressed debt, REO, best practices and regulatory compliance. His experience encompasses developing and implementing key strategies for clients based on developing best practices, workout and liquidation approaches, portfolio stratification, loan review, impairment and risk analysis and NPL, and credit policy review. He has led or co-lead several advisory assignments, including a project for a Colorado-based community bank on loan administration practices, as well as risk exposure and workout and liquidation policies pursuant to a recapitalization or sale. He has also managed underwriting, impairment, and risk analysis on U.S. commercial and real estate loan portfolios for Swiss National Bank, PPIP advisor, and multiple other clients.
James holds degrees from New York University and Fairfield University.
Kirk Lewin
Managing Director of Principal Investments
Kirk Lewin is the Managing Director of Principal Investments for Chesterfield Faring Ltd. This includes the firm’s principal investing activities in commercial real estate and real estate operating companies. Kirk has over 18 years of experience in finance that includes real estate, private equity and Hedge Funds.
Prior to joining the firm, he founded KDL Capital where he oversaw capital raises and investment in real estate, hedge funds and private companies. Previously, Mr. Lewin served the Vice President of Sales for two financial firms. He was responsible for developing and maintaining the firms' domestic and international high net worth and institutional client bases, including some of the largest family offices, private equity funds, hedge funds, banks, pension funds and institutions globally.
Garrett R. Bowden
Managing Director
Garrett R. Bowden career spans three decades in commercial real estate. His assignments have included the sale of 595 Madison Avenue (The Fuller Building) and the sale of the Saks Fifth Avenue leasehold to the Swiss Bank Corporation in 1986 to create a Class A office building off Fifth Avenue, which earned his team The Real Estate Board of New York’s “Most Ingenious Deal of the Year” award. He has extensive experience in recapitalizing golf and resort communities. Previous employers include: Chase Manhattan Bank, Cross & Brown (MetLife), and Sumitomo Real Estate.
Mr. Bowden is an active member of the Real Estate Board of New York, Inc., The Young Men’s/Women’s Real Estate Association of New York (YM/WREA), Advisory Board Member of the Soldier’s, Sailor’s, Airmen’s and Marines Club, The Explorers Club, a Director of the Big Apple Greeter (New York City), a Trustee of the Downtown Association, a former member of the Eckerd College Alumni Advisory Board where he graduated from in 1973, and active in other charitable and philanthropic organizations.
He holds a Masters of International Management (M.I.M.) degree in International Finance and Marketing from the Thunderbird Graduate School of International Management in 1975.
Sri Raju
Technology and Principal Investment Advisor
Sri is a Technology and Investment advisor for Chesterfield Faring. He is also the co-founder of RED Blocks a real estate tokenization platform and Leasedigs an auction based leasing portal. He is a seasoned Finance, Real Estate, Operations and Technology professional with more than 20 years’ experience in the Financial Services Industry who has executed numerous capital investments and strategic initiatives.
He is a long time thought leader in financial technology who has authored a book about digital assets and blockchain and serves as an advisor to startups and businesses. Sri is the the Head of Fintech for the CFO’s office for Sumitomo Mitsui Banking Corporation, was the Head of Analytics for the Alternative Investments and Real Estate in Deutsche Asset Management and was Manager of Operations & Technology in Citigroup.