DEEPLY EXPERIENCED AND COHESIVE TEAM

Overview

 

True North Management Group, founded in 2004 by Richard Gunthel and Paul Turovsky, is a privately held real estate investment management firm headquartered in White Plains, New York. Since its inception, the firm has successfully completed more than 60 distinct debt and equity investments with more than $965 million in transaction value involving office, retail, hospitality, multifamily and other property types throughout the United States.

 

  • The Founding Principals have over 30 years of experience investing over numerous market cycles
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  • At Bankers Trust / Deutsche Bank the Principals originated over 125 real estate mezzanine and subordinate debt investments and over 200 equity investments globally
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  • 12 of 18 True North professionals worked together at BT/DB in the real estate investment banking group
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  • Balanced mix of debt and equity experience to be successful in today’s environment

 

PROVEN TRACK RECORD

  • True North has consistently produced attractive returns
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  • True North Fund I ranks in the top quartile for its vintage (1)
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  • Only one True North investment has returned less than its invested capital

CONSISTENT STRATEGY

  • Investment team has always invested with a focus on distress and special situations - even in ‘good’ times
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  • True North invests in out-of-favor, ‘below replacement cost’ and mismanaged assets
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  • Long history of both creative restructurings with borrowers and navigating the foreclosure process

SUPERIOR BUSINESS MODEL

  • Origination to realization asset management approach
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  • Not reliant on JV partners
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  • Disciplined underwriting based on real estate fundamentals rather than financial engineering
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  • “Institutional” investment approach within the structure of an entrepreneurial firm

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(1) Based on Cambridge Associates Real Estate Index and Benchmark Statistics, March 31, 2014.

True North is one of the most tenured teams making private investments in the real estate industry. The Founders have overseen successful global debt and equity real estate investment strategies across multiple economic cycles.