Andrew Church

Hedging and Capital Markets

Real Estate | Kennett Square, PA

Phone: +1 484 731 0399

About Andrew

Andrew Church works on Chatham’s Real Estate Hedge Advisory team, advising public and private real estate companies on interest rate risk management and foreign currency risk management, and ensuring the associated regulatory compliance required for our clients. Prior to joining Chatham, Andrew graduated from Penn State University with a B.A. in Economics and in History.

Publications

Guide

“Springing” interest rate cap requirements in CRE loans

“Springing” interest rate caps are a type of loan requirement that requires a CRE borrower to purchase an interest rate cap post loan closing if (and only if) the base rate for a floating-rate loan (like SOFR) crosses a certain threshold (often called the “trigger”). This structure permits the...

Market Update

Cost of leverage in a volatile rate environment

Along with a backdrop of rising interest rates over the course of the year, rate volatility has increased substantially. Treasury yields and swap rates at both the short and long end of the curve have exhibited significant variance in relatively short time periods (including overnight) as a...

Guide

The intrinsic value of interest rate caps

The upfront costs of interest rate caps have increased significantly in the past six months as short-term rates have risen and expected payouts on these caps have increased in probability and amount. This piece analyzes how cap pricing in the USD interest rate market factors-in expected future...

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Expertise

Real Estate
Interest Rate Risk Management
Foreign Currency Risk Management

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