CREFC CRE CLO Conference



CREFC CRE CLO Conference


CRE Finance Council is pleased to announce the first annual CRE CLO Conference to be held on October 4, 2018 at the Sheraton New York Times Square Hotel. The premier full-day event will feature the leading practitioners in the industry as they discuss the reemergence of CRE CLOs, which are on pace to well exceed the nearly $8 billion in issuance last year. Panel topics will include how the current crop of CRE CLOs differ from CMBS and from pre-crisis CRE CDOs, the credit characteristics of the underlying loans, issuer and investor motivations, as well as thoughts on what is next in line for the market.


Conference Committee

Co-Chairs:
Richard Jones, Partner, Dechert LLP 
Kunal Singh, Managing Director, CMBS Capital Markets, J.P. Morgan

Planning Committee:
Gene Kilgore, Executive Vice President, Arbor Realty Trust
Chuck Lee, Head of CRE Securitization and Warehouse Finance, Credit Suisse Securities
Manish Rajguru, Portfolio Manager, Lord, Abbett and Co.  


Program

Registration
9:00am - 5:00pm
3rd Floor Foyer


Networking Breakfast
9:00am - 10:00am

Welcome 
9:45am - 10:00am
New York Ballroom

Welcome Remarks
Richard JonesPartner, Dechert LLP 
Lisa Pendergast, Executive Director, CRE Finance Council
Kunal SinghManaging Director, CMBS Capital Markets, J.P. Morgan 

CRE CLOs 2.0
10:00am - 11:00am
New York Ballroom

Moderator:
Steven T. Kolyer, Partner, Clifford Chance US LLP

Panelists:
Jeffrey Dawkins, Vice President, Goldman, Sachs & Co. 
Stewart McQueen, Partner, Dechert LLP 
Deryk Meherik, Senior Vice President, Moody’s Investors Service  
Erin Stafford, Managing Director, Head of North American CMBS, DBRS  
Precilla Torres, Senior Managing Director, Hunt Real Estate Capital

Discussion Topics:
- What is a CRE CLO? 
- How are today’s CRE CLOs different from pre-crisis CRE CDOs? 
- How do CRE CLOs differ from CMBS? 
- What are the motivations of issuing a CRE CLO? 
- Discussion of tax considerations; Why are most issuers structured as REITs? 
- Can non-REITs access this market? 

Networking Break
11:00am - 11:15am
3rd Floor Foyer

Bridge Loans: The Raw Materials Behind CRE CLOs
11:15am - 12:15pm
New York Ballroom

Moderator:  
Jeffrey RotblatPartner, Cadwalader, Wickersham & Taft LLP

Panelists:  
James Chung, Chief Investment Officer, Debt Strategies, Bridge Investment Group 
Robert Foley, Managing Director, TPG RE Finance Trust, Inc. (“TRTX”) 
Shannon Stotts, Managing Director, Resource Real Estate Funding 
Laura Swihart, Partner, Dechert LLP 
Eric Thompson, Senior Managing Director, Real Estate, Kroll Bond Rating Agency, Inc. 
Ron Wechsler, Executive Vice President, The Bancorp 

Discussion Topics:
- What are bridge loans and how do they differ from CMBS loans? 
- How transitional can bridge loans be? Can construction loans be included? 
- Loan structure and mitigation for lack of in-place NCF 
- Credit enhancement relative to pooled CMBS 
- Credit performance through the cycle: Looking ahead to the next downturn 

Networking Luncheon
12:15pm - 1:30pm
New York Ballroom

CRE CLO – Issuer Focus (Closed to Media)
1:30pm - 2:30pm
New York Ballroom

Moderator:  
Kunal Singh, Managing Director, CMBS Capital Markets, J.P. Morgan 

Panelists: 
Douglas Armer, Managing Director, Blackstone 
Daniel Bennett, Head of Capital Markets, LoanCore Capital, LLC 
Jon Brayshaw, Co-Founder, Head of Capital Markets, Prime Finance  
Greta Guggenheim, Chief Executive Officer, TPG RE Finance Trust, Inc. (“TRTX”)  
Gene Kilgore, Executive Vice President, Arbor Realty Trust 

Discussion Topics:
- Motivations for issuing 
- Pros and cons vs. repo financing
- Underlying assets: How wide is the CRE CLO box? Is it more or less restrictive than repo? 
- Static vs managed: Why issue managed? 
- Impact of explosion of CLO issuance on bridge lending market 
- Do you expect to be a repeat issuer through the cycle?

Networking Break
2:30pm - 2:45pm
3rd Floor Foyer

CRE CLO  Investor Focus
2:45pm - 3:45pm
New York Ballroom

Moderator:  
Darren Esser, Managing Director, Wells Fargo Securities  

Panelists: 
Rishi Bansal, Chief Investment Officer, BankUnited 
Shannon Erdmann, Director, Guggenheim Partners  
Manish Rajguru, Portfolio Manager, Lord, Abbett and Co. 
Richard Razza, Senior Vice President, Webster Bank
Avinash Sharma, Executive Director, J.P. Morgan 
Richard Talmadge, Senior Analyst – Secured Finance, Insight Investment Management 

Discussion Topics:
- How do investors view CRE CLOs relative to regular-way CMBS? 
- Relative value discussion 
- Analysis of managed CRE CLOs: Does the investor approach change for managed CRE CLOs? 
- Issuer tiering: Is there such a thing? 
- Credit discussion: How much transition is too much?  
- How does CRE CLO reporting differ from standard CMBS? 

Networking Break
3:45pm - 4:00pm
3rd Floor Foyer

State of the Market & Emerging Trends (Closed to Media)
4:00pm - 5:00pm
New York Ballroom

Moderator:  
Richard Jones, Partner, Dechert LLP  

Panelists: 
Missy Dolski, Director, Varde Partners Inc.  
Darren Esser, Managing Director, Wells Fargo Securities
Samir Lakhani, Managing Director, BlackRock 
Kunal Singh, Managing Director, CMBS Capital Markets, J.P. Morgan 
Jack Taylor, Managing Director, Global Head of Commercial Real Estate, Pine River Capital  

Discussion Topics:
- With the product firmly re-established is it here to stay?  
- The emergence of managed CRE CLOs: The wave of the future? 
- Underlying assets: What about subordinate collateral and other CRE asset types? 
- Will we see more CRE CLO transactions emerge where issuers sell further down the capital structure? 

Networking Reception
5:00pm - 7:00pm


 

Sponsorship

View the 2018 Sponsorship Guide and click here for the Sponsorship Application. For more information or questions about sponsorship, please contact Meghan Roberts at 202.448.0862.

Partner Sponsor




Platinum Sponsor



Gold Sponsor



Silver Sponsors






Bronze Sponsors



          



Media Sponsors
          


Attendee List

The Attendee List is available to registered attendees only.

Young Professionals

CREFC invites Young Professionals to attend the CRE CLO Conference for a special rate.

To qualify, you MUST be 30 years of age or less. Your Young Professional status must be vetted in our membership database before qualifying for the discounted rate and you need to sign up online first by September 24, 2018.

Young Professional Registration
$100
 - Member
$200 - Non-Member

Contact Sara Elkas or call (202) 448-0857 for all other inquires.

Registration


Early Registration
 Rates
$695 - Member (Postmarked on or before September 14, 2018)
$995 - Non-Member (Postmarked on or before September 14, 2018)

Regular Registration Rates 
$895 - Member (After September 14, 2018)
$1,195 - Non-Member (After September 14, 2018)

Investor* Registration Rate
$495
 - Member & Non-Member

*I represent that I invest in agency or non-agency CMBS and/or CRE CLOs either directly or on behalf of financial institutions or funds for which I work in order to receive the Investor discounted rate. If I elect this discounted rate without qualifying, I agree to pay the difference of the full rate required (rate based on original date of registration); if I do not pay the difference, I understand my registration will be cancelled/refunded. I also understand that I may be contacted by a CREFC representative to provide additional information to retain this rate. CREFC reserves the right to change, delete, or otherwise modify the information required without any prior notice. Please note the cancellation policy for refunds below also applies.

Young Professional** Registration Rates
$100 - Member
$200 - Non-Member

**To register at the Young Professional rate, you must be APPROVED prior to registering for the conference. Please apply here for the Young Professional status and note that to be eligible you MUST be 30 years of age or less. You will receive a confirmation e-mail within two business days once approved and will be able to register at the discounted rate at that time.

Academic Member*** Rate
$100 - Member
 
***To register at the Academic Member rate, you must be APPROVED prior to registering for the conference. Please apply here for Academic Membership and note that you MUST be a full time student or professor. You will receive a confirmation e-mail within two business days once approved and will be able to register at the discounted rate at that time.


By registering for this event, you agree that the CRE Finance Council may take your photograph or record video and/or audio and you consent to CREFC use and reproduction of such media for any purpose, including, without limitation, marketing and promotional purposes.

CLE Credits

CREFC will be applying to various states for CLE (Continuing Legal Education) credits based on where conference attendees are licensed to practice. Please complete this online form prior to the conference. If you have any questions regarding CLE credits, please contact Daniela Schneider.

The following states have approved 5 credits:
DE, GA, IL, NC, PA, TN

The following states have approved 6 credits:
FL, MO, NJ

The following states are pending approval:
IN, NY, OH

 

When
10/4/2018 9:00 AM - 10/4/2018 7:00 PM
Where
Sheraton New York Times Square Hotel
811 7th Avenue
(and 53rd Street)
New York, NY 10019
Please Note:

Please verify your contact and name badge information before checking out.

REGISTRATIONS ARE NON-REFUNDABLE. If a registrant is unable to attend a substitute will be accepted at no additional charge.

Contact Annie Lee or call (646) 884-7576 for registration related questions.

Contact Nina Wickerson or call (646) 884-7579 for After-Work Seminar, CREFC Women’s Network and speaking opportunity related questions.

Contact Caitlin Adams or call (646) 884-7577 for Young Professional and Education event related questions.

Contact Daniela Schneider or call (202) 448-0858 for CLE credit related questions.

Contact Meghan Roberts or call (202) 448-0862 for sponsorship opportunities.

Note:

In order to register for an event or purchase a product, you must be logged into the CREFC site. If you have not visited our site before, please create a new account.

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