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B-Piece Investors Forum

The B-Piece Investors Forum is comprised of B-Piece investors and provides participants with an interactive platform to discuss non-investment grade bondholder issues. The Forum is closed to non-investors, however, Forum sessions at the January and June Conferences are open to registered attendees.

Chair: Lyndsay Stephenson, Prime Finance
Chair-Elect:  Jason Nick, Starwood Property Trust
Past-Chair: Zach Freedman , Eightfold Real Estate Capital, L.P.

View the B-Piece Investors Sub-forum Roster (members only)

Overview of Forum Procedures and Process   (members only)


Sign up for the B-Piece Investor Forum  (members only)

Contact Kathleen Olin for B-Piece Investor Forum related questions.

Forum Related News

News

CREFC's B-Piece Investors Forum 2022 Update

September 12, 2022

Together, Lyndsay, Zach, and Jason form the “Leadership Working Group” for CREFC’s B-Piece Investors Forum. Importantly, this group sets the agendas and priorities for the Forum, as well as represents their constituencies on CREFC’s Policy Committee.

Key B-Piece Investors Focus Areas

  • Maintaining discipline on new issue credit as increasing interest rates are reducing cushions in DSCR and pushing up cap rates
  • Though delinquencies and special servicing rates continue to decline, directing certificate holders are concerned about those assets in special servicing, as increasing interest and cap rates impact exit strategies
  • Rethinking loan structures—cash flow sweeps that are supposed to spring when a credit event happens aren’t working as designed

Looking ahead, leaders are optimistic that fixed-rate volume will improve relative to 2022 and would welcome more transactions. The forum would like to continue the push towards better use of technology, including use of AI, to improve the speed of reporting from borrowers to servicers and trustees to investors. Challenges for this sector are the uncertain economy and the staying power of the post-COVID recovery in hotels and retail and the still unfolding effect on office.

What's next: Forum leaders are planning a virtual forum wide legislative and regulatory policy update and will soon be formulating the agenda for CREFC’s January Conference.

To join the B-Piece Investors Forum, please register here. For any forum related questions, please contact Kathleen Olin.

Contact

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org
CREFC'S B-Piece Investors Forum
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2022 CRE Finance Council. All rights reserved.
CREFC's B-Piece Investors Forum 2022 Update
September 12, 2022
Together, Lyndsay, Zach, and Jason form the “Leadership Working Group” for CREFC’s B-Piece Investors Forum. Importantly, this group sets the agendas and priorities for the Forum, as well as represents their constituencies on CREFC’s Policy Committee.

News

CREFC B-Piece Investors Forum

March 7, 2022

Meet our leadership team:

CHAIR CHAIR-ELECT PAST-CHAIR
 
Zach Freedman
Managing Director,
Eightfold Real
Estate Capital, L.P.
Lyndsay Stephenson
Managing Director
Prime Finance

Rene J. Theriault
Managing Director, Real Estate
KKR - Kohlberg Kravis Roberts

Together, Zach, Lyndsay and Rene form the “Leadership Working Group” for CREFC’s B-Piece Investors Forum. Importantly this group sets the agendas and priorities for the Forum, as well as represents their constituencies on CREFC’s Policy Committee.

Key B-Piece Investors Focus Areas

- Maintaining discipline on new issue credit as harder-hit property types make their way back into CMBS

- Working to get loans corrected and returned to master servicers and other directing certificate holder responsibilities

- Rethinking loan structures—cash flow sweeps and other protections that are in place when a credit event happens aren’t working as designed

Looking ahead, leaders are optimistic that fixed-rate volume will improve relative to 2021 and would welcome more transactions. The forum would like to continue the push towards better use technology, including use of AI, to improve the speed of reporting from borrowers to servicers and trustees to investors. Challenges for this sector are the uncertain economy and the staying power of the post-COVID recovery in hotels and retail and the still unfolding effect on office.

Forum leaders are currently considering nominations for the next incoming chair to join their leadership slate and formulating the agenda for CREFCs Annual Conference in June.

To join the B-Piece Investors Forum, please register here. For any forum related questions, please contact Kathleen Olin.


Contact

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2022 CRE Finance Council. All rights reserved.
2022 Update on CREFC's B-Piece Investors Forum
March 7, 2022
Meet the “Leadership Working Group” for CREFC’s B-Piece Investors Forum. This group sets the agendas and priorities for the Forum, as well as represents their constituencies on CREFC’s Policy Committee.

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