Events

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Thursday, October 28, 2021


Breakfast and Registration
9:00am - 9:45am
Welcome Remarks
9:45am - 10:00am

Eric Thompson, Chair, CRE Finance Council; Senior Managing Director, Global Head of Structured Finance Ratings, Kroll Bond Rating Agency, LLC 
CRE CLO Building Blocks: Transitional Assets (Closed to Media, Not Available for Replay)
10:00am - 10:55am  Moderator: Julia Powell, Vice President, Credit Suisse Panelists: Kevin Mammoser, Managing Director, Credit Ratings, DBRS Morningstar Jay Mercandetti, Vice President, Citigroup Michael Pierro, Chief Credit Officer & Head of CLO Banking, ACRES Capital Corp Lisa Rosen, Partner, Eversheds Sutherland (US) LLP Joel Traut, Managing Director, KKR
Discussion Topics:
  • What are the building blocks of CRE CLOs in 2021? Should we expect more new participants through 2022?
  • Post-COVID view on other property types:
    • Majority of CRE CLO volume has been fueled by Multifamily – is it sustainable?
    • Is there a home in CRE CLOs for office, retail and hotel?
  • How do you underwrite transitional loans amidst an uneven economic recovery? Has the rating agency perspective evolved post-COVID?
  • Impact of the growth of CRE CLO market on Conduit and what are the longer term market implications?
Networking Break 10:55am - 11:15am
CRE CLO Issuer Perspective (Closed to Media, Not Available for Replay)
11:15am - 12:10pm 
Moderator: Stuart Goldstein, Partner & Co-Chair, Capital Markets, Cadwalader, Wickersham & Taft LLP
Panelists: Melissa Band, Director, Capital Markets, Värde Partners Gene Kilgore, Executive Vice President, Arbor Realty Trust, Inc. Lea Land, Special Servicing, Director, Wells Fargo Kunal Singh, Managing Director, Head of CMBS Capital Markets, J.P. Morgan Scott Waynebern, President, Limekiln Real Estate and Co-Managing Member, MF1
Discussion Topics:
  • Volume in 2021 is on track to be 2x previous record. What has led to this tremendous growth and is it sustainable?
  • CRE CLO market role in the rise of the non-bank lender
  • Which property types are “in” and which ones are “out” and how transitional are transitional assets now?
  • What is the role of repo finance as CRE CLO volumes jump?
  • Issuer experience through the COVID shock in 2020-21
    • Did the structures provide enough flexibility to work with borrowers?
    • How were real problem loans handled? Par purchase, modification versus OC breach?
  • Asset performance on existing deals: are issuers getting rewarded for past performance? 
  • Is the CRE CLO a “baked” product or can we expect more innovation?
Networking Lunch 12:10pm - 1:10pm
CRE CLO Investor Perspective (Closed to Media, Not Available for Replay) 1:10pm - 2:05pm 
Moderator: Avinash Sharma, Managing Director, J.P. Morgan 
Panelists: Rishi Bansal, Chief Investment Officer, BankUnited Roy Chun, Senior Managing Director, Kroll Bond Rating Agency  Shannon Erdmann, Portfolio Manager, Apollo Global Management Alessandro Morante, Managing Director, Wells Fargo Securities Manish Rajguru, Portfolio Manager, CMBS, OFS Capital Management Harris Trifon, Managing Director and Portfolio Manager, Lord, Abbett and Co.
Discussion Topics:
  • Investor views on deal performance and CLO manager actions through COVID shock
  • The explosion of volume in 2021 has been fueled by increasing investor appetite for the product. Is this interest fleeting or sustainable?
  • How do investors view structural protections and overall risk of CRE CLOs versus conduit or SASB CMBS?
    • Are more protections needed?
    • Are deals over-enhanced relative risk?
  • Is on-going reporting adequate? Does it impact investor decisions on new issue deals?
  • Is tiering finally here similar to the corporate CLO market?
    • What are the factors investors consider when comparing issuers?
  • Multifamily has been the dominant property type in 2021. Investor appetite for bridge loans on office, retail, hotel?

 Sponsored by:

  
 
Networking Break 2:05pm - 2:25pm
Fireside Chat with Michael Maturo, President of RXR Realty 2:25pm - 3:20pm
Featured Speaker: Michael Maturo, President, RXR Realty
Moderated by: Rick Jones, Partner, Dechert LLP

 Sponsored by:

  
   
Networking Break  3:20pm - 3:40pm
CRE CLOsing Thoughts (Closed to Media, Not Available for Replay) 3:40pm - 4:35pm
Moderator: Lisa Pendergast, Executive Director, CRE Finance Council 
Panelists: David Harrison, Chief Operating Officer, PNC/Midland Loan Services Libby Kislak, Principal - Real Estate Debt Strategies, Blackstone Steven Kolyer, Partner, Sidley Austin LLP Deryk Meherik, Senior Vice President, Moody’s John Rhee, Managing Director, Wells Fargo
Discussion Topics:
  • Will 2021 be viewed in hind-sight as an aberration or was this the start of something big?
    • The product has a history of disappearing after major market crises. Is it finally a through-the-cycle product?
  • Does the CRE CLO market continue to take market share from conduit?
  • Why are so many borrowers comfortable borrowing on a short-term, floating-rate basis? Does it last?
    • A lot of loans in CRE CLOs today are seemingly stabilized
  • What is the next leg of the market’s evolution?
  • Closing thoughts – what’s next?

 Sponsored by:

  
 
Closing Remarks
Lisa Pendergast, Executive Director, CRE Finance Council
Networking Reception 4:30pm - 5:30pm
This program is still being coordinated and is subject to change.








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