September 18, 2024
Registration
9:30am - 10:00am
Welcome Remarks
10:00am - 10:15am
Partner Sponsor:
Laura Swihart,
Partner and FRE Practice Group Leader, Dechert LLP
CREFC Chair:
Bob Foley,
Partner, Chief Financial Officer, TPG Real Estate Finance
Wall of Maturities – Fact or Fiction (Closed to Media, Not Available for Replay)
10:15am - 11:05am
Moderator:
Richard Hill, Senior Vice President, Head of Real Estate Strategy & Research, Cohen & Steers
Panelists:
Rebecca Bayard, Vice President, Goldman Sachs & Co.
Britt Johnson, Managing Director, Fitch Ratings
Roger Lehman, Head of Research and Strategy, Ghisallo Capital Management LLC
Jamie Woodwell, Head of Commercial Real Estate Research, Mortgage Bankers Association
Discussion Topics:
- What is the status of the wall of maturities?
- Is there more volatility expected resulting in investment opportunities from the “wall of maturities”?
- Lessons learned from 2023: Is this a playbook for the near term?
- Which asset classes are most at risk and why?
Networking Break
11:05am - 11:15am
State of the Market: Servicer Perspective (Closed to Media, Not Available for Replay)
11:15am - 12:05pm
Moderator:
Erin Stafford,
Managing Director, Global Structured Finance, Morningstar DBRS
Panelists:
Darren Gluck,
Principal, BellOak Advisors
Peter Lindner,
Managing Director - Credit Investments, Rialto Capital Management, LLC
Daniel Olsen,
Senior Vice President, KeyBank Real Estate Capital
Curt Spaugh,
Senior Director,
Special Servicing, SitusAMC
Discussion Topics:
- Secrets to a successful modification: What gets you to yes?
- The advancing conundrum: How are you ensuring full recovery?
- Are special servicers staffed to handle the actual maturity wall?
- Operating advisors view from the tranches: Are the workouts to date good for all bondholders?
- Is there a loophole allowing CRE CLO loans to avoid special servicing?
Sponsored by:
Networking Lunch
12:05pm - 1:05pm
Remarks from CREFC Executive Director:
1:00pm - 1:05pm
Lisa Pendergast, Executive Director, CRE Finance Council
Bank Balancing Act: Challenges and Opportunities for Lending (Closed to Media, Not Available for Replay)
1:05pm - 1:55pm
Moderator:
Jeff Berenbaum,
Director, Head of CMBS Research, Citigroup Global Markets
Panelists:
Shaishav Agarwal,
Managing Director, Global Head of Capital Markets, Deutsche Bank Securities Inc.
Harsh Hemnani,
Equity Research Analyst, Head of CRE Debt Research, Green Street
Lissette Rivera-Pauley,
Senior Vice President, CRE Industry Analytics and Market Research Manager, Regions Bank
Sean Ryan,
Senior Managing Director, Jones Lang LaSalle
Tim Stoner,
Senior Managing Director, Affinius Capital
Discussion Topics:
- Is the bank lending decline structural or cyclical?
- What could Basel III Endgame mean for real estate lending? Is it more impactful for residential than commercial?
- Will there be a growing supply of note sales from the banks? Who are the buyers?
- Is back leverage the best opportunity for banks going forward?
- What measures are banks taking to address the wall of maturities?
- Will multifamily remain a core lending asset, or will banks shift to other types such as retail?
Networking Break
1:55pm - 2:05pm
Out of the Shadows?: Nonbank Lending in Today’s Economy (Closed to Media, Not Available for Replay)
2:05pm - 2:55pm
Moderator:
Stuart Goldstein,
Partner, Cadwalader, Wickersham & Taft LLP
Panelists:
William Bowman,
Executive Director, Fixed Income Division, Morgan Stanley
Thomas Cassino,
Managing Director, Head of CRE Loan Financing, J.P. Morgan
Michael Hofheinz,
Managing Director, Head of Real Estate Capital Markets & Syndications, MetLife Investment Management
Rachel Hunter-Goldman,
Director,
Real Estate Credit, KKR - Kohlberg Kravis Roberts
Tiffany Theriault,
Managing Director, Real Estate Credit, Apollo Global Management
Insurance companies, debt funds and to some degree CMBS are filling the void created by the pullback from larger and regional banks in CRE lending. Discussion topics include:
- What does each type of lender (insurance, debt fund, CMBS) bring to the table?
- Insurance companies seem to have stepped up their construction loan production
- Debt funds are originating lower leverage, higher cash flowing deals than prior years
- Where do banks go from here? Is regulation helping or hurting banks’ ability to lend?
- In composite, how do these changes affect the CRE industry?
- Banks have grown their warehouse and repo exposures due to lower capital charges. Is this trend expected to continue?
- What kind of alternative lenders do banks prefer to provide financing to? What kind of loans do banks want to provide lines on? Any regulatory hurdles anticipated or exist?
Networking Break
2:55pm - 3:05pm
New Issue Roundtable: State of the Securitized Market (Closed to Media, Not Available for Replay)
3:05pm - 3:55pm
Moderator:
Paul Vanderslice,
Managing Director, BMO Capital Markets
Panelists:
Jane Lam,
Managing Director, Morgan Stanley
Stewart McQueen,
Partner, Dechert LLP
Avinash Sharma,
Managing Director, J.P. Morgan
Lyndsay Stephenson,
Managing Director, Prime Finance
Eric Wu,
Senior Managing Director, Blackstone
Discussion Topics:
- Investor demand for SASB vs. conduit CMBS: How does it compare across different maturities and credit ratings?
- Emerging investor trends in 2024: Are there new participants in SASB and conduit markets, including horizontal risk retention (HRR) buyers?
- Evaluating investor strategies: Are traditional relative value measures still relevant amid current issuance levels?
- Market depth insights: What is the current appetite among credit and B buyers?
- Pricing differentials by property type: How do multifamily, industrial, and hotel sectors compare?
- Data centers: Why are data centers being split between ABS and CMBS?
- SASB issuance outlook: Will SASB issuance be sustained through 2024?
Sponsored by:
Networking Reception
4:00pm - 5:00pm
The program is still in the process of being coordinated and is subject to change. To review CREFC’s Speaker and Panel Participation Policy click here.