Thursday, September 28, 2023
Breakfast and Registration
8:30am - 9:30am
Welcome Remarks
9:30am - 9:45am
Lisa Pendergast,
Executive Director, CRE Finance Council
Partner Sponsor:
Stewart McQueen,
Partner, Dechert LLP
Shifting Gears: When Will the Capital Markets Thaw? (Not Available for Replay, Closed to Media)
9:45am - 10:35am
Moderator:
Avinash Sharma, Managing Director, J.P. Morgan
Panelists:
Thomas Chang, CFA, CMBS Portfolio Manager, PGIM Fixed Income
Jeffrey Dawkins, Managing Director, Goldman Sachs & Co.
Shawn Kaufman, Managing Director, Head of Capital Markets, Nuveen Real Estate
Jane Lam, Managing Director, Morgan Stanley
Michael Mesard, Managing Director, BlackRock
Discussion Topics:
- Navigating Market Dynamics: How will the interplay of high interest rates and shifting demand shape the timing and conditions for a potential thaw in CRE lending markets for all types of lenders (bank, nonbank, CMBS, etc.)?
- Adaptation Strategies for Lenders: Exploring innovative approaches lenders are adopting to address the challenges, and identifying strategies that could accelerate the recovery of CRE lending markets.
- Property Type Resilience: Investigating which CRE property types are demonstrating greater resilience in the face of current market conditions and understanding how lenders are aligning their lending practices accordingly to balance risk and opportunity.
- Investor Sentiment and Risk Appetite: Delving into the investor perspective and examining how their sentiment and risk appetite are influencing the pace at which CRE lending markets might thaw, as well as the potential triggers for renewed activity.
- Borrower Expectations: Examining strategies for negotiating the expectations gap with insights into lenders’ and borrowers’ dynamics.
Networking Break
10:35am - 10:55am
Regional Bank CRE Pullback: Fact vs. Fiction (Not Available for Replay, Closed to Media)
10:55am - 11:45am
Moderator:
Lissette Rivera-Pauley, Credit Products Team Manager - Income Property Finance, Senior Vice President, Regions Bank
Panelists:
Chris Marinac, Director of Research, Janney Montgomery Scott
Matthew Orrino, Managing Director - Head of Institutional CRE Capital Markets, M&T Bank
Samantha Rotchford, Managing Director, BDT & MSD Partners
Laura Swihart, Partner and Co-Chair of Dechert’s Global Finance and Real Estate Practice Groups, Dechert LLP
Paul Vanderslice, Managing Director, BMO Capital Markets
Discussion Topics:
- What are the challenges faced by regional banks in today’s lending environment?
- Who will fill the void left by regional banks?
- Will there be more bank failures?
- What is the process once the FDIC steps in to take over a failed banking institution?
- How has the market received the pools of loans/debt out for sale from these failed institutions?
Networking Lunch
11:45am - 12:45pm
NETWORKING LUNCH Sponsor:
Remarks from CREFC Chair
12:40pm - 12:45pm
Harris Trifon, Managing Director and Portfolio Manager, Lord, Abbett and Co.
Keynote Speakers Session
CRE… Where Is the Money? (Not Available for Replay, Closed to Media)
12:45pm - 1:45pm
Moderator:
Elaine McKay,
Partner,
Co-Head of US Investment Operations,
Real Estate, Ares Management LLC
Keynote Speakers:
Margaret McKnight,
Partner & Head of Portfolio Solutions,
SRE, StepStone Group Real Estate
Miriam Wheeler,
Partner and Managing Director, Head of the Global Real Estate Financing Group, Goldman Sachs & Co.
Networking Break
1:45pm - 2:05pm
Maturities Rising: Servicing in Today’s Market (Closed to Media)
2:05pm - 2:55pm
Moderator:
Anne Jablonski,
Executive Managing Director, Head of Commercial Real Estate, SitusAMC
Panelists:
Joseph Bachkosky, Head of Investment Management – Special Situations, Rialto
David Bornheimer, Senior Vice President – Real Estate Solutions, PNC Real Estate/Midland Loan Services
Alex Killick, Managing Director, CWCapital
Gwen Roush, Senior Vice President, North American CMBS, DBRS Morningstar
Robert Verrone, Principal, Iron Hound Management Company, LLC
Discussion Topics:
- How are lenders managing loan maturities in a rising rate environment as asset values decline? Can servicers take on a wave of debt maturing over the next three years?
- What strategies are servicers employing to mitigate maturity risk and what are best practices for maintaining positive borrower incentives during loan workouts?
- How do special servicers decide what is in the best interests of all lenders and when should they pursue liquidations of matured office loans, or should they consider long-term workout solutions?
Networking Break
2:55pm - 3:15pm
CRE CLOs: One Step Back, Two Steps Forward (Not Available for Replay, Closed to Media)
3:15pm - 4:15pm
Moderator:
Kunal Singh, Managing Director, Head of CMBS Capital Markets, J.P. Morgan
Panelists:
Roy Chun, Senior Managing Director, CMBS Surveillance, KBRA
Michael Comparato, Managing Director, Head of Commercial Real Estate, Benefit Street Partners
Shannon Erdmann, Principal, Apollo Global Management
Gene Kilgore, Executive Vice President, Arbor Realty Trust, Inc.
Steven T. Kolyer, Partner, Sidley Austin LLP
Travis Reichling, Vice President, Waterfall Asset Management, LLC
Discussion Topics:
- Current state of the CLO market after an extended period of no issuance
- Are CLOs poised to benefit from the slowdown in bank lending?
- Looking ahead, issuer thoughts on CLOs versus other forms of financing
- Cracks in existing CLO performance: Fact vs Fiction
- Non-multifamily collateral in CLOs and what to expect in 2024
Session Sponsor:
The Launching of the NCREIF/CREFC Open-End Debt Fund Aggregate
4:15pm - 4:40pm
Moderator:
Lisa Pendergast,
Executive Director, CRE Finance Council
Panelists:
Dan Dierking,
President, National Council of Real Estate Investment Fiduciaries (NCREIF)
Additional panelists to be announced.
Networking Reception
4:30pm - 5:30pm
Networking Reception Sponsor:
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.