Events

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Thursday, March 31, 2022

Program times are listed in Eastern Standard Time.

Breakfast and Registration
9:00am - 9:45am

Sponsored by:

Welcome Remarks
9:45am - 10:00am

Eric Thompson, Global Head of Structured Finance Ratings, Kroll Bond Rating Agency, LLC and CREFC Board of Governors Chair
Bill O'Connor, Partner, Holland & Knight LLP and Partner Sponsor

(In) Subordination: Investing and Structuring CRE Sub Debt (Closed to Media, Not Available for Replay)
10:00am - 10:55am

Moderator:
Samir Tejpaul, Principal, Square Mile Capital Management LLC

Panelists:
Brad Bloom, Managing Director, Citigroup Global Markets, Inc.
Christine O’Connell, Partner, King & Spalding LLP
Samantha Rotchford, Principal, MSD Partners, L.P.
Varuth Suwankosai, Head of Investments & Credit – US Region, Oxford Properties Group
Tiffany Thurber, Managing Director, Apollo Global Management

Discussion Topics:

Relative Value: CRE lending portfolios are arguably more dynamic now vs. pre-COVID (securities/loan financing/whole loans/subordinate debt/construction) – where do you see the best relative value going forward for new entrants into the CRE debt space? Are you seeing increased cross-over between lenders/investors in these strategies? Is there one particular strategy that stands out as most compelling going forward?
Interest Rates: Through YTD 2022 we’ve seen a +/-50bp move on the 10yr Treasury and a +20bp move on SOFR/LIBOR – how are you positioning financing/investment opportunities to meet this volatility? Do you expect credit spreads to tighten in Q2 2022 to compensate for these base rate increases?
Fixed vs. Float: The floating rate SASB CMBS market has been dominant over the past 18 months re: new origination(s) – do you see that trend continuing in the near term? When do you expect Borrowers to turn their attention to longer term fixed rate financing, if not already?
Subordinate Debt: Junior Bonds (Nonrated) vs. B-Notes/Mezzanine loans – CMBS lenders met the demand for “higher yielding” investments by issuing non-rated bonds at a greater velocity and to higher LTV’s vs. pre-COVID, reducing the amount of subordinate debt that would have been created historically. Do you foresee that continuing in the near term? Or do you expect the back-up in base rates and credit spreads to increase the amount of loan form subordinate debt as lenders look to de-risk faster?
Risk vs. Reward (YTD March 2021 vs. 2022): Standing where we are today, does CRE debt investing in March 2022 (inflation/macro/interest rate volatility) feel similar to where market perception was in March 2021 (pre-vaccine rollout)? Better or worse?

Networking Break
10:55am - 11:15am

Serving Up Distress: Hot Topics in Distressed Asset Management (Closed to Media)
11:15am - 12:10pm

Moderator:
Niral Shah, Managing Director, Head of Servicing Operations, Rialto Capital Advisors

Panelists:
Stacy Ackermann, Partner & Practice Area Leader – Finance, K&L Gates LLP
Andrea Helm, Senior Vice President, PNC/Midland Loan Services
Jeff Kolessar, Chief Development Officer, GF Hotels & Resorts
Deb Schiavo, Managing Director, Square Mile Capital Management LLC

Discussion Topics:

Lifecycle of the workout: From creative solutions via loan modifications, the receivership process and how this route can transition a workout to REO dispositions
Enforcement of a capital stack: Interaction and workouts with subordinate and mezzanine lenders
Distress opportunities: Anticipated REO volumes, where assets are trading, and opportunities on the horizon
The influx of capital: Loans are performing even if property cash flows have not stabilized post-COVID. What are the sources of capital and ultimate refinancing solutions? Is the competition amongst debt funds playing a role?

Networking Lunch
12:10pm - 1:10pm

Brick and Mortar vs. Virtual: Trends and Outlook in Office (Closed to Media, Not Available for Replay)
1:10pm - 2:05pm

Moderator:
Douglas H. Larson, MRICS, Executive Vice President, Newmark Valuation & Advisory

Panelists:
Leland Bunch, Managing Director, Bank of America
Nicole La Russo, Sr Research Director, CBRE
Julie Lurie, Senior Managing Director, Global Head of Portfolio Management, Tishman Speyer
Adam Singer, Managing Director, Head of Asset Management and Servicing, Rialto Capital Advisors

Discussion Topics:

Major trends impacting office: The strategy and utilization of space
Office leasing velocity: Where are leases getting executed? At what rates and are concessions a big factor?
Trends in investment sales
Outlook on new office originations: How are loan structures and credit enhancements evolving for office loans?
Special servicing: Planning for distress in office?

Networking Break
2:05pm - 2:20pm

Show Me The Money (Closed to Media)
2:20pm - 3:15pm

NCREIF Fund Level Debt Index Overview:
Drew Fung, Managing Director, Head of Debt Investments, Clarion Partners
Lisa Pendergast, Executive Director, CRE Finance Council

Moderator:
Abbe Franchot Borok, Managing Director, Head of US Debt, BentallGreenOak

Panelists:
Timothy M. Clark, Partner, Mayer Brown LLP
Drew Fung, Managing Director, Head of Debt Investments, Clarion Partners
Max LaVictoire, Principal, Hodes Weill & Associates, LP
Greg Michaud, Managing Director, Head of Real Estate Finance, Voya Investment Management

Discussion topics:

Overview of debt funds – evolution, strategies, and structures
Types of debt fund investors – pensions, insurance companies, and foreign capital
Competition and trends within the debt fund landscape

Networking Break
3:15pm - 3:30pm

NYC’s Post-COVID Comeback (Closed to Media)
3:30pm - 4:30pm

Featured Speaker:
Dan Garodnick, Director of the New York City Department of City Planning and Chair of the City Planning Commission

Moderated by:
Thanh Bui, Managing Director, Clarion Partners

Join us for a fireside chat with Dan Garodnick, Director of the New York City Department of City Planning and Chair of the City Planning Commission, as he discusses New York City’s recovery. Learn more about Rebuild, Renew, Reinvent, the blueprint for New York City’s economic future; hear Mayor Adam’s plans for revitalizing businesses, reinvigorating the city’s culture and hospitality industries, educating the workforce, reactivating the public realm, improving the city’s infrastructure, and much more.