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Autumn 2015
Volume 17 No. 3
A publication of CRE Finance CouncilCRE Finance World Autumn 2015
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Autumn Issue 2015 is Sponsored by
Contents
CRE F in a nC E W Rl d
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Letter from the Editor Krystyna M. Blakeslee, Associate, Dechert LLP 4. Welcome Letter Stephen Renna, President & CEO, CRE Finance Council 6. CREFC Regulatory Impact Study: Besides the Financial Costs, Regulation Impacts Business Strategy and Underwriting Criteria Christina Zausner, Vice President, Industry Policy and Analysis, CRE Finance Council; Sam Chandan, The Wharton School of the University of Pennsylvania 9. Countdown to 2017 – Interest Rates and the Wall of Maturities Ann Hambly, Founder and CEO¸ 1st Service SolutionsEUROPE
12. Alternative Real Estate Lenders in Europe: Here for Good Seb Sims, Associate Director, Aeriance; Mikaël Limpalaër; Associate Director, Aeriance 14. Unrated CMBS: A New European Asset Class Charles Roberts, Partner, Paul Hastings, LLP; Conor Downey, Partner, Paul Hastings, LLP 18. Risk Management and Loan Administration for the Next Generation of Commercial Construction Lenders Stacy Berger, Executive Vice President, Midland Loan Services, a PNC Real Estate Business 21. The Graying of America’s Real Estate Jay Rollins, President and CEO, JCR Capital 22. Single-Family Rental Securitization: Where Are We and Where Will We Be? WonJu Sul, Associate, Capital Markets, Cadwalader, Wickersham & Taft, LLP 26. A Closer Look at Credit Bar-Belling Paul J. Fitzsimmons, Managing Director, Kroll Bond Ratings 31. Basel III’s Recent Liquidity Guidelines Darrell Wheeler, Head of Research for Global Structured Finance, Standard & Poor’s; James Manzi, CFA, Senior Director, Structured Finance Research, Standards & Poor’s 38. A Lender’s Guide to Funding Historic Tax Credits Lance Levine, Counsel, Kaye Scholer LLP