CREFW-Summer2015

5 / 72

CRE Finance World Summer 2015
3
s 2015 inches toward the halfway point, the commercial
real estate markets continue to build on their momentum,
helped along by an improving economy. Nonetheless,
every quarter it seems, the market does a gut check, as
we ask ourselves what “inning” we are in — on panels at
conferences, and in our own boardrooms. As the years since the
market downturn pass by, we continue to be mindful of the factors
that contributed to the credit crunch, hoping to keep our corner
of the financial markets in check. At the same time, optimism
is palpable and new opportunities and innovations are pushing
commercial real estate finance to the next stage.
This issue of CRE Finance Worldtouches upon those themes of
cautious optimism. We feature two roundtables, one through the eyes
of lenders, while the other takes stock of the state of the markets.
Moderated by Stephanie Petosa from Fitch, Lisa Pendergast at
Jefferies and Ed Shugrue from Talmage, the discussions are wide
ranging and shed a light on perspectives through the eyes of
industry leaders.
We also feature two Hot Topic sections in this issue, focused on
Crowdfunding and the impact of the downturn in oil prices on our
markets. We are running several pieces on these developments
given their rising focus and potential impact on all areas of our
markets. Crowdfunding shops in particular are exploding, and how
the business model fits into the CRE mold will be an interesting
devolvement for the remainder of the year and beyond. On the flip
side, the drop in oil prices and a new normal below $60 a barrel
may temper the upward trajectory in some markets, as explored
in our two pieces on the issue.
As always, the magazine also features several articles spotlighting
more technical aspects of the market including: a piece on ASERs
in CMBS by Leslie Hayton and Stacy Ackerman, of K & L Gates
LLP and Wells Fargo Bank, N.A respectively, an update on SEC
regulations by Marshall S. Brozost and Conrad C. Axelrod of
Schulte Roth & Zabel LLP, and a look at alternative investments
in the office property markets by Stewart Rubin of New York Life
Real Estate Investors.
Each issue of CRE Finance Worldis now available on the CREFC
website, and includes a comments section. Feel free to join the
discussion! We hope to expand upon our website in the future with
feature articles.
A
Editor’s Page
Letter from the Editor
Nicoletta Kotsianas
Associate Director
Kroll Bond Ratings