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Previous issues of CRE Finance World
are available in digital format on our website.
Winter 2016
Volume 18 No. 1
A publication of
CRE Finance Council
CRE Finance World Winter 2016
1
Winter Issue 2016 is Sponsored by
Contents
CRE F in a nC E W Rl d
R OUNDTABLE IN TERVIEW3. Letter from the Editor
Paul Fiorilla,
Associate Director of Research,
Yardi Matrix
4. Welcome Letter
Stephen Renna,
President & CEO,
CRE Finance Council
6.
The Case Against a CRE Bubble Ryan Severino, Senior Economist and Director of Research, Reis, Inc., Michael Steinberg, Associate, Reis, Inc., Shan Ahmed, Analyst, Reis, Inc.10.
Slow Growth in Bank Construction Lending Sam Chandan, The Wharton School and Chandan Economists 14. A ROUNDTABLE: STRAIGHT TALK FROM INDUSTRY LEADING BORROWERS Moderators: Lisa Pendergast, Managing Director, Jefferies LLC Stephanie Petosa, Managing Director, Fitch Ratings Panelists: Victor Coleman, CEO and Chairman, Hudson Pacific Properties Michael Lascher, Global Head Real Estate Debt Capital Markets, Blackstone Farzana Mitchell, Chief Financial Officer and EVP, CBL Properties Mark Weiss, Chief Investment Officer, RFR 22. Putting “Risk On” in 2020 Christina Zausner, Vice President, Industry Policy and Analysis, CRE Finance Council 24. 2009 Was the Trough but Will 2015 Be the Peak for U.S. Hotels? Danny Balkam, Vice President, Special Servicing/Special Assets, National Cooperative Bank 28. Trends Impacting Habitation Alternatives Stewart Rubin, Senior Director, New York Life Real Estate Investors 36. CREFC Exclusive Interview with JEFFREy GundlaCh Chief Executive Officer & Chief Investment Officer DoubleLine Capital Interview by Stephen M. Renna, President & CEO, CRE Finance Council 42. Securitization of Tenant Improvement Loans Scott Sidell, Ph.D, Chief Executive Officer, First Sustainable, LLC and Chief Executive Officer, Compo Cove Capital, LLC 44. REMIC Issues in CMBS 2.0 – Things You Should Never Say or Do Thomas J. Biafore, Partner, Kilpatrick Townsend & Stockton, LLP 48. Led by Boomers, Multifamily Demand to Remain Robust Paul Fiorilla, Associate Director of Research, Yardi Matrix 55. Real Estate Finance in the Era of Basel III Sarah V.J. Spyksma, Capital Markets Counsel, Wells Fargo Bank, N.A 58. Loan Closing Legal Opinions and Rating Agencies: Disclosure Not Reliance William B. Dunn, Of Counsel Clark Hill, P.L.C., Reporter for the Local Counsel Opinion Report Joseph Philip Forte, Partner, DLA Piper LLP 60. FORUM UPDATE: Lindsey Wright, Senior Managing Director, Portfolio Oversight, C-III Asset Management