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CREFW-Fall2014 10.15.14

Contents CRE Finance World Autumn 2014 2 ® CRE FINANCE W RLD T he Voice of Commer cial Real E s t a t e F inance Publisher: Joseph Philip Forte, Esq. Editor-in-Chief: Brian P. Lancaster Co-Managing Editors: Paul Fiorilla & Nicoletta Kostiansas Associate Editor: Andrea Rouse Design: Bruce Zahor Production: Kristin Searing CRE Finance Council Staff Stephen M. Renna President & Chief Executive Officer Ed DeAngelo Vice President, Technology & Operations Nina Fazenbaker Manager, Conference Programing Elizabeth Janicki Accounts Receivable Associate Kirsten Kvalsten Executive Assistant & Meetings Coordiator Alex Levin Manager, Industry Standards & Strategic Relations Erin Liberatore Director of Meetings & Member Services Andrea Rouse Director, Administration; Production Manager Martin Schuh Vice President, Legislative and Regulatory Policy Stacy Stathopoulos Senior Vice President, Industry Standards & Global Strategic Relations Sara Thomas Director, Education Initiatives Christina Zausner Vice President, Industry and Policy CRE Finance Council Europe Peter Cosmetatos CEO, Europe Hannah Liebing Events/Finance Coordinator, Europe Carol Wilkie Managing Director, Europe Volume 16, Number 3, Autumn 2014 CRE Finance World® is published by the Commercial Real Estate Finance Council (CREFC®), 900 7th Street NW, Suite 501, Washington, DC 20001 email: info@crefc.org, website: www.crefc.org. © 2014 CREFC - Commercial Real Estate Finance Council, all rights reserved. Advertising: For information regarding advertising within CRE Finance World, please contact Andrea Rouse, phone: 202.448.0856, email: arouse@crefc.org. Editorial: Questions? Comments? Send queries and letters to Letters to the Editor, Brian P. Lancaster, Editor-in-Chief, CRE Finance World, email: blancast@stern.nyu.edu. This publication is provided by CREFC for general information purposes only. CREFC does not intend for this publication to be a solicitation related to any particular company, nor does it intend to provide investment advice to investors. Nothing herein should be construed to be an endorsement by CREFC of any specific company or its products. We advise you to confer with your securities counsel to determine whether your distribution of this publication will subject your company to any securities laws. CRE Finance World assumes no responsibility for the loss or damage of unsolicited manuscripts or graphics. We welcome articles of interest to readers of this magazine. Opinions expressed are those of the author(s) and not necessarily those of CREFC. 3. Letter from the Editor Brian P. Lancaster, President, Minot Group, Professor, Stern School of Business, NYU 4. Welcome Letter Stephen Renna, President & CEO, CRE Finance Council 6. Are Capital Market Cycles Shortening – And So What If They Are? Clay M. Sublett, Senior Vice President – Southwest Regional Executive, KeyBank Real Estate Capital® 9. SEC Reg AB II Final Rule: New and Expanded CMBS Disclosure and Registration Requirements Stacy Stathopoulos, Senior Vice President, Industry Standards and Global Strategic Relations, CREFC 12. ROUNDTABLE: THE RISK CYCLE Moderator: Sam Chandan, Ph.D, Founder & President, Chandan Economics Participants: David Brickman, Executive Vice President & Head of Multifamily, Freddie Mac Kim Diamond, Senior Managing Director & Head of Structured Finance, Kroll Bond Rating Agency David Durning, President and Chief Executive Officer, Prudential Mortgage Capital Company Leonard Kiefer, Ph.D, Deputy Chief Economist, Freddie Mac Brian Olasov, Managing Director, McKenna Long & Aldridge Peter V. Scola, Co-Founder, Co-Head of Origination & Capital Markets, CCRE 22. Game On: Basel III Rules Poised to Extract Leverage from the System Christina Zausner, Vice President, Industry and Policy Analysis, CREFC 24. Little Pink Houses for You and Me: An Introduction to Single-Family Rental Securitizations Lea Overby, Steve Romasko, Research Analyst, Radhakrishna Gowrishankara, Research Analyst, Nomura Securities International, Inc. 29. Is it Time to Invest in Senior Housing? Dr. Victor Calanog, VP of Research & Economics, Reis Inc., Ryan Severino, CFA, Senior Economist, Reis Inc., Brad Doremus, Associate, Reis Inc. 34. Much Ado About Insurance Requirements Jon Kemp, Director, Insurance & Risk Management, Wells Fargo Commercial Mortgage Servicing 38. Swaps Impact on the UK Lending Market: A Closer Look at the Evidence Hans Vrensen, Global Head of Research, DTZ 42. Europe’s Future Power Couple – CMBS A Financing Tool for NPL Portfolios Iain Balkwill, Reed Smith 46. Behind the Cashout Nicoletta Kotsianas, Associate Director, Terri Magnani, Senior Managing Director, Kroll Bond Ratings 51. Repeat Loans in CMBS David Nabwangu, Senior Vice President, CMBS, DBRS 58. CREFC Education Initiatives Sara Thomas, Director, Education Initiatives, CREFC


CREFW-Fall2014 10.15.14
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