Contents CRE Finance World Winter 2015 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 Programming Elizabeth Janicki Accounts Receivable Associate Kirsten Kvalsten Executive Assistant & Meetings Coordinator 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 17, Number 1, Winter 2015 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. © 2015 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. Finding the Edge in CMBS 2.0 Christina Zausner, Vice President, Industry and Policy Analysis, CRE Finance Council 7. State of the Credit Cycle Richard Hill, Executive Director of Research, Morgan Stanley 10. It’s Not Easy Being Green…Or Is It? Mitch Resnick, Vice President, Multi-Family Capital Markets, Freddie Mac, Leena Amin, Manager, Multi-Family Capital Markets, Freddie Mac 12. CMBS 3.0 Seminar: Same As It Ever Was? Paul Fiorilla 14. Single Family Residential Portfolio Financing: The Pixilation of Commercial Real Estate Lucia Graziano O’Connell, Counsel, Real Estate Finance/Land Use, McGuireWoods LLP, T. Craig Harmon, Partner, Real Estate Finance/Land Use, McGuireWoods LLP, Paul J. McNamara, Associate, Real Estate Finance/Land Use, McGuireWoods LLP 18. CREFC Exclusive Interview with Howard Marks Co-Chairman and Co-Founder Oaktree Capital Management Interview by Stephen M. Renna, President & CEO, CRE Finance Council 22. US CMBS – Five Compelling Attributes for Foreign Investors Ed Shugrue, III, CEO, Talmage, LLC 26. Is Cherryland Still Relevant? Michael Pollack, Of Counsel, Ballard Spahr, LLP, Andrew E. Walsh, Of Counsel, Ballard Spahr, LLP 30. Modeling CRE Losses for Commercial Mortgage REITs Jade J. Rahmani, Director, Keefe, Bruyette & Woods, Inc., Ryan Tomasello, Associate, Keefe, Bruyette & Woods, Inc. 36. Destination Hyderabad: The Inaugural CRE Symposium Jan Sternin, Senior Vice President and Managing Director, Berkadia 40. Understanding the Freddie Mac Servicing Standard Pamela Dent, CFA, CPA, Senior Director of Multifamily Special Servicing, Freddie Mac 43. Servicers Forum Update Dan Olsen, Senior Vice President, KeyBank Real Estate Capital
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