Interpreting the U.S. CRE Landscape As the program got underway, attendees listened intently to Joe Beggins, CEO at GEMSA Loan Services, Hal Collett, President of the Prudential Asset Resources Unit at Prudential Mortgage Capital Company, Alan Kronovet and Mark McCool, as they discussed the state of the servicing industry. Topics included maturities, compliance and regulatory constraints, gaining efficiencies and talent retention. McCool noted, “It’s about culture, respect and appreciation,” and Kronovet added, “It’s our people who separate us from the competition.” This was followed by Steve Renna, President and CEO of CREFC who moderated a “State of CRE Lending” panel and another session by Jeff Schummer, the Head of Education for the MBA. His speech regarding educational offerings and certifications engaged the attendees who were all clearly focused on achievement and advancement. As the days progressed, the panelists continued to share thoughts related to trends and challenges that affect the U.S. CRE industry, from cap rates to maturities, to the multifamily and retail financing landscapes, to the current CRE legislative and regulatory environment. Keith Dunsmore, Caroline Blakely, a Partner in the Real Estate Group at Cassin & Cassin and Stacy Stathopoulos, Senior Vice President, CREFC, discussed the latter topic and covered Dodd Frank, Basel III and the recently announced final Regulation AB Rule. The centerpiece of the Symposium was the keynote address, which followed the luncheon on both days and covered U.S. economic and market trends. Lisa Pendergast, Managing Director and Co- Head of CMBS Strategy and Risk at Jefferies & Company, agreed to deliver the keynote address and focused on a comprehensive overview of current economic and market conditions, as well as thoughts on the 2015 outlook and beyond. Lisa noted “The Hyderabad conference was eye opening. The attendees were engaging, hardworking, and eager to further their knowledge and participation in our business. Their obvious sense of pride in their respective positions and their quest for more information are truly amazing.” CRE Finance World Winter 2015 38 Attendee Reaction Throughout both days of the Symposium, attendees interacted with the panelists and asked thoughtful and sophisticated questions, illustrating their command of the subject matter specific information, as well as market trends and challenges. Steve Renna noted, “I was impressed by the level of professionalism of the conference attendees. Their honed real estate finance capabilities were evidently displayed. They asked well-informed and incisive questions.” He added, “They had a refreshing desire not only to be experts in their job function, but also gain a broad and dimensional understanding of the marketplace.” Both days’ programs ended with a reception, where the attendees had an opportunity to meet their industry peers as well as the panelists, a unique experience for any conference. Looking to the Future Over the course of the last dozen years, US CRE businesses have thoughtfully and deliberately leveraged a talented workforce in India to perform increasingly complex CRE origination, securitization, fund management and servicing processes. As this growth continues into the future, events like the Symposium provide an opportunity for informational exchange, networking as well as helping to attract new talent to further fuel growth. For US participants, these events present a unique opportunity to observe, first hand, an important, but less visible part of the infrastructure that supports the US CRE industry. A common theme from the panelists was that the Symposium very much resembled an event held in the U.S., including the programming, venue and audience interaction. The overarching takeaways that we heard immediately following the Symposium were that the level of energy was beyond expectation and most wanted to know if there would be a second CRE Symposium. Specifically, Michael Gerdes, Managing Director at Moody’s Investors Service said, “The high level of energy from the audience made it a thrilling experience to participate in.” Destination Hyderabad: The Inaugural CRE Symposium
CREFW-Winter Edition
To see the actual publication please follow the link above