Editor’s Page Letter from the Editor A publication of Winter issue 2015 sponsored by CRE Finance World Winter 2015 3 t is with pride, thanks and confidence that I tell you I am stepping down as Editor-in-Chief of CRE Finance World. It seems not that long ago that I reluctantly accepted this role at the nadir of the magazine and CRE markets. At the time, CRE Finance World and the resources put into the magazine had diminished from its once lofty perch. Since then, with the incredible effort and support of CREFC employees, like Stephanie Heliker, Andrea Rouse and its President and CEO, Stephen Renna, the sweat equity of several excellent co-editors, such as Paul Fiorilla and Nicoletta Kotsianas, its publisher, Joe Forte, and a restored and very active editorial board, we were able to restore it to its former beautiful, hard copy format, add a third digital edition; implement a numerical based vetting process to ensure quality and fairness; implement a prize winning, best article contest for graduate students and faculty in real estate; and, finally and most importantly, attract top quality thought leaders to contribute their ideas and articles. Stephen Renna’s interview in this issue with Howard Marks, the author of, “The Most Important Thing Illuminated” (one of the best investment books I have read — Warren Buffett called it “that rarity, a useful book”), typifies the strength and vibrancy of CRE Finance World today. Read the interview for its insights on the economy, asset valuations and future interest rates. I don’t think you will be disappointed. You may even buy his book. More narrowly focusing on commercial real estate, Richard Hill, an excellent analyst, gives us his findings from his report, The State of the Credit Cycle, on where we are in the CRE and CMBS cycle and where he thinks we are going. Other articles and authors on, what is happening in commercial real estate finance in India (Sternin’s, “Destination Hyderabad: The Inaugural CRE Symposium”); an analysis of the financing of single family properties in portfolio (O’Connell, Harmon and McNamara’s, “Single Family Residential Portfolio Financing: The Pixilation of Commercial Real Estate”); how “going green” can actually help the profitability of a commercial real estate property (Resnick and Amin’s, “It’s Not Easy Being Green — or Is It?) and many more, all reflect the current quality and scope of the magazine. So it is with confidence from the magazine’s current momentum and the great infrastructure of colleagues and friends who will continue working on it, that I welcome the next Editor-in-Chief, Nicoletta Kotsianis, one of my current co-editors. I look forward to working together as an Editorial Board member and reading future issues, hopefully better and more interesting than ever. Brian P. Lancaster Editor-in-Chief I Brian P. Lancaster President Minot Group Professor Stern School of Business, NYU
CREFW-Winter Edition
To see the actual publication please follow the link above