Table of Contents

CRE Finance World, Autumn 2012

Contents C RE F in a n C E W R l d ® T h e V o i c e o f C o m m e r c i a l R e a l E s t a t e F i n a n c e Publisher: Joseph Philip Forte, Esq. Editor-in-Chief: Brian P. Lancaster Managing Editor: Paul Fiorilla Design: Bruce Zahor Layout: Kristin Searing 3 Welcome Letter from Stephen M. Renna CEO, CRE Finance Council CRE Finance Council Staff 4 Letter from the Editor Stephen M. Renna Chief Executive Officer Paul Fiorilla, Prudential Real Estate Investors Ed DeAngelo 6 2013: Commercial Real Estate Finance’s “Regulatory Cliff” Vice President, Technology & Operations Michael P. Flood, Vice President, Legislative & Regulatory Policy, CRE Finance Council Michael Flood Vice President, Legislative & Regulatory Policy 8 Insurance Company Investment Survey Central to Work of Portfolio Lenders Sub-Forum Patricia Geremia Todd Everett, Managing Director and Head of Real Estate Fixed Income, Principal Real Estate Investors Director, Sponsorship Chair, Portfolio Lenders Insurance Company Sub-Forum Stephanie Heliker Production Manager 10 Improve CMBS Servicing Quality? Change the Business Model Erin Liberatore Stacey M. Berger, Executive Vice President, PNC Real Estate/Midland Loan Services Director, Meetings Alexandra Ong 13 Privatizing Fannie and Freddie’s Multifamily Business Meetings Coordinator/Administrative Assistant Chris DiAngelo, Katten Muchin Rosenman LLP Matt Rhodes Vice President, Communications 17 A Recovering Office Market May Not Move The CMBS Office Credit Needle Andrea Rouse Larry Kay and Jason J. Lami, Standard & Poor’s Ratings Services Director, Administration 22 Through a Sharper Lens: CRE Analysis Using Monthly Data Martin Schuh Assistant Vice President, Victor Canalog, Brad Doremus and Michael Steinberg, Reis, Inc. Legislative & Regulatory Policy 28 CMBS Opportunities: Any Floating-Rate Port in a Storm Stacy Stathopoulos Vice President, Strategic Initiatives Edward L. Shugrue III, CEO, Talmage, LLC CRE Finance Council Europe 31 CMBS Servicer Commentary Could Be Improved – But May Also Be Indicating Large Impending Losses Hannah Liebing Events/Finance Coordinator, Europe Darrell Wheeler, Vivek Tiwari and Joe Yu, Amherst Securities Group Carol Wilkie 36 Navigating the Structured Finance Waterfall: Smooth Sailing or a Barrel Ride Managing Director, Europe over the Falls? Michael VanderLey, Cynthia Nelson and Ronald Greenspan, Real Estate Solutions Group, FTI Consulting, Inc. 40 Recent Developments in Construction Lending Risk Mitigation: Expose the Myths to Reduce the Risks Volume 14, Number 3, Autumn 2012 Damian Wach, AIA, Hypothekenbank Frankfurt CRE Finance World® is published by the 44 U.S. Supreme Court Holds That Bankruptcy Credit-Bidding May Not Be Denied ®),Commercial Real Estate Finance Council (CREFC 900 7th Street NW, Suite 820, Washington, DC 20001 and Resolves Circut Split in Favor of Secured Creditors email: info@crefc.org, website: www.crefc.org. Eric Pruitt, Baker Donelson, Bearman, Caldwell & Berkowitz, PC © 2012 CREFC - Commercial Real Estate Finance Council, Scott S. Frederick, J.D. Candidate, 2013, University of Alabama School of Law all rights reserved. Advertising: For information regarding advertising within 47 The Role of Operating Advisor in CMBS 2.0 CRE Finance World, please contact Stephanie Heliker, CREFC, Steven Lauer. Vice President, TriMont Real Estate Advisors phone: 646.884.7578, fax: 646.884.7569, email: sheliker@crefc.org. Greg Winchester, Managing Director, TriMont Real Estate Advisors Editorial: Questions? Comments? Send queries and letters to Letters to the Editor, Brian P. Lancaster, Editor-in-Chief, CRE Finance World, email: brian.lancaster@rbs.com. 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. CRE Finance World Autumn 2012 2


CRE Finance World, Autumn 2012
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