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CRE Finance World, Autumn 2013

Contents CRE Finance World Autumn 2013 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: Stephanie Heliker Design: Bruce Zahor Production: Kristin Searing CRE Finance Council Staff Stephen M. Renna President & Chief Executive Officer Ed DeAngelo Vice President, Technology & Operations Stephanie Heliker Production Manager Elizabeth Janicki Accounts Receivable Associate Alex Levin Manager, Industry Standards & Strategic Relations Erin Liberatore Director of Meetings & Member Services Andrea Rouse Director, Administration Martin Schuh Vice President, Legislative and Regulatory Policy Stacy Stathopoulos Senior Vice President, Industry Standards & Strategic Initiatives Christina Zausner Vice President, Industry and Policy CRE Finance Council Europe Hannah Liebing Events/Finance Coordinator, Europe Carol Wilkie Managing Director, Europe Volume 15, Number 3, Autumn 2013 CRE Finance World® is published by the Commercial Real Estate Finance Council (CREFC®), 900 7th Street NW, Suite 820, Washington, DC 20001 email: info@crefc.org, website: www.crefc.org. © 2013 CREFC - Commercial Real Estate Finance Council, all rights reserved. Advertising: For information regarding advertising within CRE Finance World, please contact Stephanie Heliker, CREFC, phone: 646.884.7578, fax: 646.884.7569, email: sheliker@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 Nicoletta Kotsianas, Associate Director, Kroll Bond Rating Agency, Inc. 4 Welcome Letter Stephen Renna, President & CEO, CRE Finance Council 6 Economic Recovery Faces Q4 Political Headwinds; Robust Policy Agenda Ahead Martin Schuh, Vice President, Legislative and Regulatory Policy, CRE Finance Council 8 Rate Moves Move the Dial on Defeasance Christina Zausner, Vice President, Industry and Policy Analysis, CRE Finance Council 9 CRE Finance World Roundtable: Macro Issues Facing CRE Finance Moderator: Lisa Pendergast, Managing Director, Jefferies LLC Participants: Larry Brown, President, Starwood Capital Group Sam Chandan PhD FRICS, President & Chief Economist, Chandan Economics Samir Lakhani, Director, Senior CMBS Trader and Portfolio Manager, BlackRock Greg Michaud, Senior Vice President & Head of Real Estate Finance, ING Investment Management Mitchell Resnick, Vice President, Multifamily Loan Pricing & Securitization, Freddie Mac 21 Canadian CMBS: “Low Hanging Fruit” For U.S. Fixed Income Investors Charles Gamm, Vice President; Christopher Kane, Managing Director, Principal, Institutional Mortgage Capital Canada; and Doug Klaassen, Partner, Stikeman Elliott LLP 26 Losing More Than your Loan: Understanding Extreme CMBS Loss Severities Edward L. Shugrue III, Chief Executive Officer, Talmage, LLC 30 CMBS Global Recovery Continues To Be Slow and Uneven Larry Kay, Director (United States); Arnaud Checconi, Director (Europe); Yuji Hashimoto, Director (Japan); Maria Rabiasz, Senior Director (Canada); Narelle Coneybeare, Director, (Australia and Singapore), Standard & Poor’s Rating Services 38 JOBS Act Private Offering Regulatory Reforms to Benefit CRE Michael L. Zuppone, Partner, Paul Hastings LLP 40 More Money, Fewer Problems? U.S. CMBS Servicers Position For Continued Growth In Commercial Real Estate Lending Andrew Foster, Associate; Brian Snow, CFA, Director, Standard & Poor’s Rating Services 43 Single-Family Rental Securitization David Nabwangu, Senior Vice President, CMBS; Rich Carlson, Senior Vice President, Operational Risk; Erin Stafford, Managing Director, CMBS, DBRS Inc. 49 Bad Boy Guarantees Strictly Construed Michael Viscount Esq., Partner, Fox Rothschild LLP 51 U.S. Conduit CMBS Update: Credit Metrics Were Stable in Third-Quarter 2013, but Transactions Remain Riskier Year-Over-Year James M. Manzi, CFA, Senior Director Global Research; James C. Digney, Senior Director - CMBS; Kurt C. Pollem, CFA, Senior Director - CMBS, Standard & Poor’s Ratings Services el, and Kelley McLaren, Managing Director, Receivership Services, Trigild Forum Updates: 56 Forum Spotlight: High Yield and Distressed Realty Assets Forum Kevin Donahue, Senior Managing Director, C-III Capital Partners 57 Forum Spotlight: Investment Grade Bondholders Sub-Forum Adam Hayden, Director/Portfolio Manager, New York Life Investments 58 Forum Spotlight: Portfolio Lenders Forum and the Insurance Company & Bank Sub-Forum Greg Michaud, Senior Vice President & Head of Real Estate Finance, ING Investment Management; and Greg Murphy, Managing Director, Natixis Real Estate Capital


CRE Finance World, Autumn 2013
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