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CRE Finance World, Summer 2013

Contents CRE Finance World Summer 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 Layout: Kristin Searing CRE Finance Council Staff Stephen M. Renna Chief Executive Officer Ed DeAngelo Vice President, Technology & Operations Lauren Hagadorn Executive Assistant/Meeting Assistant 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 CRE Finance Council Europe Hannah Liebing Events/Finance Coordinator, Europe Carol Wilkie Managing Director, Europe Volume 15, Number2, Summer 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: 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. 3 Letter from the Editor Paul Fiorilla, Prudential Real Estate Investors 4 Welcome Letter from Stephen M. Renna Stephen Renna, CEO, CRE Finance Council 6 CREFC Regulatory Update Martin Schuh, Vice President, Legislative and Regulatory Policy 9 CRE Finance World Roundtable: The B-Piece Buyer Moderator: Paul Fiorilla, Prudential Real Estate Investors Participants: Sam Chang, Director, Torchlight Investors Lainie Kaye, Managing Director, Deutsche Bank Matt Salem, Managing Director, Rialto Capital Management Frank Scavone, President and COO - Capital Partners, CBRE Capital Partners Jon Strain, Managing Director, J.P. Morgan 19 CMBS Refinance Risk: Vintage Analysis across Multiple Economic Scenarios Stephen Miller, Director, Capital Markets, Debt and Risk Management Research; Xiaojing Li, Senior Quantitative Analyst; Daniel Wijaya, Senior Financial Analyst; and Xiaozhi Zhao, Quantitative Analyst, PPR Global 26 “Real Reform” of the GSEs Willy Walker, Chairman, President & CEO, Walker & Dunlop, LLC 28 Euros, Yuans and You: The EB-5 Investor Visa Program as a Capital Source for Commercial Developers Marshall Brozost, Partner; Geoffrey Butler, Associate; Joshua Cohen, Associate, Schulte, Roth and Zabel 31 State of the Banks Sam Chandan PhD, Chandan Economics and the Wharton School 35 Interest Rates, Cap Rates and Commercial Real Estate Values Ryan Severino, Senior Economist; Brad Doremus, Associate; Michael Steinberg, Senior Analyst, Reis, Inc 40 Hybrid High Yield/CMBS Bonds Help Fill Europe’s Real Estate Funding Gap Conor Downey, Partner; Charles Roberts, Partner; and Karl Balz, Partner, Paul Hastings 42 Commercial Mortgage Defaults: From 1972 to 2011 Steve Guggenmos, Jun Li, Yu Guan, Qi Gong, Freddie Mac 47 In Las Vegas and Atlantic City, CMBS Hasn’t Always Had a Winning Hand Larry Kay, Director; Barbara Hoeltz, Senior Director; Jason Lami, Rating Analyst, Standard & Poor’s Ratings Services 51 Multi-Family Housing: On a Path of Solid Growth Celia Chen, Senior Director, Moody’s Analytics 59 Anatomy of A Loss David Nabwangu, Senior Vice President CMBS, Xuedong Yang, Research Analyst; Dalai Yine, Research Analyst, DBRS Inc. 70 Closing The Bankruptcy Court’s Doors Alan K. Mills, Esq., Partner, Lead Counsel; David M. Powlen, Esq., Partner; Jonathan D. Sundheimer, Esq., Associate, Barnes & Thornburg LLP 74 A Bankruptcy and Receivership Overview David Wallace, General Counsel, and Kelley McLaren, Managing Director, Receivership Services, Trigild Forum Updates: 78 Forum Spotlight: Agency Investor Forum Kimberly Johnson, Fannie Mae, Chair, Agency Investor Forum 79 Forum Spotlight: The High Yield Debt and Investment Forum Bill O’Connor, Thompson & Knight, Chair, High Yield Debt and Investment Forum 80 Forum Spotlight: Portfolio Lenders Forum—Insurance Company and Bank Sub-Forum Todd Everett, Principal Real Estate Investors , Chair of Portfolio Lenders Forum, Insurance Company Sub-Forum; Clay Sublett, KeyBank Real Estate Capital, Chair of the Portfolio Lenders Forum, Bank Sub-Forum


CRE Finance World, Summer 2013
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