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CRE Finance World, Summer 2014

Contents CRE Finance World Summer 2014 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 Sara Thomas Director, Education Initiatives Christina Zausner Vice President, Industry and Policy CRE Finance Council Europe Peter Cosmetatos CEO, Europe Hannah Liebing Events/Finance Coordinator, Europe Carol Wilkie Managing Director, Europe Volume 16, Number 2, Summer 2014 CRE Finance World® is published by the Commercial Real Estate Finance Council (CREFC®), 900 7th Street NW, Suite 501, Washington, DC 20001 email: info@crefc.org, website: www.crefc.org. © 2014 CREFC - Commercial Real Estate Finance Council, all rights reserved. Advertising: For information regarding advertising within CRE Finance World, please contact Andrea Rouse, phone: 202.448.0856, email: arouse@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 Brian P. Lancaster, The Minot Group, Stern School of Business, NYU 4 Welcome Letter Stephen Renna, President & CEO, CRE Finance Council 6 Past CREFC Leaders Reflect on Evolution and Growth of the Association John Salustri Participants: Leonard W. Cotton Margie A. Custis, Managing Director, Capital Markets, Principal Real Estate Investors Annemarie G. DiCola, Chief Executive Officer, Trepp, LLC Joseph Philip Forte, Partner, DLA Piper LLP (US) Richard D. Jones, Partner, Dechert LLP Paul T. Vanderslice, Managing Director, Citigroup Global Markets 12 Mid-Year 2014 Legislative and Regulatory Update Martin Schuh, Vice President, Legislative and Regulatory Policy, CRE Finance Council 17 New Generation of CRE CLOs Find their Stride Tad Philipp, Director of Commercial Real Estate Research, Moody’s Investor Services Deryk Meherik, Vice President and Senior Credit Officer, Moody’s Investor Services Christina Zausner, VP, Industry and Policy Analysis, CRE Finance Council 20 The Incredible Shrinking High-Yield Debt Market Paul Fiorilla, Co-Managing Editor, CRE Finance World 23 A View from the Top: Key Credit Metrics of the Largest 20 Loans Terri Magnani, Senior Director; Nicole Kotsianas, Associate Director and Ravish Kamath, Associate, Kroll Bond Rating Agency, Inc. 27 Challenges Confronting US Retail Properties Stewart Rubin, Director, New York Life Real Estate Investors 36 Sizing Up the Impact of Derivatives Regulation on the European Property Sector Luke Zubrod, Director, Global Regulatory Advisory and Phong Dinh, Director, EU Regulatory Advisory, Chatham Financial 42 Overvalued Real Estate Could Translate Into Higher Recoveries Georgina Squire, Head of Dispute Resolution, Rosling King LLP, UK 43 Delinquency Reporting in CMBS David Nabwangu, Senior Vice President U.S. CMBS; Tom Yang, Senior Financial Analyst, U.S. CMBS; and Erin Stafford, Managing Director Global CMBS, DBRS 48 The Case for Commercial Real Estate Debt Now Edward L. Shugrue III, Chief Executive Officer, Talmage, LLC 53 Banks Show New Appetite for Risk Sam Chandan, PhD, Associated Faculty, The Warton School; President, Chandan Economics 59 Con-dos and Con-don’ts: The Financeable Commercial Condominium in CMBS 2.0 Robert Sullivan, Partner & Co-Leader, Finance Practice; Geoffrey Maibohm, Counsel; Elizabeth Murphy, Associate, Alston & Bird 62 The Evolving Approach to Environmental Risk Management and Due Diligence Brian Cochran, Senior Vice President; Holly Neber, President, AEI Consultants Forum Updates: 69 Forum Spotlight: CREFC Agency Investors Forum Josh Seiff, Director, Fannie Mae, Chair, Agency Investors Forum


CRE Finance World, Summer 2014
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