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CRE Finance World, Winter 2013

CMBS — Party Like its 2007 disciplined about overall leverage levels, asset quality and loan structures in the new issue market in which we have invested. structure. As the CMBS market continues to grow and stabilize, Additionally, the CMBS legacy market, even with its many flaws, along with generally improving real estate fundamentals, we presents compelling opportunities on a daily basis as loan pools expect to see a continued trend of easing credit standards. While change shape and profile due to repayments, modifications and we do not believe that credit standards have fully declined to 2007 performance characteristics. As always, caveat emptor. levels, we do believe that certain key credit metrics have crossed that bridge. Moderate CMBS volume origination levels should Edward L. Shugrue III is the CEO of Talmage, LLC (“Talmage”). Talmage, temper excessive easing. However, it will ultimately be up to the and affiliates, is an independently owned and operated commercial real investor to police the issuer and their standards by voting with estate investor, Special Servicer and advisor created in 2003. Since its their checkbook. formation, Talmage has made in excess of $10 billion of real estate debt investments, acted as the Special Servicer or Operating Advisor on over Despite many of the negative credit trends illustrated, not all bonds $10 billion of successful CMBS resolutions and has had an advisory role are created equal and we are able to selectively find attractive in over $30 billion of such transactions. Talmage is headquartered in New CMBS loans with defensive attachment points and thoughtful York City. www.talmagellc.com contributions. Through their contributions, they help promote our CREFC PACThe CRE Finance Council Political Action Committee, or CREFC PAC,wishes to acknowledge the following individuals for their voluntary efforts in Washington to rightfully broadcast CREFC’s members as an integral component to the nation’s liquidity needs. The CREFC PAC seeks to support friends of the industry in Congress as they advocate for continued robust and healthy markets. Please join us in acknowledging the leadership in of those below, and especially our President’s Circle Members. President’s Circle: Supporters: If you would like Stacey Berger Jim Nikolai Kent Born Merrick L Gross Joan Sapinsley more information Dan Bober Bob Ricci Jack Cohen Brad Hauger Martin Schuh about CREFC PAC, Robert Brennan Patrick Sargent Doug Cooper Guy Johnson Anthony Sfarra Marty Schuh atplease contact Gregory Cross Martin Lanigan Scott Sinder Michael Gambro Mike Syers (202) 448-0853 or Margie Custis Howard Laskov Erin Stafford Stuart Goldstein JP Morgan Chase PAC mschuh@crefc.org John D’amico Michael Flood Jan Sternin Rick Jones PNC PAC Annemarie Dicola John Mulligan Kenda Tomes Stephen Kraljic David Eckels Bill O’Connor Rex Veal Brigid Mattingly Robert Foley Brian Olasov Darrell Wheeler Joe Forte Kathleen Olin Greg Winchester Anand Gajjar Lisa Paquette Randolph Wolpert Anna Glick Kieran Quinn Kelly Wrenn Clark Roger A publication of Winter issue 2013 sponsored by CRE Finance World Winter 2013 23


CRE Finance World, Winter 2013
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