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CRE Finance World, Winter 2014

A publication of Winter issue 2014 sponsored by CRE Finance World Winter 2014 25 secondary trading, structuring, new issuance and marketing of Agency CMBS (DUS MBS) at Fannie Mae. Josh and his team created the Guaranteed Multifamily Structures (GeMS) program in 2011 and have structured and issued over $25BN since the program’s inception. In addition, the Multifamily Trading Desk annually transacts more than $20BN worth of two-way trading volume. Josh is also responsible for portfolio management of Fannie Mae’s non-agency CMBS and municipal bond portfolios. Prior to his current role, Josh traded CMBS, Municipal Bonds and Residential Agency CMOs for the Fannie Mae portfolio. Josh received his BS from Cornell University and an MBA from the University of Maryland’s RH Smith School of Business. He is a member of the Board of Governors of the Commercial Real Estate Finance Council and is the current chair of the Agency Investors Forum. Josh is also a CFA Charterholder. Jon Strain Managing Director JP Morgan Jon has been in the real estate business for over 25 years. He started his career in Chicago as a real estate analyst and project manager for a local real estate developer, Fifield Development Corp. Jon worked on the development, construction, and lease up and sale of over 4 million square feet of office, industrial, retail, hotel and apartment development. When the real estate development business evaporated in 1990, Jon worked on asset management, tenant lease renegotiations, and loan workout on company assets in the brokerage and management business which was sold to Frain Camins and Swartchild, which ultimately became part of CBRE. In 1993, Jon joined Morgan Stanley’s fixed income department which merged his real estate knowledge with bond financing technology. He spent 13 years at Morgan Stanley in sales, trading, capital markets and banking, and ultimately ran the CMBS trading desk during its heyday as the top ranked CMBS issuer and trading counterparty. In 2006, Jon left MS for a brief stint at UBS before joining JPMorgan Chase in 2007 as Head of Capital Markets for U.S. Commercial Mortgages. He is currently responsible for the securitization, distribution and financing of real estate loan risk in the Investment Bank. Jon graduated from Brown University and is a member of the CRE Finance Council Board of Governors. Richard Walsh Managing Director NY Life Real Estate Investors Mr. Walsh is a senior member of NY Life Real Estate Investors, which manages over $35 billion in real estate related assets. He is co-head of commercial loan production with annual origination volume of $4 billion to $5 billion, and also oversees Loan Administration, Special Servicing, Portfolio Analytics and Reporting, and Real Estate Fund Investments. Mr. Walsh has over 25 years of CRE experience. He joined NY Life Real Estate Investors in 1989 to spear head their special servicing functions. He spent the next 5 years as lead on troubled asset resolutions — including workouts, foreclosures, modifications and refinances — across all major property types throughout the U.S. From the mid 1990’s through 2002, he focused on investing in structured real estate products, including real estate funds, CMBS, and loan syndications. For the past 11 years, he has served in his current capacity as co-head of Real Estate Investor’s regional CRE lending offices. Prior to joining NYLIM, Mr. Walsh was with Mellon Real Estate Investment Management Inc., a real estate advisory subsidiary of Mellon Bank, and the mortgage-backed operations division of Goldman Sachs. Mr. Walsh has a B.S. in Economics and an M.S. in Real Estate from New York University and is currently a member of The Real Estate Board of New York. Randy Wolpert Principal Eightfold Real Estate Capital Mr. Wolpert is a principal and co-founder of Eightfold Real Estate Capital. He has more than 24 years of varied real estate and restructuring experience. Previously, he founded and was managing member of Iver Realty Advisors, (“Iver”), which provided advisory services to real estate owners. Prior to founding Iver, Mr. Wolpert was President of LNR Partners, (“LNR”), the Real Estate Finance and Servicing Group of LNR Property. His primary responsibilities were overseeing the day-to-day operations of LNR’s special servicing operation; he also played a key and active role in the company’s real estate debt investment activities. Mr. Wolpert supervised more than 250 associates including legal, loan and REO asset management, surveillance, loan servicing, accounting & finance and MIS. Prior to assuming the role of President, Mr. Wolpert directed the loan asset management department, where he was responsible for loan workouts as well as lender consents. During his tenure at LNR, he was responsible for the special servicing of more than 150 CMBS securitizations containing more than 23,000 loans with a face value of $270 billion, and he personally worked on or approved approximately 2,700 loan resolutions with an unpaid principal balance of $25.7 billion. Prior to joining LNR, Mr. Wolpert held various other positions within the real estate industry in brokerage, property management, investment management, and lending. He was a Vice President and senior banker at Nomura Capital and CDC Mortgage Capital, where he was responsible for sourcing, structuring and closing more than $1 billion of fixed and floating rate loans. Prior to that, Mr. Wolpert was a Vice President at Equitable Real Estate Investment Management, where he was responsible for the asset management of a portfolio of properties in the New York metropolitan area. Mr. Wolpert received a Bachelor of Science degree in Operations Research & Industrial Engineering from Cornell University, and a Master’s degree in Business Administration in Real Estate Finance from Columbia Business School. CRE Finance World Roundtable Discussion: 2014 Outlook


CRE Finance World, Winter 2014
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