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CRE Finance World, Winter 2014

Contents CRE Finance World Winter 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 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 1, Winter 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 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 Paul Fiorilla, Co-Managing Editor, CRE Finance World 4 Welcome Letter Stephen Renna, President & CEO, CRE Finance Council 6 Deja Vu: Mid Term Election Edition Martin Schuh, Vice President, Legislative and Regulatory Policy, CRE Finance Council 10 Risk Retention Redux Illustrates Importance of Fact-Based Policy-Making Christina Zausner, VP, Industry and Policy Analysis, CRE Finance Council 12 CRE Finance World Roundtable: 2014 Outlook Moderator: Brian P. Lancaster, President, The Minot Group, LLC, Adjunct Professor of Finance, NYU Stern School of Business Participants: Dan Bober, Executive Vice President, Wells Fargo Bank Ed Glickman, Executive Director of the Center for Real Estate Finance, NYU Stern School of Business John Mulligan, Managing Director, White Mountains Advisors LLC Josh Seiff, Director - Multifamily Capital Markets, Fannie Mae Jon Strain, Managing Director, JP Morgan Richard Walsh, Managing Director, NY Life Real Estate Investors Randy Wolpert, Principal, Eightfold Real Estate Capital 26 CREFC 2014 Outlook Survey: As Fundamentals Improve, All Eyes on Underwriting Nicoletta Kotsianas, Associate Director, Kroll Bond Rating Agency, Inc. 32 The Quality of CMBS Issuance Today Joseph Philip Forte, Partner, DLA Piper LLP 36 Bulk Special Servicer Liquidations Raise Questions Paul Fiorilla, Co-Managing Editor, CRE Finance World 38 Industrial Real Estate and E-Commerce: The Evolution of Warehouse/Distribution Space Dr. Victor Calanog, VP of Research & Economics; Ryan Severino, CFA, Senior Economist; and Brad Doremus, Associate, Reis, Inc. 42 Extended Stay America – Back to the Future Edward L. Shugrue III, Chief Executive Officer, Talmage, LLC 46 FHFA Slowdown May Spur Multifamily Resurgence in Conduit CMBS Terri A. Magnani, Senior Director, Kroll Bond Rating Agency, Inc. 49 Outlet Centers Take on Malls, and Each Other Larry Kay, Director; Tamara Hoffman, Associate; and Deegant Pandya, Director, Standard & Poor’s Ratings Services 53 Home Rental Securitizations are Born Harris Trifon, Research Analyst, Deutsche Bank Securities Inc. 57 Default Ruthlessness: Examining Borrower Default Behavior Steve Guggenmos, Senior Director; Jun Li, Director; Yu Guan, Analyst; and Malay Bansal, Senior Director, Freddie Mac 61 Europe Progresses in Debt Workout Nigel Almond, Head of Strategy Research, Hans Vrensen, Global Head of Research, DTZ 66 Combining Conventional and Islamic Real Estate Finance Techniques: How to Get The Deal Done Jonathan Lawrence, Partner; Stacy Ackermann, Partner; and Katie Hillier, Senior Associate, K&L Gates 69 Avoiding the Abyss Kenneth Segal, Managing Director, Bank and Loan Advisory Group, Situs 70 The Tax Man Cometh: Paying Taxes in Receivership Kelley McLaren, Chief Administrative Officer, Trigild 73 The Foreign Capital Marriage: Prenuptial Considerations Robin Barone 78 A Look Ahead at the Recovering CMBS Marketplace Midge Brogan, Managing Director, and Ned Smith, Relationship Manager, Sabal Financial Group 80 First Resolution: Exercise More (Good Judgment): CMBS “Do’s and “Don’ts” on the Lender Side Robert Sullivan, Partner; Geoff Maibohm, Counsel; and Rachel Pignatiello, Associate, Alston & Bird LLP Forum Updates: 84 Forum Spotlight: High Yield and Distressed Realty Assets Forum (HYDRA) Greta Guggenheim, Chief Investment Officer, Ladder Capital Finance LLC 85 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 86 Forum Spotlight: Servicers Forum Tom Nealon, Vice Chairman and Director of Legal Affairs, LNR Partners, LLC CRE Finance World Winning Academic Article: 87 Should All Real Estate Investors Be Value Investors? Akash Shivashankara, CFA, Columbia Business School, MBA Candidate, 2014


CRE Finance World, Winter 2014
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