Agenda

September 28, 2021

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8:00 am - REGISTRATION AND NETWORKING BREAKFAST

8:45 am - CHAIRPERSON'S OPENING REMARKS

9:00 am - THE CHANGING CRE FINANCE MARKET DYNAMICS – HOW DOES MEZZ CURRENTLY FIT INTO THE CAPITAL STACK

  • Finding the perfect fit for real estate investors within the cap stack – where are we in the capital stack as capital seems to be abundant? 
  • Assessing the need for bridge financing and rescue equity to help borrowers with their cash flow. What are the latest trends across different CRE debt categories including preferred equity and senior debt – and how does it affect mezzanine financing?
  • Winning business in a very competitive lending environment for stretched bridge. Debt funds, mortgage, REITs, CMBS, preferred equity and pure equity, distressed debt, mezz and bridge loans. What are the challenges for lenders and borrowers in today’s market and who has the upper hand
  • The implications of the pandemic on transaction volumes, liquidity and pricing. Debating faster than expected but uneven recoveries across asset classes. What will the future look like?
  • Proven strategies for real estate sponsors and lenders for dividing risk in the capital stack. How do you assess the risk-reward tradeoffs between different CRE debt categories?

Moderator

Dan Berman

Partner

Kramer Levin

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Douglas Lyons

Managing Principal

The Firefly Group

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John Randall

Partner

PCCP (Pacific Coast Capital Partners)

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Niraj Shah

Rockwood Capital

Portfolio Manager

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Alan Todd

Managing Director

CMBS Strategy, Global Research, BofA Securities

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David Valger

Founder

DVO Real Estate

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9:45 am - ASSET CLASSESS AND GEOGRAPHIES WITH BEST RISK ADJUSTED RETURNS IN A POST-PANDEMIC WORLD

  • Analyzing the macroeconomic and political outlook in 2021 and beyond – what does it mean for mezz?
  • Finding income in a low yield environment. With low inflation, returns on debt should stay same or compressed - what keeps borrowers awake at night? What will happen with interest rates and what does inflation mean for cap rates?
  • Resolving data conflicts - how do you sort through conflicting data points such as travel and shifts in population and distinguish short term and long term trends?
  • Geographical overview of markets within the US which seem to be coming back quicker than others – spotlight on sun belts, as well as urban vs suburban.
  • Which asset classes have recovered the fastest? What are the opportunities in multifamily and industrial? Do we expect retail and office to come back? And what about hospitality? 
  • As lease terms get shorter, how do you analyze office property as investors? As lenders are lowering their yields, what will be the impact of potential inflation rise on rent?

Mukang Cho

Chief Executive Officer and Managing Principal

Morning Calm Management

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Charles CJ Follini

Managing Principal

Ranger Asset Management

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Jeffrey Wiseman

Managing Director

H.I.G. Realty Partners

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Warren de Haan

Managing Partner and Co-Chief Executive Officer

Acore Capital

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10:30 am - NETWORKING BREAK

11:00 am - FOCUS ON DEALS - WHERE ARE THE KEY OPPORTUNITIES IN MEZZANINE LENDING?

  • Debating the current levels of deal flow. With low deal volumes due to the pandemic, will the second half of 2021 bring an accelerated deal flow?
  • What is mezzanine lenders current appetite for financing deals across various asset classes? The pandemic’s impact on deal closing. How many of the existing lenders want to become owners versus to be paid off?
  • With much less than expected non-performing and distressed loans on the market at the moment, where do you find the right opportunity for distressed debt
  • How will the high yield funds deploy capital - with less transaction volume and less distressed opportunities will we see the rise of preferred equity instead of mezzanine financing?
  • Taking a closer look at selected recent deals across multiple asset classes and geographies. Where are the volumes of new originations/refinancings for mezz vs. this time last year? Comparing pricing levels and equity to debt ratios.

Moderator

Timothy Davis

White and Williams

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Brad Bloom

Managing Director

Citi

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Jeff Friedman

Co-Founder & Principal

Mesa West Capital

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Austin Pena

Managing Director

Blackstone

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Tom Rugg

Managing Director

Deutsche Bank

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11:45 am - LOAN STRUCTURING IN THE MEZZANINE MARKET – WINNING STRATEGIES FOR ORIGINATORS

  • Winning the fight for deals and clients in a crowded market – how do you develop your competitive advantage to differentiate yourself? Debating various approaches such as a product focus or deal type like value-add.
  • Developing mezzanine deals – how is the bank market vs non-bank market evolving? How are the new entrants and structures affecting returns?
  • Are numbers of bank-originated whole loans that create demand for mezzanine falling or rising? Exploring the role of collaboration between mezzanine lenders and non-bank players beyond traditional lending.
  • Loan sizes – what are the current trends in deal value? Plus, discussing the nitty gritty of loan structuring – how much capital borrowers should be putting into the deal, equity levels, credit metrics and more.
  • Best practices for underwriting in the current economic climate. Where are we in the cycle and what does the future hold for interest rates?

 

Moderator

Gary Zimmerman

Senior Vice President & Chief Underwriting Counsel

UCC Plus

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Tony Fineman

Senior Managing Director and Co-Head of Originations

Acore Capital

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Jonathan Snider

Senior Vice President, Acquisitions & Development

Sherwood Equities

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Jason Hernandez

Managing Director, Head of Debt Originations

Nuveen

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Paul Vanderslice

Head of CMBS

BMO

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Shaunak Tanna

Head of Structured Investments

Basis Investment Group

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Nicholas Hoffman

Partner

Haynes & Boone

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12:30 am - WHAT DOES THE FUTURE HOLD FOR FUNDRAISING – LENDERS AND BORROWERS VIEW

  • How has the past year been for CRE investments? With fewer funds but with more capital - what was the impact of COVID-19 on the real estate market? With so few deals on the market, what were the mezzanine deal making highlights of 2020 and 2021?
  • Looking into the future – with the activity due to pick up, how are you positioning yourself for success? Valuations, pricings, leasing rates, exit and closings or refinancing – discussing best mezzanine financing strategies.
  • Are there any game changers and new components of the capital stack like C-PACE that can be used as a rescue finance solution in a workout?
  • Debating best investment opportunities in the year to come. Will NYC fully recover? Will the trend of the move to the suburbs continue or was it just a short term reaction to COVID-19? How do you adapt your investment strategies to durable trends such as the rise of e-commerce, changing demographic and the impact of technology on people’s behaviors.
  • The bigger picture: debt versus equity. What are the best financing deals and where to find them – lenders and borrowers view.

 

Jessica Bailey

Co-Founder and Chief Executive Officer,

Greenworks Lending

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David Hochfelder

Chief Investment Officer

Naftali Group

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Joseph McMillan, Jr.

Chairman and Chief Executive Officer

Azur Holdings Management LCC and DDG Partners LLC

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Karen Kulvin

Co-Head and Senior Managing Director

KA Real Estate

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Daniel Lockwood

Senior Vice President

Torchlight Investors

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Roger Yoo

Director

Granite Point Mortgage Trust

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1:15 pm - NETWORKING LUNCHEON & WORKSHOP LUNCH - HOW TO CONFIDENTLY STRUCTURE YOUR LOAN FOR SUCCESS PROBABILITY

This interactive luncheon workshop brought to you by our guest speaker Lino DiLascio, will allow you to drill deep into the important topic of loan structuring.
 
Mr. DiLascio is a Real Estate Professional active for over 30 years in various capacities. Highly skilled, Mr.  DiLascio has turned around approximately two million square feet of commercial properties throughout the tristate area, has worked in re-positioning of shopping centers and development of retail NNN leases on a nationwide basis as well as provision of due diligence and pricing evaluation for more than 2 billion of commercial real estate collateralized loan sales. With his extensive experience in finance and analysis, Mr. DiLascio has also provided financing for over 3 billion of real estate transactions across various product categories.
 
  • Spotlight on the changing negotiation dynamics and top tips to a successful execution of complex deals. Debating the advantages of mezzanine financing and what pitfalls to avoid.
  • Real life examples and best practice for arranging equity partnerships and executing large multi-tranche equity and debt transactions and inter-creditor agreements.
  • Risk mitigation techniques – proven ways for protecting your interest in the case of default.

 

Lino DiLascio

Managing Director, Debt, Mezz, Equity

The Carlton Group

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2:15 pm - ROUNDTABLE 1

These sessions provide a discussion-oriented setting to cover the most pertinent trends in real estate finance with your peers. They are designed for all participants to share their expertise and interact directly with experts leading the sector in an intimate environment. Choose between one of the following topics:

Roundtable A: LEGAL OUTLOOK: Recent trends in deal structuring and documentation – the legal aspect of mezzanine financing.

Roundtable B: RELATIONSHIP BUILDING: The people factor – how to build and maintain strong relationships with institutional investors and major sources of capital.

Rusty Fleming

Partner

Nelson Mullins

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Lee Hart

Partner

Nelson Mullins

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2:45 pm - ROUNDTABLE 2

These sessions provide a discussion-oriented setting to cover the most pertinent trends in real estate finance with your peers. They are designed for all participants to share their expertise and interact directly with experts leading the sector in an intimate environment. Choose between one of the following topics:

Roundtable A: TECHNOLOGY AS AN ENABLER: The power of data and predictive analytics in making better informed investment decisions.

Roundtable B: NEGOTIATION SKILLS: Understanding key negotiation points and avoiding pitfalls from a borrower’s perspective.

 

3:15 pm - CHAIRPERSON’S CLOSING REMARKS AND NETWORKING RECEPTION