October 16, 2025 | NEW YORK
How the Fed’s tightening, geopolitical shocks, and inflation volatility are forcing capital to rethink U.S. real estate.
With the Federal Reserve raising rates aggressively — pushing the 10-year Treasury to 4.5%+ — and inflation still running hot, CRE investors face an unprecedented repricing of risk. Add to that mounting geopolitical tensions disrupting cross-border flows, and gateway markets like NYC and San Francisco are in flux. This session cuts through the noise to reveal where capital is moving and why.
Key Questions:
Head of U.S. and Managing Partner
BentallGreenOak
Jonathan Epstein is a Managing Partner at BentallGreenOak responsible for the firm’s Investing activities in the Western US and all Core Plus investing initiatives in the United States. Prior to the merger of Bentall Kennedy and GreenOak Real Estate in 2019, Jonathan led GreenOak’s investment efforts in the western United States and was responsible for the firm’s investment strategy, sourcing, structuring, and asset management for the western region.
Behind closed doors, senior leaders tackle the complex technical challenges shaping capital deployment in today’s fractured market.
These high-level roundtables delve deep into the legal, tax, and structural issues nobody else will confront — exposing hidden risks and forging smarter strategies to protect capital and maximize returns.
Topics include:
A focused opportunity to reset your mind and make strategic connections. Grab a coffee, exchange quick insights, and build your circle with some of the industry’s sharpest minds.
Decoding how rent control, capital stack stress, and evolving use cases are rewriting NYC’s real estate playbook.
New York’s commercial real estate faces a perfect storm: rent control expansion threatens cash flow, office vacancy rates hit historic highs above 20%, and capital stack pressures force owners to rethink refinancing strategies amid tighter credit. This session digs deep into the forces reshaping the city’s core markets—and what savvy investors must know to stay ahead.
Key Questions:
Chairman & CEO, Time Equities
Francis Greenburger is an American real estate developer, literary agent, author, art collector, philanthropist, and founder of Time Equities Inc., Art Omi, Inc., and the Greenburger Center for Social & Criminal Justice.
Francis Greenburger is the Founder, Chairman, and Chief Executive Officer of Time Equities Inc. Founded in 1966, Time Equities Inc. (TEI) has been in the real estate investment, development, and asset & property management business for more than 50 years. He is also the Chairman of Sanford J. Greenburger Associates (SJGA), a literary agency founded by his father in 1932.
He is the Founder and Chairman of Art Omi and Art Omi Pavilions, a sculpture and architecture park, unique museum complex, and arts center founded in 1992, which also provides residencies for visual artists, writers, dancers, musicians, and architects from all over the world. Most recently, Mr. Greenburger founded the Greenburger Center for Social and Criminal Justice in 2014, which advocates for reforms to the criminal justice and mental health systems.
He also serves on the board of several not for profit organizations and is an active donor to over 300 charitable organizations.
Mr. Greenburger graduated from Baruch College in 1974 with a degree in Public Administration. He is an avid tennis player and traveler. He resides in Manhattan with his wife, Isabelle Autones, and is the proud father of four children: Morgan, Noah, Julia, and Claire.
Global Co-Head of Research and Strategy, Manulife
As global co‐head of research and strategy of real estate private markets, Erin is responsible for developing and executing the real estate platform’s overall research strategy and house view, leveraging predictive analytics and proprietary modeling that guide the acquisition and asset management real estate lifecycle. She works closely with the regional chief investment officers and functional teams in these efforts, contributing investment decision‐making insight and working toward an increasing level of sophistication and quality with regard to evaluating and advancing the investment thesis. In her role, Erin sits on the global real estate leadership team.
Previously, Erin was director of real estate research and strategy at Wafra Real Estate, responsible for executing and maintaining a research and strategy platform in support of the Wafra real estate team, fund, and portfolio investments. Before that, Erin was a senior vice president at JLL, where she led and managed engagements with major global corporate occupiers in various real estate portfolio and organizational transformation strategies. She also managed principal and investor‐side engagements that included real estate investment/portfolio strategy, feasibility analysis, and market impact studies. Prior to that, Erin worked at DWS, where she was responsible for leading research and strategy for office investments across the United States.
Global Head of Capital Development and Strategy, Cityview
Cityview, a premier multifamily investment management and development firm, today announced the hire of Christoph Donner, the firm’s new Principal and Global Head of Capital Development and Strategy. Donner will pursue new global strategic opportunities, build and maintain relationships with investors and partners, lead the firm’s fund development and capital strategy, and oversee the launch of a new East Coast office.
Donner was previously CEO of America PIMCO Prime Real Estate LLC.
The capital stack is cracking. Who’s still lending—and on what terms?
With $1.5 trillion in commercial real estate debt maturing by 2026 and traditional lenders pulling back, borrowers are facing a ruthless reality: valuations are down, rates are up, and liquidity is drying up. This session breaks down where credit is still available, how deals are getting restructured, and where opportunistic capital is stepping in to fill the void.
Key Questions:
Head of Debt Investment Group, Clarion Partners
Drew Fung has over 30 years of work experience in the real estate investment management industry. Drew began their career at AXA Equitable Real Estate Investment Management in 1987 as a Vice President and worked there for a decade. In 1997, they joined Boston Financial Investment Management as a Senior Vice President. In 2000, they became a Principal at Lend Lease and stayed with the company until 2003 when they joined CWCapital as a Senior Vice President. In 2005, they joined Deutsche Bank Asset Management (formerly known as RREEF) as the Managing Director - Head of High Yield Debt Investments. In 2012, they joined Clarion Partners LLC as the Head of Debt Investment Group.
Drew Fung attended the University at Albany, SUNY from 1983 to 1987, where they studied Finance and Financial Management Services. Following this, from 1990 to 1994, they pursued their MBA degree in International Marketing and International Finance at the NYU Stern School of Business.
Executive Director, PGIM
Shaunak Tanna is an executive director at PGIM Real Estate. Based in New York, Shaunak is responsible for sourcing, underwriting, and structuring real estate investments including senior and mezzanine loans and preferred equity investments for the Eastern and Mid-Western U.S.
Prior to joining PGIM Real Estate, Shaunak was Head of Structured Investments for Basis Investment Group, LLC, where he was responsible for the firm’s mezzanine and bridge lending, and originated a range of investments across stabilized, development and transitional value-add properties. Before Basis, he was with Terra Capital Partners, LLC and its affiliate The Greenwich Group International, LLC.
Shaunak has a Bachelor of Commerce in accounting and taxation from the University of Mumbai and a Master of Business Administration in real estate from Baruch College. Shaunak is also a Chartered Accountant, and an active member of the Advisory Board for Steven Newman Real Estate Institute of Baruch College.
Director Portfolio Management, North America
Invesco
Steve Chung is a Director of Portfolio Management at Invesco Real Estate. Steve primarily focuses on overseeing the strategic direction of IRE’s structured credit strategies, managing the existing portfolio of commercial real estate loans, and raising new investor capital. Prior to transitioning to Portfolio Management, Steve was responsible for underwriting senior and mezzanine loans across all commercial real estate property types for the fund on the Debt Transaction Analytics team.
Steve began his investment career in 2011 and joined Invesco Real Estate in 2020. Prior to joining Invesco, Steve was a vice president on the commercial real estate group at CIT Bank in Santa Monica, CA where he focused on the originations and underwriting of senior loans across all property types. Prior to CIT Bank, Steve spent five years at Robert Douglas, a boutique investment banking firm that focused on the financing, equity capitalization, and sale of hotels and resorts, in Los Angeles, CA. Steve started his career at Ernst & Young, where he worked for two years in the real estate advisory group in Los Angeles, CA.
Steve earned a Bachelor of Science degree from Cornell University’s School of Hotel Administration.
Navigating the seismic shifts in asset allocation as capital flows reshape U.S. real estate markets.
The great capital shuffle is underway. As rising interest rates and economic uncertainty force a re-evaluation of risk, investors are pivoting away from overheated sectors and hunting new opportunities. But what’s genuinely discounted—and what’s deceptively overvalued? This session cuts through the noise with fresh data and sharp insights on where capital is moving next.
Key Questions:
Vice Chairman, Bridge Investment Group
Dean Allara serves as Vice Chairman of Bridge Investment Group. He has experience in the real estate investment process including analyzing, raising capital, acquiring, financing, developing, managing, improving and selling properties beginning in 1986. Dean is responsible for capital raising, investment analysis, and investor relations. Dean is directly responsible for investing in over $4 billion in real estate assets. Property types include multi-family and single family residential, commercial, seniors housing, resort golf properties, hotel, and retail properties. Dean has been with Bridge Investment Group since March 2009, where he is involved in raising capital from high net worth individuals, family office and institutional partners in addition to responsibilities related to ownership, investment analysis, development, asset management, investor relations, and legal & tax issues. Dean is also responsible for real property development including permits and zoning, master planning, debt financing, insurance, construction management, home owners’ association management, marketing and residential sales. Dean’s previous experience includes a ten-year career with Trace Digital, a leading global supplier of software manufacturing equipment, where he rose from a Regional Sales Manager to President and CEO. Dean earned his Bachelor of Science degree in Business Administration from the St. Mary’s College in 1984, which included one year at Loyola University of Rome, Italy. He also earned his Master of Business Administration from Santa Clara University in 1986 with a semester at the Tokyo University studying Business Law.
Managing Director, StepStone Group
Mr. Iadanza is a member of the real estate team.
Prior to joining StepStone, Mr. Iadanza was a vice president at Pebb Capital Management where he focused on underwriting and structuring real estate acquisitions across geographies and asset classes. Before that he was an analyst at the Baupost Group within their private investment valuation team. Previously Mr. Iadanza was a senior consultant within PwC’s financial services asset management vertical.
Mr. Iadanza received a BS in business administration from Stonehill College and an MS in real estate finance and development from Georgetown University.
Panel Topic: Challenges of Allocating Capital in a Volatile Market: Capital Allocators’ Struggles in 2025
Description: In a world of rising inflation, tightening credit, and geopolitical instability, family offices and LPs are facing major challenges. This session will explore the key struggles LPs are encountering in the current market, including risk mitigation, asset allocation, and portfolio diversification.
Key Questions:
Chief Investment Officer,
Winter Family Investment Office
Managing Principal
CSFG Real Estate
Anthony Russo ’15, a seasoned real estate professional with over a decade of experience, is a Partner and Managing Principal at CSFG Real Estate. A graduate of Duke University (2015) and NYU Schack Institute of Real Estate (2020), Anthony began his career at Sterling Project Development, where he honed his skills as a project manager from 2015 to 2020. In 2020, he joined CSFG as its first full-time employee, playing a pivotal role in expanding the firm's real estate investment portfolio across the United States and Europe. His expertise spans various sectors, including multifamily, industrial, hospitality, and retail, with deals ranging from $10 million to $100 million.
Panel Topic: Capital Deployment Challenges in 2025: Capital Deployers’ Struggles with Rising Costs and Limited Liquidity
Description: Capital Deployers are grappling with the consequences of tighter credit, rising rates, and increased competition for capital. This session will discuss how developers are navigating these challenges, managing risk, and maintaining growth in an increasingly difficult environment.
Key Questions:
Managing Director
Morgan Stanley Real Assets
William Milam, based in New York, NY, US, is currently a Managing Director at Morgan Stanley. William Milam brings experience from previous roles at Morgan Stanley, HighBrook Investment Management, LP and OTO Development. William Milam holds a 2001 - 2005 Bachelor of Arts (B.A.) in Economics @ Washington and Lee University. With a robust skill set that includes Valuation, Financial Modeling, Private Equity, Due Diligence, Financial Analysis
Head of ESG & Sustainability and Managing Director
Cerberus Capital Management
Ms. Guven serves as the Head of Environmental, Social, Governance & Sustainability for Cerberus. In her role, Ms. Guven coordinates the Firm’s Environmental, Social, Governance (“ESG”) and sustainability efforts across all desks and investments.
Prior to joining Cerberus in 2022, Ms. Guven was a Senior Legal Researcher at the Columbia Center on Sustainable Investment (“CCSI”), a joint center of the Law School and the Earth Institute at Columbia University, which she joined in 2016. Her work at CCSI focused on aligning the legal and normative frameworks governing global investment activities with sustainable development objectives and outcomes. From 2011 to 2015, Ms. Guven was a senior associate in the banking group at Hogan Lovells US LLP, where she represented public and private financial institutions and borrowers in multi-jurisdictional financing transactions. Earlier in her career, Ms. Guven served as a legal advisor to the Ministry of Health and Social Welfare of the Government of Liberia, and as an associate in the banking group at McGuireWoods LLP.
Ms. Guven graduated from Northwestern University, and received a J.D., cum laude, from the University of Wisconsin Law School, a M.A. in International Public Affairs from the University of Wisconsin, and a LL.M from New York University School of Law, where she was also a Human Rights Scholar. Ms. Guven is also an Adjunct Professor on Climate Change Law and Policy at the Columbia University School of Professional Studies.
Founder
Lone Star Capital
Rob founded Lone Star Capital in 2018 and has overseen the acquisition, financing, and management of over $750 million in apartment communities. As CEO, Rob drives the strategic growth of the firm, while also identifying and raising capital for new investment opportunities. He leads Lone Star Capital's in-house property and construction management division, Lone Star Communities, ensuring excellence in renovation, lease-up, and ongoing management.
Rob has sold over 25,000 copies of his two books on commercial real estate. He is a sought-after speaker at industry conferences nationwide and hosts the popular Lone Star Capital podcast. Prior to Lone Star Capital, Rob studied Information Systems at Carnegie Mellon University for two years before pursuing his entrepreneurial ambitions full-time.
Panel Topic: How Capital Allocators Can Help LPs Overcome These Challenges: Aligning on Solutions for 2025
Description: Now, LPs will share how they are adapting their capital deployment strategies to meet the evolving demands of LPs. This session will focus on how developers and GPs are innovating to address the issues discussed in Round 1, offering insights into how GPs can help LPs overcome these challenges.
Key Questions:
Co-Head Real Estate
Hamilton Lane
Elizabeth is a Managing Director and Co-Head of Real Estate on the Real Assets team, where she is responsible for due diligence of primary, secondary and co-investment opportunities in real estate. She is a member of the Real Asset Investment Committee.
Prior to joining Hamilton Lane in 2022, Elizabeth was a Managing Director with Jaguar Growth Partners where she was responsible for leading Latin American real estate private equity investments. Previously, Elizabeth was an Investment Manager at Aberdeen Asset Management on the Property Multi-Manager team and was a Vice President at Equity International, responsible for investing in emerging markets real estate companies. Earlier in her career, Elizabeth was an Associate at real estate private equity firm, JER Partners, and an investment banking analyst at Deutsche Bank.
Elizabeth received her M.B.A from the Wharton School at the University of Pennsylvania and an A.B. from Princeton University.
Vice President – Transactions, Real Estate
AXA Investment Managers
Alex Schaefer is a Vice President, Transactions on the real estate investment team at AXA Investment Managers, the asset management arm of the Paris-headquarter multinational insurance firm and a global leader in real estate investment management. At AXA-IM, Alex focuses on transactions across property types and across the risk spectrum in institutional markets throughout the country.
Before joining AXA in 2021, Alex served as a Vice President at TKF Real Estate Investment, specializing in value-add and core-plus investments in office and mixed-use assets across the East Coast. Prior to TKF, he was Head of Acquisitions for ALTO Real Estate Funds, a New York-based private equity firm focused on value-add investments nationwide in partnership with experienced local operating partners. Alex's earlier experience includes roles as Director of Acquisitions at VEREIT, a publicly traded REIT, where he played a key role in its management of over 4,000 properties across 49 states. His career path also included positions with American Realty Capital, where he transitioned into VEREIT following a merger of publicly traded investment vehicles.
SVP, Finance, International Development & Investor Relations
Toll Brothers
Toll Brothers (NYSE:TOL) is a $10 billion Fortune 500 (#394) Company founded in 1967, and today is ranked the 4th largest U.S. home builder by revenues. Toll is also among the largest land and community developers in the U.S. and among the largest multifamily rental apartment developers. Toll is Investment Grade rated by all three major credit ratings covering the homebuilding sector.
Toll operates in 24 states and over 60 markets in the U.S. Projects include urban and suburban for-sale, rental, student, urban high-rise, condo, 55+, single-family build-to-rent, and master planned communities, and numerous land development, urban redevelopment, and mixed-use projects ranging from $10 million to over $1 billion.
Fred Cooper is Senior Vice President - Strategic Partnerships. He focuses on developing and expanding new and existing domestic and international relationships for equity and debt, as well as establishing institutional-level relationship opportunities to help drive the growth of our various platforms, including homebuilding, rental apartment, urban condo, land acquisition & development, build-to-rent, and other businesses. He also works to engage with lenders and investors with whom Toll Brothers can collaborate to reposition or repurpose challenged property and loan portfolios held by those groups.
Fred joined Toll Brothers in 1993 to establish and lead its Finance and Investor Relations departments, serving for several decades as Senior Vice President - Finance and Investor Relations. As Toll Brothers’ in-house investment bank, the group is responsible for our capital markets, investor relations and financial planning activities, as well as our partnering relationships with major U.S. and international institutions. Since formation, the group has raised over $30 billion from banks, the public capital markets, and institutional partners. In addition to capital raising, the group advises on complex project structuring, joint ventures, corporate mergers and acquisitions, and major property acquisitions.
Fred has been financial point for the creation of Toll Brothers City Living, which has now built over 6,000 urban high-rise condos in 50 buildings, Toll Brothers Apartment Living, which has developed over $4 billion of urban and suburban rental assets nationally, and several other start up initiatives.
Fred received a Bachelor of Arts degree from Brown University and a Master of Public Policy degree focused on finance and international development from Harvard University's Kennedy School of Government.
Fred serves on the Harvard Alumni Real Estate Board, and the University of Wisconsin Graaskamp Center Real Estate Advisory Board and is a member of the ULI Global Exchange Council.
He is an active mentor and lecturer at a variety of graduate-level real estate programs, including the Wharton International Housing Finance Program, and works with a number of for-profit and non-profit organizations focused on affordable housing in global emerging markets.
Panel Topic: How Capital Deployers Are Re-calibrating Their Expectations: What GPs Need to Know to Attract Capital in 2025
Description: Capital Deployers will share their evolving priorities and how they can align with these changing expectations. This session will focus on what capital allocators need from capital deployers to navigate the current market dynamics and deliver on long-term value.
Key Questions:
Managing Partner
SJI
SJI is operated by the Tandon family. The Tandon family office has invested in real estate for almost 20 years. The Tandon family is a 2nd generation enterprise and real estate investment group. Divya Tandon is the president and chief executive officer of the family office.
The family actively seeks investments in multifamily real estate throughout the US. Its focus is value-add. SJI believes that there are an exorbitant number of opportunities to invest in the US multifamily sector. The family office actively seeks to invest in a wide range of operators and asset managers focused on the multifamily industry.
Divya’s first real estate acquisition occurred in 2004 and since then she has been heavily involved in the world of investing. Divya is not just allocating to stable asset classes like real estate but also diversifying beyond public markets and in investments that have the potential for higher returns with proper due diligence. Divya Believes capital needs to be redistributed for wealth preservation and growth. Divya is goal-driven and believes in ownership or direct investment in every project she participates in.
Divya has been full cycle in 40 real estate transactions. Her expertise includes site analytics, construction, operations, and real estate sales. Divya works to find opportunities that align with the family office’s long-term goals. Divya’s goals at the family office include wealth preservation and growth.
President
Harvard Real Estate Alumni Association
DJ Van Keuren is the Co-Founder of Evergreen Property Partners, President of the Harvard Real Estate Alumni Association, and the Founder of the Family Office Real Estate Institute. A Harvard-trained strategist with additional studies at NYU’s Shack Institute, DJ is recognized as one of the most influential figures in family office real estate investing—having created the industry’s only dedicated educational platform and a patent-pending structure for tax-deferred generational wealth growth.
D.J. has received numerous industry accolades, including being ranked among:
* The Top 10 U.S. Real Estate Professionals for Family Offices by Family Capital.
* The Top 30 Real Estate Investors for Family Offices by Trusted Insight.
* The Top 50 Opportunity Zone Experts.
* The Top 50 World Family Enterprise Advisors by Family Capital.
Throughout his career, D.J. has held senior real estate positions at several prestigious single-family offices, including:
* The Hayman Family Office (Giorgio Perfume/Giorgio Beverly Hills & Discus Dental).
* The Arsenault Family Office (Mountain High Yogurt).
* President of Real Estate for a family member of an MLB team owner.
A thought leader in family office real estate investing, D.J. is a member of the Forbes Real Estate Council and a frequent Forbes contributor. He is the author of Real Estate Investing for Family Offices and a sought-after speaker at family office conferences worldwide. His insights have been featured in Forbes, Family Office Elite, Real Asset Advisor, National Real Estate Investor, Private Wealth, and cited in The New York Times, PERE, National Real Estate Investor, Trusted Insight, and more.
D.J. is actively involved in advisory and governance roles, including:
* Advisor to Keiretsu Family Office.
* GP Advisory Committee Member to Gated Rentals.
* Former Stanford Global Family Office Committee Member.
* Editorial Board Member for Real Asset Advisor Magazine.
* Past Board Member for the Real Estate Academic Initiative at Harvard.
He holds a Master’s Degree in Management and Finance from Harvard University, pursued graduate studies in Real Estate at NYU’s Schack Real Estate Institute, and earned his B.A. from Ball State University, where he played Division IA baseball.
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