Real Estate Joint Ventures during COVID-19

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ABOUT THE VIRTUAL EVENT

Real estate joint ventures differ vastly in structure, goals and purpose. Private equity firms rely on sponsors, with their deep knowledge of markets and sectors, to help populate their funds with deals. Likewise, sponsors count on private equity firms and other financial partners to fund their projects and help bring them to life. 

In the past, the market has seen an uptake in real estate joint venture partnering in the aftermath of financial crisis. Despite varying market conditions, experts are hopeful that partnering between developers and project sponsors will resume, as strategies are developed to negotiate in a distressed market.

iGlobal Forum’s Real Estate Joint Ventures virtual event will give you greater insight into the fundamentals of successful real estate joint venture partnering in 2020. 

Join senior-level representatives from real estate private equity firms, developers and project sponsors, real estate owners & operators, senior & mezzanine lenders, institutional investors and family offices, asset managers and allocators, attorneys and accountants.

 

PLUS, a new feature for iGlobal Live – attend a live virtual event and be personally introduced to a speaker of your choice. This is only available for attendees of our live events, and places are limited, so secure yours now to stay connected and stay informed.

 

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Agenda

11:00 am -12:00 pm EST - Adapting existing real estate joint ventures in response to COVID-19

Explore how joint ventures are vulnerable to COVID-19 disruptions such as loss and financial instability, decision-making deadlocks, defaults, voluntary liquidation or insolvency. The session will address issues such as:

  • Liquidity challenges: funding challenges and the implications on governance rights.
  • External debt raising options: structured repayments, working capital loans and reassessment of financial covenants.
  • Forming agreements that do not impact ownership, economic or governance rights.
  • An analysis of the common risks and how best to avoid them from the outset when drafting your agreement.
  • Best practices in and adapting approaches to due diligence, tax structuring and corporate governance.
  • Protecting the economic advantage of all key stakeholders and formers of the entity.
  • Dealing with default – what are the best options?
  • Exit strategies – an A to Z guide.

Moderator

charles

Andrew Charles

Partner

Kramer Levin

Andrew Charles has extensive experience in all aspects of commercial real estate law, including partnerships and joint ventures, financing for borrowers and lenders, acquisitions and sales, and development and leasing. His client base includes private equity funds, financial institutions, developers, and operators in the acquisition, financing, development, sale and leasing of all classes of commercial properties including office, hotel, multifamily, retail, public storage, mixed use and condominium properties. Andrew focuses mainly on structuring transactions for institutional investors and opportunity funds such as joint ventures, preferred equity investments, mezzanine financing and mixed debt/equity investments.

 

Panelist

gian

Gianluca Montalti

Partner – Asset Management

Torchlight Investors

Luca is a Partner in the asset management group as well as a member of the Investment and Operating Committees. He has 23 years of professional experience. Prior to Torchlight, Luca worked at Investcorp International, Greenstreet Real Estate Partners and LaSalle Investment Management. Luca holds an MBA from the University of Chicago and a BBA from the University of Michigan.

Panelist

JEROME

Jerome A. Fink

Managing Partner

The Bascom Group, LLC

 

Jerry A. Fink is a co-founder & Managing Partner of The Bascom Group, LLC.  Bascom has completed over $6.5 billion in multi-family and commercial value-added transactions since 1996 including more than 200 multifamily properties and 55,000 units.  Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, and the Realm Group.  Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US. 

Prior to founding Bascom, Mr. Fink acted as Senior Acquisitions and Sales Manager from 1991 to 1995 for Pacific Mutual Life Insurance Company. His responsibilities included market assessment, property identification and negotiation, and the acquisition and disposition of real estate investments. Mr. Fink holds a Bachelor of Science in Electrical and Computer Engineering and a Master of Business Administration in Real Estate and Finance from the University of Wisconsin-Madison. He is a member of the Institute of Real Estate Managements (IREM) and Turnaround Management Association (TMA). Mr. Fink is a licensed real estate broker in the state of California, a Certified Commercial Investment Member (CCIM), a Certified Mergers & Acquisitions Advisor (CM&AA), and a Certified Turnaround Professional (CTP). He has appeared as a guest speaker at various functions, including those for the Urban Land Institute, University of California Los Angeles and Irvine, University of Southern California, and other assorted industry events. Mr. Fink previously sat on the Board of Directors for the Wisconsin Real Estate Alumni Association.  He is also a member of the Young Presidents Organization (YPO) and sits on the local chapter’s board.

In 2004, Mr. Fink was awarded the Apartment Executive of the Year by the Real Estate Conference Group, the industry's largest and most prestigious multifamily conference on the West Coast, and was later awarded the Rising Star award by the University of California Irvine Center for Real Estate in 2008. Mr. Fink was also recognized in the 2011 Multi-Family Executive Magazine.

Panelist

Will B

William Boukalik
Managing Director
Canyon Partners Real Estate

William Boukalik, Managing Director, is responsible for the asset management of a portfolio of properties across all property types with a concentration in the Southeast and Texas.  His responsibilities include loan servicing, working with joint venture partners on development/redevelopment projects, leasing, sales, management, and dispositions.  Prior to joining Canyon in 2011, Mr. Boukalik was a Vice President at The Connor Group, an owner and manager of multi-family properties, where he was responsible for debt execution, acquisition, and disposition activities of the firm.  Prior to The Connor Group, Mr. Boukalik held leadership roles in both Funds Management and Development at DDR Corp.  In these roles he handled the asset management for real estate funds and joint ventures and was responsible for development or redevelopment of retail projects throughout the U.S.  Additionally, Mr. Boukalik has worked at Ohio Savings Bank and Charter One Bank. Mr. Boukalik is a graduate of University of Richmond (B.A., Biology) and the Weatherhead School of Management at Case Western Reserve University (M.B.A.)

Panelist

vanessa-1

Vanessa Gil
Vice President, Capital Markets
Bridge Investment Group

Vanessa Gil serves as Vice President in the Capital Markets Group, where she focuses on marketing, product development, capital raising activities and supporting strategic initiatives across the firm. Prior to joining Bridge in 2018, Vanessa was an Associate at the Blackstone Group in the Hedge Fund Solutions Group, where she focused primarily on business and operational diligence of the group’s underlying hedge fund investments, as well as consulting and supporting special projects for senior management within the business unit and firm. Vanessa holds a B.S. from UNC Chapel Hill in Business Administration with an Emphasis in Finance and a Minor in Sustainability Studies. She is also fluent in Spanish.

12:00 pm - 1:00 pm EST - Best practice approaches to drafting a real estate joint venture strategy in a distressed market

This interactive session will drill down on the most effective approaches to drafting a real estate joint venture strategy from the perspective of both the sponsor and the equity investor in the current market. Explore topics on developing your entry and exit strategies, disposition and incorporating it into your strategy, financing and restructuring of debt.

The workshop will discuss:

  • The importance of effective due diligence: taking into account governance arrangements and financial position.
  • Early-stage risk allocation processes and how to proceed in a volatile climate.
  • Identifying key requirements for an entry strategy for potential investors and how to effectively structure investment instruments.
  • Developing a blueprint for a joint venture with multiple stakeholders versus a single investor or specialty business – top priorities.
  • Formal warranty cover options to boost protection.
  • Drafting and reviewing joint venture agreements: ensuring legal and tax due diligence.
  • Examining the core infrastructure: decision making and profit distributions, leadership, management and governance.
  • Strategies to bridge communication gaps between multiple stakeholders.

Moderator

maira

Thomas Maira

Partner

DLA Piper

Thomas Maira advises Real Estate private equity groups, sponsors, operators, investors, sellers, buyers, developers, borrowers and lenders in connection with Real Estate and related matters.

  • Joint venture for a US$100M+ Redevelopment Project with Brownfield/environmental issues in Long Island City, NY 
  • Work-out and restructuring of a US$3 Billion portfolio of real estate assets, loans and operating companies including retail mall, shopping center and multi-family property portfolios and operating companies, self-storage property portfolios, mixed-use and retail land development properties, mezzanine loans, industrial properties and a parking operating company
  • World Trade Center master net lease transaction
  • Representation of New York State and New York City Agency in the Queens West Development Project for a large scale public and private sector office, residential and retail development
  • Representation of Boston Properties in the acquisition of 399 Park Avenue
  • Representation of a developer in the acquisition and development of 325 Fifth Avenue 
  • Representation of a developer in the acquisition and development of Aladdin Hotel and Casino 
  • Representation of Silverstein Properties in the financing of 7 World Trade Center and 120 Wall Street 
  • Representation of Deutsche Bank/GMAC Financing of 40 Wall Street, 340 and 400 Madison Avenue, and Trump Tower 
  • Representation of Ernst & Young, NASD, Morgan Stanley Dean Witter in office leasing and subleasing matters
     

Panelist

Matt Lambert Photo (1)

Matthew Lambert

Deputy General Counsel- New York

Stepstone

Mr. Lambert is a Deputy General Counsel of Stepstone Group, and the lead counsel of the Stepstone Group Real Estate team.

Prior to joining StepStone, Mr. Lambert was General Counsel & CCO of Garrison Investment Group LP, a middle market credit and asset-based investor that manages numerous open and closed-end funds and managed accounts across real estate, structured finance and corporate finance. Mr. Lambert began his legal career as an associate at the law firm of Thacher Proffitt & Wood LLP, specializing in real estate and capital markets.

Mr. Lambert received his BA from Colgate University and his JD from St. John’s University School of Law.

Panelist

ledy

David Ledy

Partner

US Realty Advisors

 

Panelist

GIL

Gil Tenzer

Director of Real Estate 

Contrarian Capital 

Mr. Tenzer is the Director or Real Estate and a founding member of Contrarian, an institutional money management firm with over $4 billion in funds under management including dedicated real estate funds. Since Contrarian’s formation in 1995 he has been responsible for sourcing, managing and coordinating the disposition of the firm’s real estate investments. From 1993 to 1995 he was a senior analyst and co-head of the high-yield real estate group at Oppenheimer & Co. The prior six years he was responsible for the analysis, financing, acquisition, disposition, restructuring and asset management of a nationwide portfolio for investor Arthur G. Cohen in the real estate, lodging, restaurant, aviation and manufacturing industries. Mr. Tenzer received a BSBA from Georgetown University in 1984 and an MBA from the University of Pennsylvania’s Wharton School in 1987.

Panelist

CC

Chris Laurent

President 

Cinnaire Solutions 

Christopher Laurent joined Cinnaire in 2015, and is senior vice president, Business Development for Wisconsin and Minnesota, and is president of Building Blocks, Cinnaire’s nonprofit real estate development affiliate. Chris previously ran a consulting business with nonprofit and for-profit clients in the affordable and market rate residential sectors. He was Wisconsin market president for a prominent affordable housing developer, where he oversaw the development and execution of key catalytic properties throughout the state. Prior experience includes that of director of tax legislation and policy with the National Council of State Housing Agencies in Washington, DC, and manager of multifamily development at the Wisconsin Housing and Economic Development Authority (WHEDA), where he was responsible for Wisconsin's allocation of federal Housing Credits and WHEDA's direct multifamily lending program. Chris earned his degree from the University of Wisconsin-Madison. He has served as president of the Board of Directors of Porchlight, Inc., the leading nonprofit provider of services and housing for otherwise homeless people in Dane County, and was appointed by the mayor to serve on the long-range planning committee for the Madison Community Development Authority, its sustainable design and energy committee, and its ad hoc TIF policy committee. Chris has served on the boards of Milwaukee’s Avenues West Business Improvement District, Madison’s Tenant Resource Center, PeppNation, the Wisconsin Coalition on Homelessness, the Madison Reading Project, the Wisconsin Partnership for Housing Development, and the Federal Home Loan Bank of Chicago’s Affordable Housing Program Committee. Chris is the course leader for LISC’s Associates in Commercial Real Estate (ACRE) program, co-sponsored by UW- Milwaukee, Marquette University, and Milwaukee School of Engineering that provides hands-on development experience for non-white Milwaukeeans.

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