Real Estate Joint Ventures during COVID-19

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ABOUT THE VIRTUAL EVENT

The pandemic had a bifurcated effect on the real estate joint venture market. On one hand the global economic slowdown created a tighter capital market creating more need to build relationships with new capital partners and more demand for joint venture partnerships. On the other hand the ongoing travel restrictions and slow downs in getting permits and government approvals have hindered the ability to form these strategic partnerships and get deals done in an efficient manner.

Real estate  joint venture partnerships take many forms and are entered into for a wide variety of reasons from being able to make inroads into unfamiliar sectors, have the opportunity to pool knowledge, or being able to combine financial resources.  Whatever the strategic driver for a  joint venture may be, the pandemic has certainly created additional complexities and put a spotlight on preexisting risks and vulnerabilities.

Join iGlobal Forum’s Real Estate Joint Ventures virtual event and get greater insight into the fundamentals of successful real estate joint venture partnering in 2021 and beyond. Register today to 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.

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Agenda

11:00 am -11:30 am EST -Keynote: How a major Real Estate firm weathered the storm: A data-driven examination into the recovery, occupancy, and costs

Keynote Speaker

M. Patrick Carroll is the founder and CEO of CARROLL, and a nationally recognized leader in the real estate industry.

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Patrick Carroll

Founder & CEO

Carroll

As CEO, Patrick helps define and implement strategic plans designed to further expand all facets under the CARROLL portfolio. As a disciplined investor, Patrick carefully balances acquisitions and dispositions, and has led the successful exit of more than 81 properties from the portfolio; resulting in $3.9 billion in sales proceeds and producing an average gross IRR of ~26%.

CARROLL is one of Patrick's greatest successes, and he remains involved as a hands-on CEO – fostering relationships with not only institutional investors, lenders, and brokers, but also with on-site teams around the country. Patrick credits CARROLL’s ability to attract top talent at all levels – often away from leading companies across industries – and boundless opportunities through an entrepreneurial culture as the key to its continued growth. CARROLL’s leaders combine years of experience with a strong aptitude of seeing the industry in a different light – giving CARROLL an innate advantage.

More importantly, Patrick is incredibly philanthropic, serving on the board of the Jesuit High School Foundation, the Boys and Girls Club of Tamp Bay and is a member of industry affiliates. donating to more than 50 charities worldwide with a focus on health, wellness, and early childhood development. Patrick strives to be a positive role model for his three sons and seeks to show younger generations there are multiple avenues to success. This commitment has a created a personal mission for Patrick, who has made it his goal to inspire the next generation of young entrepreneurs to prioritize a lifestyle of health and wellness, while also pursuing their dreams.

 

Moderator

Chris Nebenzahl is the Institutional Research Manager at Yardi Matrix, and is responsible for overseeing market research and data analytics, as well as editorial composition for Yardi Matrix, Commercial Property Executive and Multi-housing News.

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Chris Nebenzahl

Director
YARDI

 

Mr. Nebenzahl facilitates the expansion of the Yardi Matrix reporting suite and provides in-depth analytical tools for clients across the commercial real estate industry. His focus includes data analytics and reporting for the multifamily, office, self-storage and industrial asset classes.

Before joining Yardi, Mr. Nebenzahl served as a portfolio manager for the Bank of New York Mellon, managing fixed income portfolios for municipal and public sector clients across the United States. He holds a Bachelor’s degree in economics and a Master’s degree in finance, both from the University of Denver.

11:30 am - 12:30 pm EST - The Current Environment & Strategic Drivers for Real Estate Joint Ventures 

Moderator

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.

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Andrew Charles

Partner

Kramer Levin

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.

Experience

  • Represented Mitsui Fudosan America Inc. in connection with entering in to a joint venture with Related Companies and Oxford Properties Group for the acquisition and development of 55 Hudson Yards, located at the intersection of Hudson Yards, the High Line and Hudson and Park Boulevard, New York City.

  • Represented Mitsui Fudosan America Inc. in connection with entering into a joint venture with Taconic Investment Partners for the purpose of acquiring, financing and developing a mixed-use development consisting of 466,000 square feet for 392 residential units and approximately 30,000 square feet of retail space located at 525 West 52nd St.

  • Represented Morgan Stanley Prime Property Fund in connection with the sale of the Marriott Eastside Hotel in New York City to Ashkenazy Acquisitions.

Panelist

Tom Orradre comes from a fourth generation California ranching family, is a founding member of RanchHarbor and leads the firm’s investment management efforts.

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Tom B. Orradre, CFA

Managing Principal

RanchHarbor

With nearly 25 years of industry experience, Orradre’s solid understanding of real estate capital markets and investment management, in addition to his origination and deal structuring capabilities, provides RanchHarbor’s institutional, high-net-worth and family office clients and partners with the highest level of knowledge, guidance and expertise.

Prior to RanchHarbor, Orradre co-founded and was the CEO of Isles Ranch Partners, a leading real estate investment and asset management firm in the residential land development and homebuilding sector. Orradre led the firm’s investment efforts and grew the business to a team of 20 professionals responsible for the deployment and management of over $900 million of equity and debt capital in joint venture partnerships with select operating partners across the U.S. encompassing 40 development projects and 11,000 lots and homes.

Orradre also has significant workout experience and was a key member in the management and disposition of GMAC’s (RFC) residential construction loan / REO portfolio throughout the western U.S. on behalf of Cerberus Real Estate Capital Management and its affiliates. He began his investment and asset management career at Pacific Investment Management Company (PIMCO) and also spent four years in the investment banking industry focused on capital raising and M&A activities for private middle market companies in a variety of industries.

Orradre received his bachelor’s in business administration from the University of San Diego and earned his master’s in business administration from the University of Southern California’s Marshall School of Business. He is a Chartered Financial Analyst® (CFA®) Charterholder and a member of the Urban Land Institute (ULI). He is also a member of the Board of Trustees for the Stevenson School (RLS).

Panelist

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Sean Armstrong

Managing Principal

Westport Capital Partners 

Panelist

Mr. Tanna is head of Basis’ structured investment team.  Prior to joining Basis Investment Group, Mr. Tanna was Vice President at Terra Capital Partners responsible for deal originations, underwriting, closing and also asset management.

shaunak tanna

Shaunak Tanna

Head of Structured Investments

Basis Investment Group

Mr. Tanna has been involved in over $250 million of mezzanine and preferred equity financings across over 50 transactions and over 6 million square feet in acquisitions valued at over $1.3 billion.  Mr. Tanna also worked on debt and equity placements for The Greenwich Group International, an affiliate of Terra Capital. Mr. Tanna received an MBA from CUNY’s Baruch College and is a member of the Institute of Chartered Accountants of India. Mr. Tanna is a member of the Urban Land Institute and was an Adjunct Professor in the real estate department of Baruch College’s Zicklin School of Business.

Panelist

Sean Dalfen is the President and Chief Investment Officer of the General Partner and Dalfen Industrial.

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Sean Dalfen

President & CIO

Dalfen Industrial

He has oversight responsibility for all of Dalfen Industrial’s businesses, the firm’s investment activities, strategic direction and management of the firm’s resources. Sean is also a member of the all of the firm’s Investment Committees across their funds and investment vehicles. After joining the firm in 2006, Sean was instrumental in the firm becoming one of the largest buyers of industrial real estate, having executed over $3.5 billion of transactions involving in excess of 40 million square feet of industrial properties in the U.S. and Canada. Prior to Dalfen, Sean worked at NAI Commercial as an Investment Sales Broker where he was one of the company’s Top 10 producers in Canada.

 

Sean is involved in a variety of philanthropic activities and is a frequent speaker and panelist at private equity industry events in both Canada and the U.S. Sean studied Psychology and Finance at Tel Aviv University’s Lowy School and McGill University.

12:30 PM – 1:30 PM  -- Sharing and Spreading Risk Post Covid 19 – How to Structure Real Estate Joint Venture Agreements in 2021 and Beyond

Discussion Topics:

  •         Due Diligence
  •         Distribution of profits
  •         Management and control
  •         Exit Strategies 

Moderator

Craig has more than 30 years of experience in the real estate and investment industries, with a focus on transaction services.

 

craig

Craig Stern

Managing Director

Mazars

He has worked on over 100 mergers, acquisitions, dispositions, joint ventures, inbound investments and spinoffs, with deals ranging from $1 million to $6 billion.

Prior to joining Mazars, Craig was Executive Vice President at Vornado Realty Trust, one of the country’s largest REITs, where he was responsible for tax structuring and compliance. He performed similar services at several Big 4 accounting firms.

Craig received a BA in Economics from the City University of New York – Queens College and holds a JD from New York Law School.

 

Panelist

Kamil Homsi, Co-Founder – CEO, GRC Investment Group is a single family office operating in the city of Dubai/UAE. 

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Kamil Homsi

Founder/CEO

GRC Investment Group-Dubai(SFO) & Global Realty Capital-New York

 

Panelist

rob brown

Rob Brown

Head of Real Estate

ArrowMark Partners

Panelist

Spencer Schlee, Senior Director, heads the Southwest region for Canyon’s opportunistic and value-add real estate platforms and is responsible for originating, underwriting, structuring and executing both equity and debt investments. 

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Spencer Schlee

Senior Director

Canyon Partners

Mr. Schlee joined Canyon’s acquisitions team in 2012 and has since worked on transactions investing over $880 million of committed capital and totaling over $2.5 billion in total capitalization across various sectors including multifamily, retail, hospitality, office, senior housing and mixed-use.  Prior to joining Canyon, Mr. Schlee was an analyst at BlackRock in New York and is a graduate of the University of California, Los Angeles (B.A. Business Economics).  Mr. Schlee is also an Associate Board Member for the UCLA Department of Economics.

1:30 PM – 3:30 PM  -- 1x1 Networking Meetings between Independent Sponsors & Capital Providers 

Sector-specific 1x1 networking meetings (max 5 meetings, 15 minutes each) between senior-level capital providers and independent sponsor executives specializing in Real Estate. These meetings will be dedicated to developing partnerships unique to your business model and will provide you with the opportunity to meet exclusively with those independent sponsors or capital providers specializing in investments in the same sector and market as you are. We will provide you with a full list of participating capital providers and independent sponsors prior to the event - you will have the chance then to evaluate the potential for future business opportunities and make the most of your time. 

PRICING

Pricing Tier  Early Bird - until May 14th, 2021 Full Price 
       Sessions only $99 $149
Sessions + 1x1 Meetings  $199 $249

All panel sessions now available to watch on-demand. 

 

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