Wednesday, May 29th, 2013
3:36 PM
Continental Breakfast Courtesy of:

3:36 PM
Remarks from IMN

3:36 PM
Opening Remarks

  • Bruce Stachenfeld, Managing Partner, DUVAL & STACHENFELD
3:36 PM
The Real Estate Economy: Will We Get Out of First Gear? What are Today's Drivers?
• What are the chances the US’s economy will go into another tailspin during the next 2 years? • May 29, 2016… The Treasury bill will be? • Housing is there still room for improvement? • Europe and the rest of the world… What are you thinking that might be against the grain? • Washington and the impact of continued dysfunction • The local economy in for the biggest rise is… The newest one to redline is… • Consumer spending and the impact of increase in payroll taxes

  • Mark Grinis, Global Leader, Real Estate Investment Fund Services, ERNST & YOUNG LLP (Session Chair)
  • Tony McGough, Chief Global Real Estate Strategist, BCA RESEARCH
  • Franz Colloredo-Mansfeld, CEO, CABOT PROPERTIES, INC.
  • David Congdon, Senior Managing Director, HINES
  • Jeff Elowe, President & CEO, THE LARAMAR GROUP, LLC
  • Hans Nordby, Managing Director, PROPERTY & PORTFOLIO RESEARCH
  • Michael Katz, Co-Chief Executive Officer, STERLING AMERICAN PROPERTY, INC.
3:36 PM
State of the Industry: Are These the Good Times We've Been Waiting For?
• Are you expecting 20% returns? How? With 1% rates is 16 the new 20? • Developed market challenges • Capital gains and Obama care tax changes: Any impact? • Is the $$ finally leaving the sidelines and is now in the game? • Lending outside the major markets • Impact of the fourth quarter tax-lead deals • Washington budget and debt battles: Still an impact? • Are firms saying they are doing core but are really doing value-added? • Are return expectations permanently lower? • The debt fund story… any takers? • Fundraising update • Changes in structure • Investor sentiment • Will 2013 funds be a vintage year?

  • Robert Ivanhoe, Chairman, Global Real Estate Practice, GREENBERG TRAURIG, LLP (Session Chair)
  • Richard Mack, CEO, North America, AREA PROPERTY PARTNERS
  • Barry Blattman, Senior Managing Partner, BROOKFIELD ASSET MANAGEMENT
  • Robert Dombi, Partner, LANDMARK PARTNERS
  • Warren de Haan, Chief Originations Officer and Managing Director, STARWOOD PROPERTY TRUST
  • Joseph Sitt, President, THOR EQUITIES, LLC
3:36 PM
Refreshments Courtesy of:

11:10 AM
Large Fund Plenary: With 24-Hour City Valuations Getting Frothy and Yield Compression a Reality, Where Are You Looking for '14?
• What red flag markets are now green? • Core vs. value-added vs. opportunistic • Alternative housing market plays…Is it time to start non- Multifamily development? Single family residential? Home building? • Are you using your passport more? I’m rotating out of … While rotating into… • Locking in the low rates? • Is your dry powder dwindling?

  • Alvin Katz, Partner, KATTEN MUCHIN ROSENMAN LLP (Session Chair)
  • Coburn Packard, Partner and Head- US Private Equity Real Estate, APOLLO GLOBAL MANAGEMENT LLC
  • Chip Lippman, Managing Director, THE CARLYLE GROUP
  • Justin Guichard, Managing Director, OAKTREE CAPITAL MANAGEMENT
12:10 AM
• What are investors looking at other than returns? • Is it possible to reach your goal today without a 3rd-party fundraiser? • Where is the flow coming from? • Fund-of-fund fundraising • Perpetual fundraising • Raising value-added vs. core • LP view on leverage • 800+ funds are trying to raise capital and less than 10% are successful…success factors

  • Scott Farb, Partner, COHNREZNICK LLP (Session Chair)
  • Amachie Ackah, Managing Partner, AREP LLC
  • Peter Braffman, Partner, CREDIT SUISSE
  • W. Michael Crawford, Partner, EATON PARTNERS, LLC
  • Joseph Nahas, Senior Vice President, Institutional Marketing and Investor Relations, EQUUS CAPITAL PARTNERS, LTD
  • Parry Singh, Co-Founder & Senior Managing Director, RED FORT CAPITAL, LLC
3:36 PM
Luncheon for All Attendees Courtesy of:

Please Choose "A", "B", "C", or "D"

3:36 PM
Due Diligence for Acquisition & Downside Analysis: This is Not a Drive By
• What are your due diligence requirements? • Debt due diligence • Are there finally real, relevant comps out there? • Neighborhood diligence • Do you perform seller evaluation? • Portfolio acquisitions • Taxes, liens and government impositions • Tenant evaluation • Lease data integrity • Insurance & environmental matters • Documents to review • Zoning, subdivision and land use matters • The newest thing added to your due diligence list is…

  • Jeffrey Alpaugh, Managing Director, Global Real Estate Practice Leader, MARSH & MCLENNAN (Session Chair)
  • Nevin Sanli, Founder & Managing Director, ASTRUM INVESTMENT MANAGEMENT
  • Craig Brown, Real Estate Partner, DUVAL & STACHENFELD
  • Peter Collins, Co-Founder & Managing Principal, FORGE CAPITAL PARTNERS, LLC
  • Scott Vetri, Partner, KATTEN MUCHIN ROSENMAN
  • Rick Platzek, CMO, NTRUST INFOTECH
  • Andrew Weiss, Managing Principal & COO, PARMENTER REALTY PARTNERS
3:36 PM
New Mezz Loan Origination
• What is the case for mezz in 2013? • Is lack of senior financing an issue? In cases where it is what are your doing about it? • Deal parameters in your ball park • 60? 80? 100? Where along the capital stack do you like to play? • Risk-reward • Development of the European market • Today vs. the 2001-2004 period • Is your goal to get to the equity? • Use of proceeds • Recap deals • Relative risk trade-offs between primary and secondary markets and leverage structures • Investor demand/preferences • Property and portfolio leverage and leverage structures • CLOs

  • Jeffrey Lenobel, Partner and Chair of the Real Estate Group, SCHULTE ROTH & ZABEL LLP (Session Chair)
  • Tim Johnson, Managing Director, THE BLACKSTONE GROUP
  • James Henderson, Managing Director-Alternative Investments Group, CORNERSTONE REAL ESTATE ADVISERS LLC
  • Skip Wells, Managing Director, North America, GE CAPITAL REAL ESTATE
  • Randy Reiff, Managing Director, Head of Commercial Mortgage Finance / CMBS, MACQUARIE GROUP
  • Sujan Patel, Managing Director and Co-Head of Investments, NORTHSTAR ASSET MANAGEMENT GROUP
  • Stuart Boesky, President & CEO, PEMBROOK CAPITAL MANAGEMENT
  • Michael Butz, Senior Vice President, Loan & Acquisition, TORCHLIGHT INVESTORS
The Financing/Debt Stream at IMN’s Opportunity Fund ForumSee the latest private fund real estate Financing strategies at The Financing/Debt Symposium at IMNs Opportunity Fund Forum. The Symposium will be a separate track during IMNs Opportunity Fund forum and all opportunity fund attendees are eligible to attend. If you are a debt provider, broker, fund or investor & want to meet the top funds and hear how they are financing or providing debt this is a must attend plenary. See link for details:

3:36 PM
LP/GP Relations: The Fee, Promote, Incentive Debate
• Are investors still pushing back? • How much does it cost to run a fund? • Compensation/key man issues • Fee discounts for first movers • How important have fee levels been for LPs? • Fees for value vs. service • Fundof- funds and the double promote • Joint ventures, clubs and one-off deals • Performance fees • Are core funds overpriced? • Structural consideration

  • Joseph Smith, Partner, SCHULTE ROTH & ZABEL LLP (Session Chair)
  • Dan Witte, Managing Director, LASALLE INVESTMENT MANAGEMENT
  • Ken Muller, Partner / Co-Chair PE Funds, MORRISON & FOERSTER LLP
  • Lior Ohayon, Partner, STROOCK & STROOCK & LAVAN LLP
  • David Schwartz, Managing Member, WATERTON ASSOCIATES LLC
The LP Stream at IMN’s Opportunity Fund ForumHigh-Net-Worth, Private Banks, Family Officers, Fund-of-Funds, Pension Funds, Endowments & Foundations don’t miss the sessions dedicated to the LP by the LP. At the LP Stream you will be presented with the key issues when evaluating and investing in real estate private funds.The LP Stream at IMN’s Opportunity Fund Forum will be a separate track during IMNs Opportunity Fund forum and all opportunity fund attendees are eligible to attend. If you are an LP or want to hear they have to say this is a must attend plenary. See link for details:

3:36 PM
Regulatory Trends: What is Truly Relevant?
• Should you register? • The latest on Dodd-Frank, bank regulations & SEC filing issues • AIFM • Basel 3 and its expecting impact • Shadow banking regulatory issues • Volker rule update • Are you hedging interest rate swaps: Do you need to register as a Commodity Trading Advisor? • Characterizing management fees • Carried interest • Registering foreign advisors • FACTA issues • Fund marketing changes • Governance trends • Impact of being subject to the purview of the SEC • New regulatory possibilities and how they would impact the fund structures

  • Dovid Frankel, Partner, ERNST & YOUNG LLP (Session Chair)
  • Kevin Hyams, Partner, FRIEDMAN LLP
  • Jennifer Myers, Managing Director, GLOBALRMC
  • Kathryn Furman, Partner, KING & SPALDING LLP
  • Thomas Devaney, Partner, MORRISON & FOERSTER LLP
  • Neil Casey, Partner, WHITE AND WILLIAMS LLP
3:36 PM
Fund Structuring
• Expanded investor governance requirements • Dodd-Frank investment advisor registration or equivalent compliance protections for investors • SEC proposed regulations under JOBS Act regarding general solicitation • Current waterfall and fee limits • GP co-investment and exclusivity requirements (club deals and separate accounts) • Restrictions on separate accounts, co-investing with the fund • Investor participation in GPs • GP and officer executive compensation and participation • GP and officer exculpation standards • UBIT/FIRPTA and ECI blockers for tax-exempt and foreign investors

  • Sandy Presant, Chair, Real Estate Fund Practice Group, GREENBERG TRAURIG, LLP (Session Chair)
  • Allen Parker, Senior Attorney, APG ASSET MANAGEMENT
  • Anthony Carpenito, Managing Director, CREDIT SUISSE
  • Derek Ramsey, Chief Financial Officer, GREYSTAR REAL ESTATE PARTNERS
  • Vivek Seth, Head of Real Estate, RAYMOND JAMES
  • Steven Jasa, Vice President, Investment Management, WESTERN NATIONAL PROPERTIES
3:36 PM
Buying Within the Capital Structure: Sub Debt, Mezz & CMBS
• Where and why are you where you are in the capital structure? • Total and Risk-adjusted return targets • Is owning the property your end game? What happens when it comes back to you? • Fundraising: Are investors interested? • Pref equity and “B”-piece evaluation

  • Mark Fawer, Partner, BROWN RUDNICK LLP (Session Chair)
  • Raphael Sidelsky, Senior Managing Director-Principal Investments, C-III CAPITAL PARTNERS
  • Jeffrey Wiseman, Managing Director, MACQUARIE GROUP
  • Stuart Silberberg, Authorized Correspondent, STARWOOD PROPERTY TRUST
  • Bruce Batkin, President & Chief Executive Officer, TERRA CAPITAL PARTNERS, LLC
3:36 PM
LP Fund Due Diligence
• Are investors requiring greater due diligence before committing to a fund? • Alignment of interests • Track record • Focus on references and background checks

  • Irv Lowenberg, Treasurer, CITY OF SOUTHFIELD, MI (Session Chair)
  • Amy Hirsch, Chief Executive Officer, PARADIGM CONSULTING SERVICES
  • Brent Burnett, Senior Consultant, REAL ASSET PORTFOLIO MANAGEMENT
  • Jamie Biddle, Founder, CEO, and Portfolio Manager, Real Assets, VERDIS INVESTMENT MANAGEMENT
  • Damon Krytzer, Managing Director, WAVERLY ADVISORS, LLC
3:36 PM
The Bank & Servicer Panel on Real Estate Workouts & Dispositions
• How do servicers manage conflicts? • Extend vs. foreclose • How should you be accessing notes & REOs from servicers and special asset officers? • Preferred disposition methods • Seller financing… Do you provide? What are the terms? • Workouts: How much new money should you bring to the table? What are the new terms? • Asset specific issues • Do you enforce judgments on guarantors and recourse? • Working under a federal guaranty… What does it mean?

  • Jeffrey Temple, Partner, MORRISON & FOERSTER LLP (Session Chair)
  • Terri Gumula, Vice President, CITI COMMUNITY CAPITAL
  • Michael Shah, CEO & Founder, DELSHAH CAPITAL LLC
  • Lawrence Smoler, Senior Vice President, TORCHLIGHT INVESTORS
  • Scott Liebman, Managing Director-SNB StabFund Investment Management, UBS
3:36 PM
Refreshments Courtesy of:

3:36 PM
Core Strategies
• Gateway cities: What kind of returns? Are they within your parameters? • Government leases: Still AAA in an era of downsizing? • Core development… An oxymoron or a reality? • Post-recession leverage rates • Do investors remain interested? • Defining core and core plus • Postcrash performance

  • Howard Fields, Senior Vice President, INLAND INSTITUTIONAL CAPITAL PARTNERS (Session Chair)
  • Jason Liu, Managing Principal, AMCAP, INC.
  • Richard Kaufman, Founder and President, CITY-CORE DEVELOPMENT, INC.
  • Dean Dulchinos, Portfolio Manager – Debt Strategies, CORNERSTONE REAL ESTATE ADVISERS LLC
  • Jeffrey Toporek, Principal, New York Area, FD STONEWATER
3:36 PM
The Market for New Senior Lending
• Who is lending? Senior debt fund activity • Core senior loans… too much leverage? • Terms and durations • Sector and geographic sweet spots, red lines • Recourse? • Role of legacy issues • Providing distressed debt, rescue capital & seller finance • Terms outside the cities • Big deal structures and appetite • Leverage: Is it going back up toward pre-crash days?

  • Timothy Davis, Partner, WHITE AND WILLIAMS LLP (Session Chair)
  • Bruce Cohen, Senior Partner, ARES MANAGEMENT LLC
  • Patrick Walsh, Senior Vice President, Co-Head of C&I Lending, BOFI FEDERAL BANK
  • Jeff Thompson, Managing Director, Institutional Accounts, GE CAPITAL REAL ESTATE
  • Sujan Patel, Managing Director and Co-Head of Investments, NORTHSTAR ASSET MANAGEMENT GROUP
  • John Randall, Senior Vice President, PCCP, LLC
  • Edward Shugrue III, Chief Executive Officer, TALMAGE, LLC
3:36 PM
High-Net Worth, Family Office, Independent Investment Advisor Panel
• Buying REITs vs. private funds • Real estate and overall allocations • How does the high-net-worth investors compare with other institutional investors? • Comparing the high-net-worth, the very high-net-worth and the very incredibly high-net worth I have more money than most 3rd world countries markets

  • Kenneth Weissenberg, Partner, EISNERAMPER LLP (Session Chair)
  • Seth Schumer, Director, Real Estate, QUADRUM GROUP
  • Marty Caverly, Chief Investment Officer, RESOURCE REAL ESTATE
  • Jahn Brodwin, Senior Managing Director, FTI CONSULTING
  • Alfred Jackson, CEO & Managing Member, SIRIDEAN ADVISORS LLC
  • Jack Creighton, Founder and Managing Member, SOURCENET INVESTMENT SERVICES LLC
3:36 PM
• Is all the restructuring finished? • Impact of mergers, the public markets & take private deals • Condo hotels 2.0 • Looking at the Caribbean? • Brand update • Luxury, middle market, the city or the shore: Where do you want to be? • Adding value to the hotel property: When is it the correct choice? • Gaming sector • Capital partner plays • Anything new on the operational side?

  • Deborah Friedland, Director - Hospitality Services, EISNERAMPER LLP (Session Chair)
  • Bruce Davidson, Managing Director, Hospitality & Leisure Group, ALVAREZ & MARSAL REAL ESTATE ADVISORY SERVICES
  • Andy Stewart, Managing Partner, ARGOSY REAL ESTATE
  • Eli Braha, Managing Member, Chief Investment Officer, BERKLEY AQUISITIONS LLC
  • Ali Elam, Managing Director, FORTRESS INVESTMENT GROUP
  • Aditya Bhoopathy, Principal & Executive Vice President, NOBLE INVESTMENT GROUP, LLC
  • James Merkel, President & CEO, ROCKBRIDGE
  • Plato Ghinos, President, SHANER GROUP
3:36 PM
Interest & Cap Rates in 3 Years... How are you Planning for the 4% Treasury?
Interest rates have been at historic lows for a long time but these levels can’t last forever. How are fund managers preparing for an increase in interest rates that may or may not come?

• With rents so high in certain markets are cap rates becoming less relevant? • Locking in leases and rents • Can you count on growth in gateway markets?

  • Martin Alston, Partner, Portfolio Management, CAPRI CAPITAL PARTNERS, LLC (Session Chair)
  • Aaron Mesmer, Principal-Acquisitions, BLOCK REAL ESTATE SERVICES, LLC
  • Tim Wang, Director & Head of Investment Research, CLARION PARTNERS
  • Jon-Paul Momsen, Senior Managing Director, HARBERT MANAGEMENT CORPORATION
  • Russell Appel, Founding Principal, PRAEDIUM GROUP, LLC
3:36 PM
Multifamily Financing
• Are core products getting pricey? • Fannie & Freddie update • Do you finance alternative products like senior and student housing? • Interim financing for repositioned projects • Fixed/floating; Permanent/adjustable • Terms for different products • Joint ventures

  • Michael Baum, Shareholder, GREENBERG TRAURIG, LLP (Session Chair)
  • Benjamin Friedman, President, ABACUS CAPITAL GROUP, LLC
  • Russell Beer, Founding Principal, BIG OCEAN LLC
  • Frank Marro, President and CEO, DREVER CAPITAL MANAGEMENT
  • Bill Cockrum, Senior Vice President, LOWE ENTERPRISES INVESTORS
3:36 PM
Measuring Track Record, Performance, Risk, Reporting/Transparency
• Measuring an operating partners performance • Fund-of-funds • Evaluating sector v. manager performance • Considering cash and leverage • Assessing performance convergence • Risk measurement of mixed-asset, leveraged and debt funds • Mitigating risks • Are funds continuing to improve transparency? • How have you changed your reporting over the last year? • Are you meeting the AIFM requirements? • BF… Before your fund, how did you build up your institutionalreputation?

  • Leslie Greis, Managing Member, PERENNIAL CAPITAL ADVISORS, LLC (Session Chair)
  • Kevin Davis, Chief Investment Officer, TACONIC INVESTMENT PARTNERS, LLC
  • Shahab Moreh, Partner, WEISERMAZARS LLP
3:36 PM
Foreign LP & Joint Venture Structuring with US Funds
• The 49% structure • Impact of 3% Obama care rental tax and proposed exemption for foreign investors from certain US taxes when selling US real estate • FIRPTA issues • Sovereign Investors • Tax-Advantaged structures • New Shariah financing developments • Separate account likes • Different countries: Different regulations- What do you need to know? • Discretion and control • Structuring fees, equity and promotes • Issues surrounding sovereign players • EB-5 financing

  • Charles Harrison, President, REIT FUNDING, LLC (Session Chair)
  • Martin Clarke, Tax Director, DLJ REAL ESTATE CAPITAL PARTNERS, LLC
  • Amanda Nussbaum, Partner - Tax Department, PROSKAUER ROSE LLP
  • Jason Barnett, Vice Chairman and General Counsel, RXR REALTY
  • Anthony Grimaldi, Associate General Counsel, TIAA - CREF
  • Demetri Yatrakis, Partner, WEISERMAZARS LLP
6:10 AM
Networking Reception Courtesy of:

7:10 AM
Day One Concludes

Thursday, May 30th, 2013
7:10 AM
Registration & Continental Breakfast fro Closed Door Session

3:36 PM
New Fund, Vegas Rules, Closed Door Session
With the casualty rate for new funds being so high IMN has organized a pre-conference discussion focusing on both successful practices for putting together a new fund in 2013 as well as things that just didn’t work out the way you thought it would.

This will be a fund only discussion where the agenda will come from you…

Since space is limited please email for confirmation

  • Gary Zdolshek, Principal, INVESTORS DIVERSIFIED REALTY, LLC (Discussion Leader)
8:00 AM
Breakfast Courtesy of:

Please Choose "A", "B", "C", or "D"

3:36 PM
Crossing the "T's" and Dotting the "I's": Examining First Time Funds, Their Administrative & Non-Investment Needs & Outsourcing
• What is sensible to outsource? • Identifying your core competencies • What to look for when picking a fund custodian, auditor, administrator and trustee • Fund/Property valuation • Outsourcing due diligence • How do LPs evaluate funds that outsource? • Compliance with new regulations • Reporting • Accounting implications of “expenses” vs. “fees” • Domicile considerations • Transparency and reporting: Speeding up to the institutional level • Structuring the first-time fund

  • Mark Kaufmann, Partner, SIDLEY AUSTIN LLP (Session Chair)
  • Maurice Malfatti, Principal, BLUE HERON ASSET MANAGEMENT LLC
  • Michael Dombai, Managing Director, CORTLAND CAPITAL MARKET SERVICES
  • Patrick Goulding, Managing Director, MORGAN STANLEY REAL ESTATE
  • Ishan Singh, Founder & CEO, REV-RE CAPITAL VENTURES
3:36 PM
Finding Debt 2013: Case Studies from the Borrower Side
• Who have you found? What are they lending on? What are the terms? • Refinancing: Structures and availability • Is there any financing outside of the 24-hour cities? • Junior financing • Would you go the recourse route? • Experiences with debt funds and other non-traditional lenders • Financing for turnaround properties

  • Dennis Russo, Partner & Co-Chair Real Estate Department, HERRICK, FEINSTEIN LLP (Session Chair)
  • Jonathan Asta, Director of Capital Markets, ACADIA REALTY TRUST
  • Mukang Cho, CEO & Principal, MORNING CALM MANAGEMENT
  • David Streicher, Partner, ROCKWOOD CAPITAL, LLC
  • Tim Stoner, Managing Director, Capital Markets, USAA REAL ESTATE COMPANY
3:36 PM
A Day in the Life of an LP
Unless you have been an LP it’s likely that you don’t have a clear idea of what their typical day looks like. Here’s a chance to hear some LP’s talk openly about what their responsibilities are, what their team looks like and how they prefer to be communicated with.

  • Steve Felix, Partner, FELIX / WEINER CONSULTING GROUP (Session Chair)
  • Alan Snoddy, Senior Vice President, CHURCH PENSION GROUP
  • Susan Doyle, Managing Director, Global Real Estate Funds, GE ASSET MANAGEMENT, INC.
  • Skip Miller, Director of Real Estate Investments, NEW YORK STATE COMMON RETIREMENT FUND
  • Kathy Jassem, Portfolio Manager, STATE OF NJ TREASURY
3:36 PM
Vehicles to Best Attract Capital
• The Dow is at a historic high… Is it a good time for the IPO exit? Take private deals? • The REIT structure • Do you want to be beholden to the Wall Street analyst? • Are certain assets better to have in non-fund structures?

  • Edward Liva, Partner, KPMG LLP (Session Chair)
  • Robert Masters, SVP, Senior Legal Counsel, Chief Compliance Officer, ACADIA REALTY TRUST
  • Kean Hird, Partner, CATALYST CAPITAL
  • David Lazarus, Senior Managing Director, EASTDIL SECURED
  • Jeffrey Dauray, Senior Vice President-Acquisitions, RLJ LODGING TRUST
3:36 PM
Property Joint Ventures
• Multi-party joint ventures • Picking local operators: What do you look for? • Buying stakes/minority partners • Going in yourself vs. joint venture: Why? • Would you consider a joint venture/club deal structure? • Local operators: How do you pick a capital partner?

  • Stephen Rabinowitz, Chair, New York Real Estate, GREENBERG TRAURIG, LLP (Session Chair)
  • Reid Liffmann, Managing Director, ANGELO, GORDON & CO.
  • Russell Beer, Founding Principal, BIG OCEAN LLC
  • Andrew Sucoff, Partner, GOODWIN PROCTER LLP
  • Brad Carroll, Managing Director, MADISON INTERNATIONAL REALTY
  • Charles Harrison, President, REIT FUNDING, LLC
  • Diana Brummer, Partner, STROOCK & STROOCK & LAVAN LLP
  • Jeanne Myerson, President & CEO, THE SWIG COMPANY
3:36 PM
Subscription & Short Term Financing: New Commitments, Structures and Investor Complexities
Financing secured by the capital commitments of investment grade quality (or similarly-profiled) fund investors can often be obtained on more flexible terms usually reserved for corporate issuers and at better pricing than other financing alternatives available to fund sponsors.. The current state of the market, emerging trends, and structuring of such facilities will be the focus plus...

• Typical terms, including pricing, tenor & maturities • Line use availability/restrictions • Security and collateral • Issues relating to LCs • New fund evaluation and considerations • Changes in legal and documents • Role of the LP & inherent issues • Negotiated points • Single vs. multiple fund issues • Overcall provisions and side letter issues (Sovereign immunity) • Jurisdictional complexities • The lending syndicate • Advances against different collateral types • Liquidity in non-fund structures including GP financing and management company financing needs • Post investment period financings

  • Dee Dee Sklar, Managing Director-Head of Subscription Finance, WELLS FARGO (Session Chair)
  • Julian Black, Partner, APPLEBY
  • Tom Nowak, Managing Director, BANK OF AMERICA MERRILL LYNCH
  • Timothy Powers, Partner, HAYNES AND BOONE, LLP
  • Charles Purse, Managing Principal, PARK HILL REAL ESTATE GROUP
  • James Conti, Director, Financial Institutions, STANDARD CHARTERED BANK
  • David Wasserman, Vice President, SUMITOMO MITSUI BANKING CORPORATION
  • Terence Hatton, Senior Vice President & Manager, UNION BANK
3:36 PM
Shifting Fund Strategy, Extending Commitment Periods, Fund Workouts and Other Advisory Board Issues
Due to opportunity or the lack of many funds have extended fund life or gone outside their fund parameters to reach their investment objectives. There are the slight shifts like writing debt in your equity fund org going into secondary markets. Other funds have gone through much bigger transformations. And still other funds just weren’t successful investments. This session will discuss the advisory board make up, role of the advisory board in approving such transformations, the role of the non-voting LP and the strategy/extension success/failure.

  • Colin Hill, Vice President, CIGNA REALTY INVESTORS (Session Chair)
  • Alison Hawkins, Principal, ARTEMIS REAL ESTATE PARTNERS
  • Marc Weidner, Managing Director, FRANKLIN TEMPLETON INVESTMENTS
  • Chip Parsons, Partner, PROSKAUER ROSE LLP
  • William Avoli, Vice President, ROCKBRIDGE
3:36 PM
Relative Value in the Booming Housing Markets
Multifamily-is it still hot? Single family rentals-already played out? Home builders and raw land-getting expensive? Student and senior housing-just not your bailiwick? Is debt capital the best choice? This session will compare and contrast all of the ways you can invest in the housing markets and where the current best opportunities are.

  • David Kessler, Partner, National Director-Commercial Real Estate, COHNREZNICK LLP (Session Chair)
  • David Butler, Managing Partner, ARGOSY REAL ESTATE
  • Tony Avila, Managing Principal and CEO, ENCORE FUNDS AND BUILDER ADVISOR GROUP
  • Neal Johnson, Managing Partner, ISLES RANCH PARTNERS
  • Chad Carpenter, Chairman and CEO, REVEN HOUSING REIT, INC.
  • Frank Cappello, President, Eastern Region, SUNCAL
  • Oliver Swan, Managing Partner, TREESDALE REAL ESTATE PARTNERS
3:36 PM
Office: Should you Continue to be Downtown with its Low Cap Rates or is it Time to Look for Opportunistic Returns in Secondary Markets or in Construction/Development? How about Alternative Office Classes?
24 hour cities valuation is resulting in getting value-added returns a challenge in today’s office market. Will demand recover enough to start exploring the possibility of opportunistic opportunities in secondary market? Should you consider non-multifamily construction again but will the demand be there upon the project completion? Is medical office an asset class to consider?

• Are prices starting to rise in some secondary cities? • Continued impact of tele-commuting • Repurposing opportunities • Pre-lease requirements • Impact of rising construction costs • Room for price growth

  • Chris Fraley, President, EVOLVE (Session Chair)
  • Peter Deanovic, Vice President, CARVAL INVESTORS
  • Nick Smith, Executive Vice President & Chief Investment Officer, FIRST POTOMAC REALTY TRUST
3:36 PM
Buying Non-Performing Loans from Banks and Distressed Borrowers
• Due diligence: What do you look for before purchase? • The securitization exit • NPLs in Europe • Sourcing opportunities • Current valuation, pricing and terms • What asset types? Geography? • Do you play in the residential markets? • Asset management • Do you buy preforeclosure? Do you foreclose? • Deficiency judgments and guarantors: Do you pursue?

  • James Hisiger, Partner, LATHAM & WATKINS (Session Chair)
  • Joel Fogel, Principal, ARCHER CAPITAL MANAGEMENT
  • Tom O'Connor, Partner and Chair of Real Estate Finance Group, DUVAL & STACHENFELD
  • James Ross, Principal & Managing Member, ROSSROCK, LLC
  • Douglas Hannah, Managing Director, SILVERLEAF ADVISORS, LLC
  • Howard Fife, Principal, WESTPORT CAPITAL PARTNERS, LLC
3:36 PM
LP/GP Panel: First Time, New & Emerging Fund Panel Investment & Fundraising Strategies
• Investor due diligence • LP: How do you evaluate emerging managers? • Strategy and deal size • Going from JV operating partner to fund manager • What do you need in an LP eyes to be qualified to be an investment manager? • Advantages of being an investment manager • Getting the attention of consultants and fund-of-funds • Track record & role of operating partner in pre-fund deals? • What types of LPs are most actively investing in EMs today? • How interested are placement agents in supporting EMs? • Best format for an Emerging Manager (blind pool fund, separate account, club fund, single deal JVs)?

  • James Seevers, Jr., Partner, HUNTON & WILLIAMS LLP (Session Chair)
  • Jerome Gates, Managing Director, HAMILTON LANE
  • Erin Wicomb, Co-Founder & Managing Member, THE MAVRIX GROUP
  • Claire Woolston, Senior Consultant, Private Markets, NEW ENGLAND PENSION CONSULTANTS
  • Rodgers Harshbarger, Director, Private Investments, UNC MANAGEMENT COMPANY
3:36 PM
Europe, the Next Shoe to Drop and Worldwide Risk-Adjusted Returns
We’ve all gotten used to finding value-added returns without going further west than San Francisco or east of the Hamptons in the summer. As gateway city values are getting frothy should we consider getting on a plane to London, checking out Rio’s carnival, brushing up on our Chinese or getting out the black book of Indian joint venture partners? Meanwhile Europe continues to be Europe with Cypress, Greece and Whatever is next. Has Europe reached its low point and is now on the slow way back or is there another black swan waiting?

  • Ruprecht Hellauer, Managing Director, ALBULUS ADVISORS GERMANY GMBH (Session Chair)
  • Tony McGough, Chief Global Real Estate Strategist, BCA RESEARCH
  • Scott Koenig, Director, DEUTSCHE BANK
  • Caroline McBride, Co-Founder and Chief Investment Officer, FORUM PARTNERS INVESTMENT MANAGEMENT LLC
  • Louis Klein, Founding Partner, IREO MANAGEMENT
  • Frederick Gortner, Managing Director-Chief Operating Officer, PALADIN REALTY PARTNERS, LLC
3:36 PM
Refreshments Courtesy of:

3:36 PM
Aggressive Asset Management: What Aggressive Postures Did you Take?
• How much of your returns are due to active asset management? • Tenant retention issues where the new distressed buyer next door can charge less rent do to a lower cost • ESG… Does it really help? • How do your LPs evaluate asset management • How can you insure your 3rd-party property manager is aggressively managing your property? • International sustainability standards • How did you monetize the deals?

  • Jeffrey Toporek, Principal, New York Area, FD STONEWATER (Session Chair)
  • Joshua Herrenkohl, Principal, ERNST & YOUNG LLP
  • Eric Rowen, Shareholder; Co-Chair, Real Estate Litigation Practice; Chair, Western Region Real Estate Litigation, GREENBERG TRAURIG, LLP
  • Matt Bronfman, Chief Executive Officer, JAMESTOWN PROPERTIES
  • Andrew Wood, Executive Director, MACQUARIE GROUP
  • David McLain, Principal, PALISADES FINANCIAL, LLC
3:36 PM
Bridge Loans & Other Interim Financing Methodologies
• Origination & production • Structure • Legal & bankruptcy issues • Evaluating large, entity-level & multiple property bridge loans • Construction & development • Acquisition loans & bridge facilities• Secondary market trading

  • Peter Locke, Principal, SPECTRUM GROUP MANAGEMENT, LLC (Session Chair)
  • Brian Good, CEO and Founder, EAGLE GROUP FINANCE, L.P.
  • Robert Moreyra, Co-Founder & Managing Principal, FORGE CAPITAL PARTNERS, LLC
  • Jonathan Daniel, CEO and Founder, SILO FINANCIAL CORP.
3:36 PM
Underwater Fund Options, Liquidity & Mergers
• Has time improved your valuations enough that you have re-animated and are back to a functioning fund? • How are you keeping your fund alive? • Can’t raise a subsequent fund? What are your options? • Takeovers & fund injection terms • Keeping talent • The liquidation option • Role of institutional investor • Secondary market buyers pricing and structure • Liquidity concerns of different fund types • Structural issues when constructing the successor entity

  • John Ferguson, Co-Chair, Real Estate Private Investment Funds Practice, GOODWIN PROCTER LLP (Session Chair)
  • Josh Cleveland, Partner, STEPSTONE GROUP LP
  • Paul Mehlman, Partner, LANDMARK PARTNERS
  • Allison Yager, Principal - Global Business & Investment Leader - Real Estate Boutique, MERCER
3:36 PM
Workout Strategies on a Property Level: The Owner's Perspective
• Can’t get financing… Hand over the keys vs. restructure? • Working with banks and servicers • Determining how much cash to bring to the table to recap the property • Joint venture workouts & recaps • Lease renewals, restructuring & workouts • The latest on tranche warfare • Are sale prices on your distressed properties adequate?

  • Gregory Nero, General Counsel, STERLING EQUITIES (Session Chair)
  • Todd Eisner, Real Estate Partner, DUVAL & STACHENFELD
  • Andrew Gold, Partner, HERRICK, FEINSTEIN LLP
  • Michelle Kelban, Partner, LATHAM & WATKINS
3:36 PM
Allocator vs. Operator
• How are LPs treating the double promote structure? Would you share a single promote? What are the options? • Decision making & control • Fund-of-fund vs. allocator • Monitoring • Allocators: When do you choose a manager? When do you manage in-house? • International allocations

  • John Ferguson, Co-Chair, Real Estate Private Investment Funds Practice, GOODWIN PROCTER LLP (Session Chair)
  • Robert Bellinger, President & CEO, ASB CAPITAL MANAGEMENT
  • Jody Kriss, Principal, EAST RIVER PARTNERS
  • Edward Pascual, Senior Managing Director, OAK PASS CAPITAL MANAGEMENT LLC
  • Jonathan Schultz, Managing Principal, ONYX EQUITIES, LLC
  • Nick Bienstock, Managing Partner, SAVANNA
3:36 PM
Recapitalizations & Refinancing
• Debt overhang, workouts and the macro story • 3rd-party capital terms vs. bank terms • Office, retail, industrial, apartment, hotels: What is your favorite? Which one(s) won’t you underwrite? • Firm-wide recapitalization • Are landlords locking in lower rates?

  • Chris Smith, Head of Global Real Estate , SHEARMAN & STERLING LLP (Session Chair)
  • David Valger, Founder & Team Leader, DVO REAL ESTATE
  • Bert Crouch, Senior Director, INVESCO REAL ESTATE
  • David Broderick, Partner, LATHAM & WATKINS
  • Jonathan Daniel, CEO and Founder, SILO FINANCIAL CORP.
3:36 PM
Multifamily Investments: Do you Think There is Still Value to be Created Even at the Current High End of the Cycle?
• Now that the new construction of the past few years are coming on-line will this put pressure on rental pricing? How about the impact of single family rentals? • Has the downtown trend been priced into the apartment market? • Time for B/C stock or markets?

  • Jeffrey Goldberg, Managing Partner, THE MILESTONE GROUP (Session Chair)
  • Jonathan Bell, President, BELL PARTNERS INC.
  • Jay Martha, Managing Director-Property, North America, HENDERSON GLOBAL INVESTORS
  • Keith Rosenthal, President & CEO, PHOENIX REALTY GROUP
3:36 PM
Land & Homebuilding
• Private equity public homebuilding plays • The pre-crash land overhang: Are all the good, urban and close-in properties gone? • What to do about the ex-urban properties • Is the action still in shovel-ready plots or is it going down the food chain? • How many homes does the US need? • Local market dynamics: Where should you go?

  • Andrew Borsanyi, Principal, THE CONCORD GROUP, LLC (Session Chair)
  • Phil Mader, Managing Director, BLACKROCK
  • Brad Hunter, Chief Economist/Director of Consulting, METROSTUDY | A HANLEY WOOD COMPANY
  • Rodney Montag, CEO & Managing Partner, RAM REAL ESTATE CAPITAL
  • Glenn Watchorn, Chief Operating Officer, TRICON CAPITAL GROUP INC.
1:10 AM
Luncheon Courtesy of:

3:36 PM
JV Structures, Negotiation Points & Operating Agreements: Are GPs Again Dictating Terms?
• LP joint venture options • 2 deals at a time: The hybrid fund/joint venture structure • 50/50 vs. other structures • Waterfalls • Sale/dissolution terms • Identifying structural goals • Terms when a partner could seize control • Tax issues • Liability and indemnity • Options on how the venture will be managed • Decision making parameters • Multi-party JVs • Veto rights and deadlock voting • Club deal structures

  • Minta Kay, Partner, GOODWIN PROCTER LLP (Session Chair)
  • Joel Breitkopf, Partner, ALCHEMY PROPERTIES, INC.
  • Terri Adler, Chair of the Real Estate Practice Group, DUVAL & STACHENFELD
  • Stuart Mackintosh, Managing Director, EUROPEAN INVESTORS INC.
  • Scott Sabbagh, Managing Principal, MATRIX DEVELOPMENT, LLC
  • P.J. Yeatman, Head of Private Real Estate, CENTERSQUARE INVESTMENT MANAGEMENT
3:36 PM
Making the First Close a Good Close & the Keys to Re-Upping Your Existing Investors
• Identifying your cornerstone investor • Are re-ups more or less difficult? • What are the terms? • First mover concessions • Where is the push back? • Circling the lead investor ahead of time • LP–friendly amendments • When are you ready to announce your first close? • Investors due diligence requirements • What are the structural options that LPs want to see

  • Brad Lenox, Partner, MORRIS, MANNING & MARTIN, LLP (Session Chair)
  • Allen Ashley, Partner, DLA PIPER
  • Jonathan Glick, Managing Director, INCUBATION CAPITAL PARTNERS LLC
  • Claiborne Johnston, Managing Director, INVESCO REAL ESTATE
  • Gary Block, Managing Director, THE MERIDIAN GROUP
  • Joan Hayden, Vice President & Corporate Counsel, PRUDENTIAL REAL ESTATE INVESTORS
  • Adam Lesnick, Counsel, SEWARD & KISSEL LLP
General Session

3:10 AM
LP Asset & Real Estate Allocations
• With such low bond market returns are you looking more toward real estate? • With core looking the same way are you considering more value added and opportunistic funds, and what are your internal institutional constraints? • Which RE sectors have the best upside potential on a ‘risk-adjusted’ basis? • Which RE sectors might be least damaged by any slowing growth / return to recession? • Impact of 3% Obama care rental tax • Fund vs. Direct vs. Separate Account vs. Club Deals

  • Alan Kelly, Chief Financial Officer, U.S. HOUSING INVESTMENTS (Session Chair)
  • Ione Permison, Partner & Co-Head Quilvest Real Estate, QUILVEST USA, INC
3:36 PM
Leverage & Risk Management for the Private Real Estate Fund CIO and Portfolio Manager: Does Anyone Remember The Financial Crisis?
• What type of leverage are you comfortable with? Why? • Product/geo specific leverage levels • Putting money into the high return space • Risk/Return comfort level • Changes over the past 5 years • How you can avoid if ’08 happened again? • Liquidity concerns • Fast and steady cash flows vs. taking risks with leverage • LP view on leverage

  • Deborah Levinson, Partner, COHNREZNICK LLP (Session Chair)
  • Bradford Wildauer, Partner, Head of US Debt Funds, AREA PROPERTY PARTNERS
  • Sonny Kalsi, Founder and Partner, GREENOAK REAL ESTATE ADVISORS
  • Seth Singerman, President, SINGERMAN REAL ESTATE, LLC
3:36 PM
Wine & Cheese Reception

3:36 PM
IMN’s 14th Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes

Event Contacts
Managing Director
Andy Melvin
(212) 901-0542
Senior Vice President/Director of Programming
Steve Glener
(212) 901-0536
Head of Conference Coordination
Natalie Smith
(212) 224-3508
Vice President - Sales
Robert Bass
(212) 901-0535
Head of Sales - Real Estate
Todd Rosenberg
(212) 901-0552
Senior Conference Coordinator
Ashley Roseman
(212) 901-0561
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