14th Annual US Real Estate Opportunity and Private Funds Investing Forum - May 29-30, 2013 - New York, NY
Agenda Last Updated On: Wednesday, March 12, 2014
Day One: Wednesday, May 29, 2013

7:45 Continental Breakfast Courtesy of:



8:25 Remarks from IMN

8:30 Opening Remarks
LOADING AUDIO...

Opening Welcome By:

Bruce Stachenfeld, Managing Partner, DUVAL & STACHENFELD [ BIO ]

Bruce Stachenfeld
Managing Partner
DUVAL & STACHENFELD
Stachenfeld

8:40 The Real Estate Economy: Will We Get Out of First Gear? What are Today's Drivers?
LOADING AUDIO...

• 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

Session Chair:

Mark Grinis, Global Leader, Real Estate Investment Fund Services, ERNST & YOUNG LLP [ BIO ]

Panel Participants:

Tony McGough, Chief Global Real Estate Strategist, BCA RESEARCH [ BIO ]
Franz Colloredo-Mansfeld, CEO, CABOT PROPERTIES, INC. [ BIO ]
David J 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. [ BIO ]

Mark Grinis
Global Leader, Real Estate Investment Fund Services
ERNST & YOUNG LLP
Grinis
Tony McGough
Chief Global Real Estate Strategist
BCA RESEARCH
McGough
Franz Colloredo-Mansfeld
CEO
CABOT PROPERTIES, INC.
Colloredo-Mansfeld

9:40 State of the Industry: Are These the Good Times We've Been Waiting For?
LOADING AUDIO...

• 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?

Session Chair:

Robert J. Ivanhoe, Co-Chair, Global Real Estate, GREENBERG TRAURIG, LLP [ BIO ]

Panel Participants:

Richard J. Mack, CEO, North America, AREA PROPERTY PARTNERS [ BIO ]
Barry S Blattman, Senior Managing Partner, BROOKFIELD ASSET MANAGEMENT [ BIO ]
Paul M. Fox, Managing Director, CERBERUS REAL ESTATE CAPITAL MANAGEMENT, LLC [ BIO ]
Robert J. Dombi, Partner, LANDMARK PARTNERS [ BIO ]
Warren de Haan, Chief Originations Officer and Managing Director, STARWOOD PROPERTY TRUST [ BIO ]
Joe Sitt, Chairman & CEO, THOR EQUITIES, LLC [ BIO ]

Robert Ivanhoe
Co-Chair, Global Real Estate
GREENBERG TRAURIG, LLP
Ivanhoe
Richard Mack
CEO, North America
AREA PROPERTY PARTNERS
Mack
Paul Fox
Managing Director
CERBERUS REAL ESTATE CAPITAL MANAGEMENT, LLC
Fox
Robert Dombi
Partner
LANDMARK PARTNERS
Dombi
Warren de Haan
Chief Originations Officer and Managing Director
STARWOOD PROPERTY TRUST
de Haan
Joe Sitt
Chairman & CEO
THOR EQUITIES, LLC
Sitt

10:40 Refreshments Courtesy of:



11:10 Large Fund Plenary: With 24-Hour City Valuations Getting Frothy and Yield Compression a Reality, Where Are You Looking for '14?
LOADING AUDIO...

• 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?

Session Chair:

Alvin Katz, Partner, KATTEN MUCHIN ROSENMAN [ BIO ]

Panel Participants:

Coburn Packard, Partner, APOLLO GLOBAL MANAGEMENT [ BIO ]
Chip Lippman, Managing Director, THE CARLYLE GROUP
Peter Fioretti, Chairman & CEO, MOUNTAIN REAL ESTATE CAPITAL [ BIO ]
Justin C. Guichard, Managing Director, OAKTREE CAPITAL MANAGEMENT [ BIO ]

Alvin Katz
Partner
KATTEN MUCHIN ROSENMAN
Katz
Peter Fioretti
Chairman & CEO
MOUNTAIN REAL ESTATE CAPITAL
Fioretti
Justin Guichard
Managing Director
OAKTREE CAPITAL MANAGEMENT
Guichard

12:10 Fundraising
LOADING AUDIO...

• 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

Session Chair:

Scott Farb, Partner, COHNREZNICK LLP [ BIO ]

Panel Participants:

Amachie Ackah, Managing Partner, AREP LLC
Peter Braffman, Partner, CREDIT SUISSE [ BIO ]
Michael Crawford, Partner, EATON PARTNERS, LLC [ BIO ]
Joseph G. Nahas Jr., Senior Vice President, Institutional Marketing and Investor Relations, EQUUS CAPITAL PARTNERS, LTD [ BIO ]
Parry Singh, Managing Director, RED FORT CAPITAL, LLC [ BIO ]

Scott Farb
Partner
COHNREZNICK LLP
Farb
Peter Braffman
Partner
CREDIT SUISSE
Braffman
Michael Crawford
Partner
EATON PARTNERS, LLC
Crawford
Joseph Nahas
Senior Vice President, Institutional Marketing and Investor Relations
EQUUS CAPITAL PARTNERS, LTD
Nahas
Parry Singh
Managing Director
RED FORT CAPITAL, LLC
Singh

12:55 Luncheon for All Attendees Courtesy of:



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

1:55A Due Diligence for Acquisition & Downside Analysis: This is Not a Drive By
LOADING AUDIO...

• 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…

Session Chair:

Jeffrey S. Alpaugh, Managing Director, Global Real Estate Practice Leader, MARSH [ BIO ]

Panel Participants:

Nevin Sanli, Founder & Managing Director, ASTRUM INVESTMENT MANAGEMENT [ BIO ]
Craig L. Brown, Real Estate Partner, DUVAL & STACHENFELD [ BIO ]
Peter Collins, Co-Founder & Managing Principal, FORGE CAPITAL PARTNERS, LLC [ BIO ]
Scott Vetri, Partner, KATTEN MUCHIN ROSENMAN [ BIO ]
Rick Platzek, CMO, NTRUST INFOTECH [ BIO ]
Andrew Weiss, Managing Principal & COO, PARMENTER REALTY PARTNERS [ BIO ]

Jeffrey Alpaugh
Managing Director, Global Real Estate Practice Leader
MARSH
Alpaugh
Nevin Sanli
Founder & Managing Director
ASTRUM INVESTMENT MANAGEMENT
Sanli
Craig Brown
Real Estate Partner
DUVAL & STACHENFELD
Brown
Peter Collins
Co-Founder & Managing Principal
FORGE CAPITAL PARTNERS, LLC
Collins
Scott Vetri
Partner
KATTEN MUCHIN ROSENMAN
Vetri
Rick Platzek
CMO
NTRUST INFOTECH
Platzek
Andrew Weiss
Managing Principal & COO
PARMENTER REALTY PARTNERS
Weiss

1:55B New Mezz Loan Origination
LOADING AUDIO...

• 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

Session Chair:

Jeffrey A. Lenobel, Partner and Chair of the Real Estate Group, SCHULTE ROTH & ZABEL LLP [ BIO ]

Panel Participants:

Tim Johnson, Principal, BLACKSTONE [ BIO ]
James Henderson, Managing Director-Alternative Investments Group, CORNERSTONE REAL ESTATE ADVISERS LLC [ BIO ]
Skip Wells, Managing Director, North America, GE CAPITAL REAL ESTATE [ BIO ]
Randy Reiff, Managing Director, Head of Commercial Mortgage Finance / CMBS, MACQUARIE GROUP [ BIO ]
Sujan Patel, Managing Director and Co-Head of Investments, NORTHSTAR REALTY FINANCE CORP. [ BIO ]
Stuart J. Boesky, President & CEO, PEMBROOK CAPITAL MANAGEMENT [ BIO ]
Michael Butz, Senior Vice President, TORCHLIGHT INVESTORS [ BIO ]

Jeffrey Lenobel
Partner and Chair of the Real Estate Group
SCHULTE ROTH & ZABEL LLP
Lenobel
Tim Johnson
Principal
BLACKSTONE
Johnson
James Henderson
Managing Director-Alternative Investments Group
CORNERSTONE REAL ESTATE ADVISERS LLC
Henderson
Skip Wells
Managing Director, North America
GE CAPITAL REAL ESTATE
Wells
Randy Reiff
Managing Director, Head of Commercial Mortgage Finance / CMBS
MACQUARIE GROUP
Reiff
Sujan Patel
Managing Director and Co-Head of Investments
NORTHSTAR REALTY FINANCE CORP.
Patel
Stuart Boesky
President & CEO
PEMBROOK CAPITAL MANAGEMENT
Boesky
Michael Butz
Senior Vice President
TORCHLIGHT INVESTORS
Butz

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: http://bit.ly/XEz6NO.

1:55C LP/GP Relations: The Fee, Promote, Incentive Debate
LOADING AUDIO...

• 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

Session Chair:

Joseph Smith, Partner, SCHULTE ROTH & ZABEL LLP [ BIO ]

Panel Participants:

Dan C. Witte, Managing Director, LASALLE INVESTMENT MANAGEMENT [ BIO ]
Ken W. Muller, Partner / Co-Chair PE Funds, MORRISON & FOERSTER LLP [ BIO ]
Lior Ohayon, Partner, STROOCK & STROOCK & LAVAN LLP [ BIO ]
David Schwartz, Managing Member, WATERTON ASSOCIATES LLC [ BIO ]

Joseph Smith
Partner
SCHULTE ROTH & ZABEL LLP
Smith
Dan Witte
Managing Director
LASALLE INVESTMENT MANAGEMENT
Witte
Ken Muller
Partner / Co-Chair PE Funds
MORRISON & FOERSTER LLP
Muller
Lior Ohayon
Partner
STROOCK & STROOCK & LAVAN LLP
Ohayon
David Schwartz
Managing Member
WATERTON ASSOCIATES LLC
Schwartz

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: http://bit.ly/XEzbRC.

1:55D Regulatory Trends: What is Truly Relevant?
LOADING AUDIO...

• 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

Session Chair:

Dovid Frankel, Partner, ERNST & YOUNG LLP [ BIO ]

Panel Participants:

Kevin Hyams CPA, Partner, FRIEDMAN LLP [ BIO ]
Jennifer Myers, Managing Director, GLOBALRMC [ BIO ]
Kathryn Furman, Partner, KING & SPALDING LLP
Thomas Devaney, Partner, MORRISON & FOERSTER LLP [ BIO ]
Neil Casey, Partner, WHITE AND WILLIAMS LLP [ BIO ]

Kevin Hyams
Partner
FRIEDMAN LLP
Hyams
Thomas Devaney
Partner
MORRISON & FOERSTER LLP
Devaney
Neil Casey
Partner
WHITE AND WILLIAMS LLP
Casey

2:55A Fund Structuring
LOADING AUDIO...

• 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

Session Chair:

Sandy Presant, Chair, Real Estate Fund Practice Group, GREENBERG TRAURIG, LLP [ BIO ]

Panel Participants:

Allen Parker, Senior Attorney, APG ASSET MANAGEMENT [ BIO ]
Anthony M. Carpenito, Managing Director, CREDIT SUISSE [ BIO ]
Derek Ramsey, Chief Financial Officer, GREYSTAR REAL ESTATE PARTNERS [ BIO ]
Vivek Seth, Head of Real Estate, RAYMOND JAMES [ BIO ]
Steven P. Jasa, Vice President, Investment Management, WESTERN NATIONAL PROPERTIES [ BIO ]

Sandy Presant
Chair, Real Estate Fund Practice Group
GREENBERG TRAURIG, LLP
Presant
Anthony Carpenito
Managing Director
CREDIT SUISSE
Carpenito
Derek Ramsey
Chief Financial Officer
GREYSTAR REAL ESTATE PARTNERS
Ramsey
Vivek Seth
Head of Real Estate
RAYMOND JAMES
Seth
Steven Jasa
Vice President, Investment Management
WESTERN NATIONAL PROPERTIES
Jasa

2:55B Buying Within the Capital Structure: Sub Debt, Mezz & CMBS
LOADING AUDIO...

• 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

Session Chair:

Mark Fawer, Partner, BROWN RUDNICK LLP [ BIO ]

Panel Participants:

Raphael Sidelsky, Managing Director, C3 CAPITAL PARTNERS [ BIO ]
Jeffrey A. Wiseman, Managing Director, MACQUARIE GROUP [ BIO ]
Stuart Silberberg, Authorized Correspondent, STARWOOD PROPERTY TRUST [ BIO ]
Bruce Batkin, President & Chief Executive Officer, TERRA CAPITAL PARTNERS, LLC [ BIO ]

Mark Fawer
Partner
BROWN RUDNICK LLP
Fawer
Raphael Sidelsky
Managing Director
C3 CAPITAL PARTNERS
Sidelsky
Jeffrey Wiseman
Managing Director
MACQUARIE GROUP
Wiseman
Stuart Silberberg
Authorized Correspondent
STARWOOD PROPERTY TRUST
Silberberg
Bruce Batkin
President & Chief Executive Officer
TERRA CAPITAL PARTNERS, LLC
Batkin

2:55C LP Fund Due Diligence
LOADING AUDIO...

• Are investors requiring greater due diligence before committing to a fund? • Alignment of interests • Track record • Focus on references and background checks

Session Chair:

Irv M. Lowenberg, Treasurer, CITY OF SOUTHFIELD, MI [ BIO ]

Panel Participants:

Stephen Davidson, Vice President, MORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS [ BIO ]
Amy B. Hirsch, Chief Executive Officer, PARADIGM CONSULTING SERVICES
Brent Burnett, Senior Consultant, REAL ASSET PORTFOLIO MANAGEMENT [ BIO ]
Jamie Biddle, Founder, CEO, and Portfolio Manager, Real Assets, VERDIS INVESTMENT MANAGEMENT [ BIO ]
Damon G Krytzer, Managing Director, WAVERLY ADVISORS, LLC [ BIO ]

Irv Lowenberg
Treasurer
CITY OF SOUTHFIELD, MI
Lowenberg
Stephen Davidson
Vice President
MORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS
Davidson
Jamie Biddle
Founder, CEO, and Portfolio Manager, Real Assets
VERDIS INVESTMENT MANAGEMENT
Biddle
Damon Krytzer
Managing Director
WAVERLY ADVISORS, LLC
Krytzer

2:55D The Bank & Servicer Panel on Real Estate Workouts & Dispositions
LOADING AUDIO...

• 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?

Session Chair:

Jeffrey Temple, Partner, MORRISON & FOERSTER LLP [ BIO ]

Panel Participants:

Terri Gumula, Vice President, CITI COMMUNITY CAPITAL [ BIO ]
Michael Shah, CEO & Founder, DELSHAH CAPITAL LLC
Lawrence Smoler, Senior Vice President, TORCHLIGHT INVESTORS [ BIO ]
Scott Liebman, Managing Director-SNB StabFund Investment Management, UBS [ BIO ]

Jeffrey Temple
Partner
MORRISON & FOERSTER LLP
Temple
Terri Gumula
Vice President
CITI COMMUNITY CAPITAL
Gumula
Lawrence Smoler
Senior Vice President
TORCHLIGHT INVESTORS
Smoler
Scott Liebman
Managing Director-SNB StabFund Investment Management
UBS
Liebman

3:55 Refreshments Courtesy of:



4:25A Core Strategies
LOADING AUDIO...

• 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

Session Chair:

Howard Fields, Senior Vice President, INLAND INSTITUTIONAL CAPITAL PARTNERS [ BIO ]

Panel Participants:

Jason Liu, Managing Director, AMCAP, INC. [ BIO ]
Richard H. Kaufman, President, CITY-CORE DEVELOPMENT, INC. [ BIO ]
Dean A. Dulchinos, Portfolio Manager – Debt Strategies, CORNERSTONE REAL ESTATE ADVISERS LLC [ BIO ]
Jeffrey M. Toporek, Principal, New York Area, FD STONEWATER [ BIO ]
Gary A. Zdolshek, Principal, INVESTORS DIVERSIFIED REALTY, LLC [ BIO ]

Howard Fields
Senior Vice President
INLAND INSTITUTIONAL CAPITAL PARTNERS
Fields
Jason Liu
Managing Director
AMCAP, INC.
Liu
Richard Kaufman
President
CITY-CORE DEVELOPMENT, INC.
Kaufman
Dean Dulchinos
Portfolio Manager – Debt Strategies
CORNERSTONE REAL ESTATE ADVISERS LLC
Dulchinos
Jeffrey Toporek
Principal, New York Area
FD STONEWATER
Toporek

4:25B The Market for New Senior Lending
LOADING AUDIO...

• 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?

Session Chair:

Timothy E. Davis, Partner, WHITE AND WILLIAMS LLP [ BIO ]

Panel Participants:

Bruce Cohen, Senior Partner, ARES MANAGEMENT LLC [ BIO ]
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 REALTY FINANCE CORP. [ BIO ]
John Randall, Senior Vice President, PCCP, LLC [ BIO ]
Edward Shugrue III, Chief Executive Officer, TALMAGE, LLC

Timothy Davis
Partner
WHITE AND WILLIAMS LLP
Davis
Bruce Cohen
Senior Partner
ARES MANAGEMENT LLC
Cohen
Sujan Patel
Managing Director and Co-Head of Investments
NORTHSTAR REALTY FINANCE CORP.
Patel
John Randall
Senior Vice President
PCCP, LLC
Randall
Edward Shugrue III
Chief Executive Officer
TALMAGE, LLC
Shugrue III

4:25C High-Net Worth, Family Office, Independent Investment Advisor Panel
LOADING AUDIO...

• 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

Session Chair:

Kenneth Weissenberg, Partner, EISNERAMPER LLP [ BIO ]

Panel Participants:

Seth Schumer, Director, Real Estate, QUADRUM GROUP [ BIO ]
Martin Caverly, Chief Executive Officer, EVOQ PROPERTIES [ BIO ]
Jahn Brodwin, Senior Managing Director, FTI CONSULTING [ BIO ]
Alfred Jackson, CEO & Managing Member, SIRIDEAN ADVISORS LLC [ BIO ]
Jack Creighton, Founder and Managing Member, SOURCENET INVESTMENT SERVICES LLC

Kenneth Weissenberg
Partner
EISNERAMPER LLP
Weissenberg
Seth Schumer
Director, Real Estate
QUADRUM GROUP
Schumer
Martin Caverly
Chief Executive Officer
EVOQ PROPERTIES
Caverly
Jahn Brodwin
Senior Managing Director
FTI CONSULTING
Brodwin
Alfred Jackson
CEO & Managing Member
SIRIDEAN ADVISORS LLC
Jackson
Jack Creighton
Founder and Managing Member
SOURCENET INVESTMENT SERVICES LLC
Creighton

4:25D Hotels
LOADING AUDIO...

• 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?

Session Chair:

Deborah Friedland, Director - Hospitality Services, EISNERAMPER LLP [ BIO ]

Panel Participants:

Bruce Davidson, Managing Director, Hospitality & Leisure Group, ALVAREZ & MARSAL REAL ESTATE ADVISORY SERVICES [ BIO ]
Andy Stewart, Partner, ARGOSY REAL ESTATE [ BIO ]
Eli Braha, Managing Member, Chief Investment Officer, BERKLEY AQUISITIONS LLC [ BIO ]
Ali Elam, Managing Director, FORTRESS INVESTMENT GROUP [ BIO ]
Aditya (Adi) Bhoopathy, Principal and Executive Vice President, NOBLE INVESTMENT GROUP, LLC [ BIO ]
James T. Merkel, President & CEO, ROCKBRIDGE [ BIO ]
Plato Ghinos, President, SHANER GROUP [ BIO ]

Deborah Friedland
Director - Hospitality Services
EISNERAMPER LLP
Friedland
Bruce Davidson
Managing Director, Hospitality & Leisure Group
ALVAREZ & MARSAL REAL ESTATE ADVISORY SERVICES
Davidson
Andy Stewart
Partner
ARGOSY REAL ESTATE
Stewart
Eli Braha
Managing Member, Chief Investment Officer
BERKLEY AQUISITIONS LLC
Braha
Aditya Bhoopathy
Principal and Executive Vice President
NOBLE INVESTMENT GROUP, LLC
Bhoopathy
James Merkel
President & CEO
ROCKBRIDGE
Merkel
Plato Ghinos
President
SHANER GROUP
Ghinos

5:25A Interest & Cap Rates in 3 Years... How are you Planning for the 4% Treasury?
LOADING AUDIO...

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?

Session Chair:

Martin Alston, Partner, Portfolio Management, CAPRI CAPITAL PARTNERS, LLC [ BIO ]

Panel Participants:

Aaron Mesmer, Principal, Acquisitions, BLOCK FUNDS [ BIO ]
Tim Wang, Director & Head of Investment Research, CLARION PARTNERS [ BIO ]
Jon-Paul Momsen, Vice President & Senior Managing Director, HARBERT MANAGEMENT CORPORATION [ BIO ]
Russell Appel, Founding Principal, PRAEDIUM GROUP, LLC [ BIO ]

Martin Alston
Partner, Portfolio Management
CAPRI CAPITAL PARTNERS, LLC
Alston
Aaron Mesmer
Principal, Acquisitions
BLOCK FUNDS
Mesmer
Tim Wang
Director & Head of Investment Research
CLARION PARTNERS
Wang
Jon-Paul Momsen
Vice President & Senior Managing Director
HARBERT MANAGEMENT CORPORATION
Momsen
Russell Appel
Founding Principal
PRAEDIUM GROUP, LLC
Appel

5:25B Multifamily Financing
LOADING AUDIO...

• 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

Session Chair:

Michael Baum, Shareholder, GREENBERG TRAURIG, LLP [ BIO ]

Panel Participants:

Benjamin L. Friedman, President, ABACUS CAPITAL GROUP, LLC [ BIO ]
Russell Beer, Founding Principal, BIG OCEAN LLC [ BIO ]
Frank Marro, President and CEO, DREVER CAPITAL MANAGEMENT [ BIO ]
Bill Cockrum, Senior Vice President, LOWE ENTERPRISES INVESTORS [ BIO ]

Michael Baum
Shareholder
GREENBERG TRAURIG, LLP
Baum
Russell Beer
Founding Principal
BIG OCEAN LLC
Beer
Frank Marro
President and CEO
DREVER CAPITAL MANAGEMENT
Marro
Bill Cockrum
Senior Vice President
LOWE ENTERPRISES INVESTORS
Cockrum

5:25C Measuring Track Record, Performance, Risk, Reporting/Transparency
LOADING AUDIO...

• 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?

Session Chair:

Leslie E. Greis, Managing Member, PERENNIAL CAPITAL ADVISORS, LLC [ BIO ]

Panel Participants:

Maxwell Bruce Drever, Chairman / Principal, DREVER CAPITAL MANAGEMENT / DREVER DUPOUX CAPITAL MANAGEMENT [ BIO ]
Kevin Davis, Chief Investment Officer, TACONIC INVESTMENT PARTNERS, LLC [ BIO ]
Shahab Moreh, Partner, WEISERMAZARS LLP [ BIO ]

Maxwell Drever
Chairman / Principal
DREVER CAPITAL MANAGEMENT / DREVER DUPOUX CAPITAL MANAGEMENT
Drever
Kevin Davis
Chief Investment Officer
TACONIC INVESTMENT PARTNERS, LLC
Davis
Shahab Moreh
Partner
WEISERMAZARS LLP
Moreh

5:25D Foreign LP & Joint Venture Structuring with US Funds
LOADING AUDIO...

• 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

Session Chair:

Charles B. Harrison, President, REIT FUNDING, LLC [ BIO ]

Panel Participants:

Martin Clarke, Tax Director, DLJ REAL ESTATE CAPITAL PARTNERS, LLC [ BIO ]
Amanda H Nussbaum, Partner - Tax Department, PROSKAUER ROSE LLP [ BIO ]
Jason Barnett, Vice Chairman and General Counsel, RXR REALTY [ BIO ]
Anthony Grimaldi, Associate General Counsel, TIAA - CREF [ BIO ]
Demetri Yatrakis, Partner, WEISERMAZARS LLP [ BIO ]

Charles Harrison
President
REIT FUNDING, LLC
Harrison
Martin Clarke
Tax Director
DLJ REAL ESTATE CAPITAL PARTNERS, LLC
Clarke
Amanda Nussbaum
Partner - Tax Department
PROSKAUER ROSE LLP
Nussbaum
Jason Barnett
Vice Chairman and General Counsel
RXR REALTY
Barnett
Anthony Grimaldi
Associate General Counsel
TIAA - CREF
Grimaldi
Demetri Yatrakis
Partner
WEISERMAZARS LLP
Yatrakis

6:10 Networking Reception Courtesy of:



7:10 Day One Concludes

Day Two: Thursday, May 30, 2013

7:10 Registration & Continental Breakfast fro Closed Door Session



7:30-8:15 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 
sglener@imn.org for confirmation

Discussion Leader:

Gary A. Zdolshek, Principal, INVESTORS DIVERSIFIED REALTY, LLC [ BIO ]

8:00 Breakfast Courtesy of:



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

8:25A Crossing the "T's" and Dotting the "I's": Examining First Time Funds, Their Administrative & Non-Investment Needs & Outsourcing
LOADING AUDIO...

• 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

Session Chair:

Mark Kaufmann, Partner, SIDLEY AUSTIN LLP [ BIO ]

Panel Participants:

Maurice Malfatti, Principal, BLUE HERON ASSET MANAGEMENT LLC [ BIO ]
Michael C Dombai, Director, CORTLAND CAPITAL MARKET SERVICES [ BIO ]
Patrick Goulding, Managing Director, MORGAN STANLEY REAL ESTATE
Ishan Singh, Managing Director, RE CAPITAL INDIA FUND [ BIO ]
Bhagesh Malde, Senior Managing Director, STATE STREET ALTERNATIVE INVESTMENT SOLUTIONS [ BIO ]

Mark Kaufmann
Partner
SIDLEY AUSTIN LLP
Kaufmann
Maurice Malfatti
Principal
BLUE HERON ASSET MANAGEMENT LLC
Malfatti
Michael Dombai
Director
CORTLAND CAPITAL MARKET SERVICES
Dombai
Ishan Singh
Managing Director
RE CAPITAL INDIA FUND
Singh
Bhagesh Malde
Senior Managing Director
STATE STREET ALTERNATIVE INVESTMENT SOLUTIONS
Malde

8:25B Finding Debt 2013: Case Studies from the Borrower Side
LOADING AUDIO...

• 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

Session Chair:

Dennis W. Russo, Partner & Co-Chair Real Estate Department, HERRICK, FEINSTEIN LLP [ BIO ]

Panel Participants:

Jonathan Asta, Director of Capital Markets, ACADIA REALTY TRUST [ BIO ]
Mukang Cho, CEO & Principal, IN-REL PROPERTIES, INC. [ BIO ]
David Streicher CFA, Partner, ROCKWOOD CAPITAL, LLC [ BIO ]
Tim Stoner, Managing Director, Capital Markets, USAA REAL ESTATE COMPANY [ BIO ]

Dennis Russo
Partner & Co-Chair Real Estate Department
HERRICK, FEINSTEIN LLP
Russo
Jonathan Asta
Director of Capital Markets
ACADIA REALTY TRUST
Asta
Mukang Cho
CEO & Principal
IN-REL PROPERTIES, INC.
Cho
David Streicher
Partner
ROCKWOOD CAPITAL, LLC
Streicher
Tim Stoner
Managing Director, Capital Markets
USAA REAL ESTATE COMPANY
Stoner

8:25C A Day in the Life of an LP
LOADING AUDIO...

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.

Session Chair:

Steve Felix, Partner, FELIX / WEINER CONSULTING GROUP [ BIO ]

Panel Participants:

Alan Snoddy, Senior Vice President, CHURCH PENSION GROUP [ BIO ]
Susan Doyle, Managing Director, Global Real Estate Funds, GE ASSET MANAGEMENT, INC. [ BIO ]
Skip Miller, Director of Real Estate Investments, NEW YORK STATE COMMON RETIREMENT FUND
Kathy Jassem, Portfolio Manager, STATE OF NJ TREASURY

Steve Felix
Partner
FELIX / WEINER CONSULTING GROUP
Felix
Alan Snoddy
Senior Vice President
CHURCH PENSION GROUP
Snoddy
Susan Doyle
Managing Director, Global Real Estate Funds
GE ASSET MANAGEMENT, INC.
Doyle

8:25D Vehicles to Best Attract Capital
LOADING AUDIO...

• 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?

Session Chair:

Edward A. Liva, Partner, KPMG LLP [ BIO ]

Panel Participants:

Robert Masters, Senior Vice President, Senior Legal Counsel, Corporate Secretary, Chief Compliance Officer, ACADIA REALTY TRUST [ BIO ]
Kean Hird, Partner, CATALYST CAPITAL [ BIO ]
David Lazarus, Senior Managing Director, EASTDIL SECURED [ BIO ]
Jeffrey Dauray, VP, Acquisitions Director, RLJ LODGING TRUST [ BIO ]

Edward Liva
Partner
KPMG LLP
Liva
Robert Masters
Senior Vice President, Senior Legal Counsel, Corporate Secretary, Chief Compliance Officer
ACADIA REALTY TRUST
Masters
Kean Hird
Partner
CATALYST CAPITAL
Hird
David Lazarus
Senior Managing Director
EASTDIL SECURED
Lazarus
Jeffrey Dauray
VP, Acquisitions Director
RLJ LODGING TRUST
Dauray

9:10A Property Joint Ventures
LOADING AUDIO...

• 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?

Session Chair:

Stephen L. Rabinowitz, Chair, New York Real Estate, GREENBERG TRAURIG, LLP [ BIO ]

Panel Participants:

Reid Liffmann, Managing Director, ANGELO, GORDON & CO. [ BIO ]
Russell Beer, Founding Principal, BIG OCEAN LLC [ BIO ]
Andrew C. Sucoff, Partner, GOODWIN PROCTER LLP [ BIO ]
Brad Carroll, Managing Director, MADISON INTERNATIONAL REALTY [ BIO ]
Charles B. Harrison, President, REIT FUNDING, LLC [ BIO ]
Diana Brummer, Partner, STROOCK & STROOCK & LAVAN LLP [ BIO ]
Jeanne R. Myerson, President & CEO, THE SWIG COMPANY [ BIO ]

Stephen Rabinowitz
Chair, New York Real Estate
GREENBERG TRAURIG, LLP
Rabinowitz
Reid Liffmann
Managing Director
ANGELO, GORDON & CO.
Liffmann
Russell Beer
Founding Principal
BIG OCEAN LLC
Beer
Andrew Sucoff
Partner
GOODWIN PROCTER LLP
Sucoff
Brad Carroll
Managing Director
MADISON INTERNATIONAL REALTY
Carroll
Charles Harrison
President
REIT FUNDING, LLC
Harrison
Diana Brummer
Partner
STROOCK & STROOCK & LAVAN LLP
Brummer
Jeanne Myerson
President & CEO
THE SWIG COMPANY
Myerson

9:10B Subscription & Short Term Financing: New Commitments, Structures and Investor Complexities
LOADING AUDIO...

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

Session Chair:

Dee Dee Sklar, Managing Director, Head of Subscription Finance, WELLS FARGO [ BIO ]

Panel Participants:

Julian Black, Partner, APPLEBY [ BIO ]
Thomas E. Nowak, Director, BANK OF AMERICA MERRILL LYNCH [ BIO ]
Timothy Powers, Partner, HAYNES AND BOONE, LLP [ BIO ]
Charles R. Purse, Managing Principal, PARK HILL REAL ESTATE GROUP [ BIO ]
James Conti, Director, Financial Institutions, STANDARD CHARTERED BANK [ BIO ]
David Wasserman, Executive Director, SUMITOMO MITSUI BANKING CORPORATION [ BIO ]
Terence Hatton, Managing Director and Group Head, Fund Finance, UNION BANK, N.A. [ BIO ]

Dee Dee Sklar
Managing Director, Head of Subscription Finance
WELLS FARGO
Sklar
Julian Black
Partner
APPLEBY
Black
Timothy Powers
Partner
HAYNES AND BOONE, LLP
Powers
Charles Purse
Managing Principal
PARK HILL REAL ESTATE GROUP
Purse
James Conti
Director, Financial Institutions
STANDARD CHARTERED BANK
Conti
David Wasserman
Executive Director
SUMITOMO MITSUI BANKING CORPORATION
Wasserman
Terence Hatton
Managing Director and Group Head, Fund Finance
UNION BANK, N.A.
Hatton

9:10C Shifting Fund Strategy, Extending Commitment Periods, Fund Workouts and Other Advisory Board Issues
LOADING AUDIO...

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.

Session Chair:

Colin M. Hill, Vice President, CIGNA REALTY INVESTORS [ BIO ]

Panel Participants:

Alison Tattersall Hawkins, Principal, ARTEMIS REAL ESTATE PARTNERS [ BIO ]
Marc Weidner, Managing Director, FRANKLIN TEMPLETON INVESTMENTS [ BIO ]
Larissa Herczeg, OAK STREET REAL ESTATE CAPITAL [ BIO ]
Chip Parsons, Partner, PROSKAUER ROSE LLP [ BIO ]
William Avoli, Vice President, ROCKBRIDGE

Colin Hill
Vice President
CIGNA REALTY INVESTORS
Hill
Alison Hawkins
Principal
ARTEMIS REAL ESTATE PARTNERS
Hawkins
Marc Weidner
Managing Director
FRANKLIN TEMPLETON INVESTMENTS
Weidner
Chip Parsons
Partner
PROSKAUER ROSE LLP
Parsons

9:10D Relative Value in the Booming Housing Markets
LOADING AUDIO...

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.

Session Chair:

David Kessler, Partner, National Director - Commercial Real Estate Industry, COHNREZNICK LLP [ BIO ]

Panel Participants:

David Butler, Partner, ARGOSY REAL ESTATE [ BIO ]
Tony Avila, Managing Principal and CEO, ENCORE FUNDS AND BUILDER ADVISOR GROUP [ BIO ]
Neal Johnson, Managing Partner, ISLES RANCH PARTNERS, LLC [ BIO ]
Chad Carpenter, Chairman and CEO, REVEN HOUSING REIT, INC. [ BIO ]
Frank Cappello, President, Eastern Region, SUNCAL [ BIO ]
Oliver Swan, Managing Partner, TREESDALE REAL ESTATE PARTNERS, LLC [ BIO ]

David Kessler
Partner, National Director - Commercial Real Estate Industry
COHNREZNICK LLP
Kessler
David Butler
Partner
ARGOSY REAL ESTATE
Butler
Tony Avila
Managing Principal and CEO
ENCORE FUNDS AND BUILDER ADVISOR GROUP
Avila
Neal Johnson
Managing Partner
ISLES RANCH PARTNERS, LLC
Johnson
Chad Carpenter
Chairman and CEO
REVEN HOUSING REIT, INC.
Carpenter
Oliver Swan
Managing Partner
TREESDALE REAL ESTATE PARTNERS, LLC
Swan

10:10A 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?
LOADING AUDIO...

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

Session Chair:

Chris Fraley, Partner, EVOLVE

Panel Participants:

Brian Katz, President & COO, AMERICAN REAL ESTATE PARTNERS [ BIO ]
Peter Deanovic II, Vice President, CARVAL INVESTORS [ BIO ]
Nick Smith, Executive Vice President & Chief Investment Officer, FIRST POTOMAC REALTY TRUST [ BIO ]

Brian Katz
President & COO
AMERICAN REAL ESTATE  PARTNERS
Katz
Peter Deanovic
Vice President
CARVAL INVESTORS
Deanovic
Nick Smith
Executive Vice President & Chief Investment Officer
FIRST POTOMAC REALTY TRUST
Smith

10:10B Buying Non-Performing Loans from Banks and Distressed Borrowers
LOADING AUDIO...

• 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?

Session Chair:

James Hisiger, Partner, LATHAM & WATKINS [ BIO ]

Panel Participants:

Joel R. Fogel, Principal, ARCHER CAPITAL MANAGEMENT
Tom O'Connor, Partner and Chair of Real Estate Finance Group, DUVAL & STACHENFELD [ BIO ]
James H. Ross, Principal & Managing Member, ROSSROCK, LLC [ BIO ]
Douglas J. Hannah, Managing Director, SILVERLEAF ADVISORS, LLC [ BIO ]
Howard Fife, Principal, WESTPORT CAPITAL PARTNERS, LLC [ BIO ]

James Hisiger
Partner
LATHAM & WATKINS
Hisiger
Tom O'Connor
Partner and Chair of Real Estate Finance Group
DUVAL & STACHENFELD
O'Connor
James Ross
Principal & Managing Member
ROSSROCK, LLC
Ross
Douglas Hannah
Managing Director
SILVERLEAF ADVISORS, LLC
Hannah

10:10C LP/GP Panel: First Time, New & Emerging Fund Panel Investment & Fundraising Strategies
LOADING AUDIO...

• 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)?

Session Chair:

James Seevers, Jr., Partner, HUNTON & WILLIAMS LLP [ BIO ]

Panel Participants:

Robert Morse, Chairman, BRIDGE INVESTMENT GROUP PARTNERS [ BIO ]
Jerome Gates, Managing Director, HAMILTON LANE [ BIO ]
Erin Wicomb, Co-Founder & Managing Member, MAVRIX CAPITAL GROUP [ BIO ]
Claire Woolston, Senior Consultant, Private Markets, NEW ENGLAND PENSION CONSULTANTS [ BIO ]
Rodgers Harshbarger, Director, Private Investments, UNC MANAGEMENT COMPANY [ BIO ]

James Seevers, Jr.
Partner
HUNTON & WILLIAMS LLP
Seevers, Jr.
Robert Morse
Chairman
BRIDGE INVESTMENT GROUP PARTNERS
Morse
Jerome Gates
Managing Director
HAMILTON LANE
Gates
Erin Wicomb
Co-Founder & Managing Member
MAVRIX CAPITAL GROUP
Wicomb
Claire Woolston
Senior Consultant, Private Markets
NEW ENGLAND PENSION CONSULTANTS
Woolston

10:10D Europe, the Next Shoe to Drop and Worldwide Risk-Adjusted Returns
LOADING AUDIO...

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?

Session Chair:

Ruprecht Hellauer, Managing Director, ALBULUS ADVISORS GERMANY GMBH [ BIO ]

Panel Participants:

Tony McGough, Chief Global Real Estate Strategist, BCA RESEARCH [ BIO ]
Scott L Koenig, Director, DEUTSCHE BANK [ BIO ]
Caroline McBride, Co-Founder and Chief Investment Officer, FORUM PARTNERS INVESTMENT MANAGEMENT LLC [ BIO ]
Louis Klein, Founding Partner, IREO MANAGEMENT [ BIO ]
Frederick Gortner, Managing Director, PALADIN REALTY PARTNERS, LLC [ BIO ]

Ruprecht Hellauer
Managing Director
ALBULUS ADVISORS GERMANY GMBH
Hellauer
Tony McGough
Chief Global Real Estate Strategist
BCA RESEARCH
McGough
Scott Koenig
Director
DEUTSCHE BANK
Koenig
Caroline McBride
Co-Founder and Chief Investment Officer
FORUM PARTNERS INVESTMENT MANAGEMENT LLC
McBride
Louis Klein
Founding Partner
IREO MANAGEMENT
Klein
Frederick Gortner
Managing Director
PALADIN REALTY PARTNERS, LLC
Gortner

10:55 Refreshments Courtesy of:



11:25A Aggressive Asset Management: What Aggressive Postures Did you Take?
LOADING AUDIO...

• 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?

Session Chair:

Jeffrey M. Toporek, Principal, New York Area, FD STONEWATER [ BIO ]

Panel Participants:

Joshua Herrenkohl, Principal, ERNST & YOUNG LLP [ BIO ]
Eric Rowen, Co-Chair, Real Estate Litigation Practice, GREENBERG TRAURIG, LLP [ BIO ]
Matt M. Bronfman, Chief Executive Officer, JAMESTOWN PROPERTIES [ BIO ]
Andrew Wood, Executive Director, MACQUARIE GROUP
David T McLain, Principal, PALISADES FINANCIAL, LLC [ BIO ]

Jeffrey Toporek
Principal, New York Area
FD STONEWATER
Toporek
Joshua Herrenkohl
Principal
ERNST & YOUNG LLP
Herrenkohl
Eric Rowen
Co-Chair, Real Estate Litigation Practice
GREENBERG TRAURIG, LLP
Rowen
Matt Bronfman
Chief Executive Officer
JAMESTOWN PROPERTIES
Bronfman
David McLain
Principal
PALISADES FINANCIAL, LLC
McLain

11:25B Bridge Loans & Other Interim Financing Methodologies
LOADING AUDIO...

• Origination & production • Structure • Legal & bankruptcy issues • Evaluating large, entity-level & multiple property bridge loans • Construction & development • Acquisition loans & bridge facilities• Secondary market trading

Session Chair:

Peter M. Locke, Managing Director, SPECTRUM GROUP MANAGEMENT, LLC [ BIO ]

Panel Participants:

Brian Good, CEO and Founder, EAGLE GROUP FINANCE, L.P. [ BIO ]
Robert Moreyra, Co-Founder & Managing Principal, FORGE CAPITAL PARTNERS, LLC [ BIO ]
Yon Cho, Partner, PACIFIC COAST CAPITAL PARTNERS, LLC [ BIO ]
Jonathan J. Daniel, CEO and Founder, SILO FINANCIAL CORP. [ BIO ]

Brian Good
CEO and Founder
EAGLE GROUP FINANCE, L.P.
Good
Robert Moreyra
Co-Founder & Managing Principal
FORGE CAPITAL PARTNERS, LLC
Moreyra
Yon Cho
Partner
PACIFIC COAST CAPITAL PARTNERS, LLC
Cho
Jonathan Daniel
CEO and Founder
SILO FINANCIAL CORP.
Daniel

11:25C Underwater Fund Options, Liquidity & Mergers
LOADING AUDIO...

• 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

Session Chair:

John Ferguson, Co-Chair, Real Estate Private Investment Funds Practice, GOODWIN PROCTER LLP [ BIO ]

Panel Participants:

Josh Cleveland, Partner, STEPSTONE GROUP REAL ESTATE LP [ BIO ]
Paul Mehlman, Partner, LANDMARK PARTNERS [ BIO ]
Allison T. Yager, Principal - Global Business & Investment Leader - Real Estate Boutique, MERCER [ BIO ]

John Ferguson
Co-Chair, Real Estate Private Investment Funds Practice
GOODWIN PROCTER LLP
Ferguson
Josh Cleveland
Partner
STEPSTONE GROUP REAL ESTATE LP
Cleveland
Paul Mehlman
Partner
LANDMARK PARTNERS
Mehlman
Allison Yager
Principal - Global Business & Investment Leader - Real Estate Boutique
MERCER
Yager

11:25D Workout Strategies on a Property Level: The Owner's Perspective
LOADING AUDIO...

• 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?

Session Chair:

Gregory P. Nero, General Counsel, STERLING EQUITIES [ BIO ]

Panel Participants:

Gil Tenzer, Managing Director, CONTRARIAN CAPITAL MANAGEMENT, LLC [ BIO ]
Todd Eisner, Real Estate Partner, DUVAL & STACHENFELD [ BIO ]
Andrew C. Gold, Partner, HERRICK, FEINSTEIN LLP [ BIO ]
Michelle Kelban, Partner, LATHAM & WATKINS [ BIO ]

Gregory Nero
General Counsel
STERLING EQUITIES
Nero
Gil Tenzer
Managing Director
CONTRARIAN CAPITAL MANAGEMENT, LLC
Tenzer
Todd Eisner
Real Estate Partner
DUVAL & STACHENFELD
Eisner
Andrew Gold
Partner
HERRICK, FEINSTEIN LLP
Gold
Michelle Kelban
Partner
LATHAM & WATKINS
Kelban

12:10A Allocator vs. Operator
LOADING AUDIO...

• 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

Session Chair:

John Ferguson, Co-Chair, Real Estate Private Investment Funds Practice, GOODWIN PROCTER LLP [ BIO ]

Panel Participants:

Robert Bellinger, President & CEO, ASB CAPITAL MANAGEMENT [ BIO ]
Jody Kriss, Principal, EAST RIVER PARTNERS
Edward Pascual, Director, OAK PASS CAPITAL MANAGEMENT LLC [ BIO ]
Jonathan Schultz, Managing Principal, ONYX EQUITIES, LLC [ BIO ]
Nick Bienstock, Managing Partner, SAVANNA [ BIO ]

John Ferguson
Co-Chair, Real Estate Private Investment Funds Practice
GOODWIN PROCTER LLP
Ferguson
Robert Bellinger
President & CEO
ASB CAPITAL MANAGEMENT
Bellinger
Edward Pascual
Director
OAK PASS CAPITAL MANAGEMENT LLC
Pascual
Jonathan Schultz
Managing Principal
ONYX EQUITIES, LLC
Schultz
Nick Bienstock
Managing Partner
SAVANNA
Bienstock

12:10B Recapitalizations & Refinancing
LOADING AUDIO...

• 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?

Session Chair:

Chris M Smith, Head of Global Real Estate , SHEARMAN & STERLING LLP [ BIO ]

Panel Participants:

David Valger, Founder & Team Leader, DVO REAL ESTATE [ BIO ]
Bert Crouch, Senior Director, INVESCO REAL ESTATE [ BIO ]
David Broderick, Partner, LATHAM & WATKINS [ BIO ]
Jonathan J. Daniel, CEO and Founder, SILO FINANCIAL CORP. [ BIO ]

Chris Smith
Head of Global Real Estate 
SHEARMAN & STERLING LLP
Smith
David Valger
Founder & Team Leader
DVO REAL ESTATE
Valger
Bert Crouch
Senior Director
INVESCO REAL ESTATE
Crouch
David Broderick
Partner
LATHAM & WATKINS
Broderick
Jonathan Daniel
CEO and Founder
SILO FINANCIAL CORP.
Daniel

12:10C Multifamily Investments: Do you Think There is Still Value to be Created Even at the Current High End of the Cycle?
LOADING AUDIO...

• 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?

Session Chair:

Jeffrey Goldberg, Managing Partner, THE MILESTONE GROUP [ BIO ]

Panel Participants:

Jonathan Bell, President, BELL PARTNERS INC. [ BIO ]
Jay Martha, Managing Director-Property, North America, HENDERSON GLOBAL INVESTORS [ BIO ]
Jeff Meyers, President, MEYERS RESEARCH LLC, A KENNEDY WILSON COMPANY [ BIO ]
Keith Rosenthal, President & CEO, PHOENIX REALTY GROUP [ BIO ]

Jeffrey Goldberg
Managing Partner
THE MILESTONE GROUP
Goldberg
Jonathan Bell
President
BELL PARTNERS INC.
Bell
Jay Martha
Managing Director-Property, North America
HENDERSON GLOBAL INVESTORS
Martha
Jeff Meyers
President
MEYERS RESEARCH LLC, A KENNEDY WILSON COMPANY
Meyers
Keith Rosenthal
President & CEO
PHOENIX REALTY GROUP
Rosenthal

12:10D Land & Homebuilding
LOADING AUDIO...

• 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?

Session Chair:

Andrew Borsanyi, Principal, THE CONCORD GROUP, LLC [ BIO ]

Panel Participants:

Phil Mader, Managing Director, BLACKROCK [ BIO ]
Brad Hunter, Chief Economist/Director of Consulting, METROSTUDY | A HANLEY WOOD COMPANY [ BIO ]
Rodney A. Montag, Managing Director, MOUNTAIN REAL ESTATE CAPITAL [ BIO ]
Glenn Watchorn, Chief Operating Officer, TRICON CAPITAL GROUP INC. [ BIO ]

Andrew Borsanyi
Principal
THE CONCORD GROUP, LLC
Borsanyi
Phil Mader
Managing Director
BLACKROCK
Mader
Brad Hunter
Chief Economist/Director of Consulting
METROSTUDY | A HANLEY WOOD COMPANY
Hunter
Rodney Montag
Managing Director
MOUNTAIN REAL ESTATE CAPITAL
Montag
Glenn Watchorn
Chief Operating Officer
TRICON CAPITAL GROUP INC.
Watchorn

1:10 Luncheon Courtesy of:



2:10A JV Structures, Negotiation Points & Operating Agreements: Are GPs Again Dictating Terms?
LOADING AUDIO...

• 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

Session Chair:

Minta E. Kay, Partner, GOODWIN PROCTER LLP [ BIO ]

Panel Participants:

Joel Breitkopf, Partner, ALCHEMY PROPERTIES, INC. [ BIO ]
Terri Adler, Chair of the Real Estate Practice Group, DUVAL & STACHENFELD [ BIO ]
Stuart Mackintosh, Managing Director, EUROPEAN INVESTORS INC. [ BIO ]
Scott Sabbagh, Managing Principal, MATRIX DEVELOPMENT, LLC [ BIO ]
P.J. Yeatman, Head of Private Real Estate, CENTERSQUARE INVESTMENT MANAGEMENT [ BIO ]

Minta Kay
Partner
GOODWIN PROCTER LLP
Kay
Joel Breitkopf
Partner
ALCHEMY PROPERTIES, INC.
Breitkopf
Terri Adler
Chair of the Real Estate Practice Group
DUVAL & STACHENFELD
Adler
Stuart Mackintosh
Managing Director
EUROPEAN INVESTORS INC.
Mackintosh
Scott Sabbagh
Managing Principal
MATRIX DEVELOPMENT, LLC
Sabbagh
P.J. Yeatman
Head of Private Real Estate
CENTERSQUARE INVESTMENT MANAGEMENT
Yeatman

2:10B Making the First Close a Good Close & the Keys to Re-Upping Your Existing Investors
LOADING AUDIO...

• 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

Session Chair:

Brad Lenox, Partner, MORRIS, MANNING & MARTIN, LLP [ BIO ]

Panel Participants:

Allen Ashley, Of Counsel, DLA PIPER [ BIO ]
Jonathan Glick, Managing Director, INCUBATION CAPITAL PARTNERS LLC [ BIO ]
F. Claiborne Johnston, Senior Director & Client Portfolio Manager, INVESCO REAL ESTATE [ BIO ]
Gary E. Block, Managing Director, THE MERIDIAN GROUP [ BIO ]
Joan Hayden, Vice President & Corporate Counsel, PRUDENTIAL REAL ESTATE INVESTORS [ BIO ]
Adam Lesnick, Counsel, SEWARD & KISSEL LLP [ BIO ]

Brad Lenox
Partner
MORRIS, MANNING & MARTIN, LLP
Lenox
Allen Ashley
Of Counsel
DLA PIPER
Ashley
F. Claiborne Johnston
Senior Director & Client Portfolio Manager
INVESCO REAL ESTATE
Johnston
Gary Block
Managing Director
THE MERIDIAN GROUP
Block

General Session

3:10 LP Asset & Real Estate Allocations
LOADING AUDIO...

• 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

Session Chair:

Alan Kelly, Chief Financial Officer, U.S. HOUSING INVESTMENTS [ BIO ]

Panel Participants:

Pete Morin, Trustee, CITY OF AUSTIN POLICE RETIREMENT SYSTEM [ BIO ]
Dan Spear, Vice President, MORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS [ BIO ]
Ione Permison, Partner & Co-Head Quilvest Real Estate, QUILVEST USA, INC [ BIO ]

Alan Kelly
Chief Financial Officer
U.S. HOUSING INVESTMENTS
Kelly
Pete Morin
Trustee
CITY OF AUSTIN POLICE RETIREMENT SYSTEM
Morin
Ione Permison
Partner & Co-Head Quilvest Real Estate
QUILVEST USA, INC
Permison

3:55 Leverage & Risk Management for the Private Real Estate Fund CIO and Portfolio Manager: Does Anyone Remember The Financial Crisis?
LOADING AUDIO...

• 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

Session Chair:

Deborah Levinson, Partner, COHNREZNICK LLP [ BIO ]

Panel Participants:

Bradford Wildauer, Partner, Head of US Debt Funds, AREA PROPERTY PARTNERS [ BIO ]
Sonny Kalsi, Founder and Partner, GREENOAK REAL ESTATE ADVISORS [ BIO ]
Seth Singerman, President, SINGERMAN REAL ESTATE, LLC [ BIO ]

Deborah Levinson
Partner
COHNREZNICK LLP
Levinson
Sonny Kalsi
Founder and Partner
GREENOAK REAL ESTATE ADVISORS
Kalsi
Seth Singerman
President
SINGERMAN REAL ESTATE, LLC
Singerman

4:40 Wine & Cheese Reception

5:45 IMN’s 14th Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes


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