Sunday, August 30th, 2015
6:35 PM
Exhibit Hall, Registration and Breakfast Open Sponsor By:


6:35 PM
Welcome Remarks By:


  • Andy Melvin, Managing Director, INFORMATION MANAGEMENT NETWORK LLC
6:35 PM
Chair’s Opening Remarks

  • Michael Lehrman, Executive Vice Chairman and Co Founder, CANTOR COMMERCIAL REAL ESTATE (CCRE)
Macro-Economic and Real Estate Economic Review & Outlook

6:35 PM
The View from 30,000 Feet: Assessing the Domestic and Global Macroeconomic Environment & the Implications for the US Real Estate Market
* Are we still in recovery or on the brink of a double dip? Will we return to 2009 values, transaction volumes? * Assessing how Euro-Zone and other global economic/political forces will impact the US economy over the next 12-18 months: What will be the subsequent impact on the real estate markets? * Where does the US economy currently stand and what can we expect in 2012?: Cap rates; interest rates; inflation/deflation; unemployment rates and future job growth prospects; CRE mortgage loan prices; default rates; CRE values? What does this all mean for CRE? * What will be the likely impact of the 2012 Presidential Election on CRE? * How are the different asset classes/geographic regions faring? Where are pricing levels? Any green shoots? What? Analyzing occupancy/vacancy rates and other key performance indicators for different geo regions * What is hot and what is not in terms of asset class? * What markets have stabilized and what further stabilization can we expect in 2012? What areas will take longer to stabilize? How long? *

  • Robert Ivanhoe, Chairman, Global Real Estate Practice, GREENBERG TRAURIG, LLP (Moderator)
  • Richard Brace, Director of Research, AEW CAPITAL MANAGEMENT, LP
  • Jim Costello, Managing Director, Americas Research, CBRE
  • Edward LaPuma, Senior Managing Partner, LCN CAPITAL PARTNERS
  • Jimmy Kuhn, President, NEWMARK KNIGHT FRANK
  • Chris Fraley, President, EVOLVE
  • Robert Kline, Principal & CEO, RW KLINE COMPANIES
  • Will McIntosh, Global Head of Research, USAA REAL ESTATE COMPANY
Market Update & Forecast

6:35 PM
Fund & Real Estate Market Update: New Developments in 2011; What to Expect in 2012; & What it Ultimately Means for Fund Managers
* What key developments have there been in the fund and real estate markets over the past 12 months? What further changes are likely? * New funds: How is capital raising going? Is this an indicator for fundraising in 2012? * What fund structures are being favored now? * What will be the ‘new normal’ for funds going forward? What is the outlook for niche funds? Mega funds? What will be the role of opportunity funds in the current climate? * Transaction volumes: What to expect in 2012? Will lenders finally let product come to market? * What is driving the current deployment of capital? * Capital flows: Where is the money coming from? Middle East? Europe? Asia? Are concerns over the US$ devaluing holding back foreign investment? What are the best opportunities for foreign capital at this time in the cycle? * The latest on Dodd Frank/Fin-Reg * What is the state of the LP market? Who is investing in real estate? Are new investors coming on board? * How functioning are the debt markets? Lender appetite vs. demand for capital: Core vs. value-add vs. opportunistic investments. What is the yield environment like today? * How have the mortgage origination, CMBS, sub-debt and distressed debt markets evolved over the past year? Where are these markets headed in 2012? * What role are opportunity funds, investment banks and REITs playing in high-leverage lending? * How is the capital stack changing? *

  • Mark Grinis, Global Leader, Real Estate Investment Fund Services, ERNST & YOUNG LLP (Moderator)
  • Amachie Ackah, Managing Partner, ARGOSY REAL ESTATE
  • Josh Cleveland, Partner, STEPSTONE GROUP LP
  • Mark Zytko, Co-Founder, MESA WEST CAPITAL, LLC
  • Sean Armstrong, Principal, WESTPORT CAPITAL PARTNERS LLC
6:35 PM
Refreshments Sponsor By:


Fund and GP Structuring

11:00 AM
Fund and GP Structuring for an Evolving Market: Meeting Investor Demands
* Current waterfall and fee limits * Expanded investor governance demands * Investor participation in GPs * GP co-investment and exclusivity requirements (club deals and separate accounts) * Dodd-Frank investment advisor registration * 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 (Moderator)
  • Russ Bates, Head of the Americas, Real Estate Multi-Manager, AVIVA INVESTORS
  • Dominic Petrucci, COO, CFO, BUCHANAN STREET PARTNERS
  • Aron Youngerwood, General Counsel - Americas, CBRE GLOBAL INVESTORS
  • Bradley Cohen, President, COHEN ASSET MANAGEMENT, INC.
  • Steven Jasa, Vice President, Investment Management, WESTERN NATIONAL PROPERTIES
12:00 AM
(Please Note: Delegates that are registered to participate in the golf tournament must take the shuttle promptly at 12:00pm.)

12:00 PM
Core vs. Value-Add vs. Opportunistic Investing: How to Make $ in this Slow Environment?
* What is the strategic thinking behind core-investing today? * How to compete for a limited amount of product? * Valuation issues for core vs. value-add vs. opportunistic * What is the outlook for core vs. value-add vs. opportunistic investing over the next 12-18 months? *

  • Scott Farb, Partner, COHNREZNICK LLP (Moderator)
  • Allan Sternberg, Vice President, ANGELO, GORDON & CO.
  • Charles Toppino, President, OAK PASS CAPITAL
  • Lorne Polger, Senior Managing Director, PATHFINDER PARTNERS, LLC
  • Jeff Pintar, President, PINTAR INVESTMENT COMPANY, LLC
  • Robert Murray, Managing Director, PRAEDIUM GROUP, LLC
12:00 PM
OFFICIAL IMN WINTER FORUM GOLF TOURNAMENT
IMN’s Eighth Annual Winter Forum Golf Tournament will take place at The Monarch Beach Golf Links. Complimentary shuttle service will be provided from the Montage at 12:00 pm. All players must arrive at the course by 12:15 at the latest; tee off is promptly at 12:30 PM (shot-gun start). Playing time is approximately 4 1/2 hours. Compete with friends and colleagues for prizes. The Tournament Registration Fee of $200 includes green fees, golf cart and box lunch. Participation in the tournament is limited to the first 32 delegates who register. To register for the tournament, please contact Marva Massiah: (212) 901-0506, mmassiah@imn.org

1:00 PM
Wednesday Sessions Conclude

6:00 PM
Welcome Networking Reception

7:00 PM
Day One Concludes

Sunday, August 30th, 2015
6:35 PM
Registration & Breakfast

6:35 PM
Opening Remarks By:


  • Andy Melvin, Managing Director, INFORMATION MANAGEMENT NETWORK LLC
Leading US Fund Strategy

6:35 PM
Leading Real Estate Fund Executive Panel: Increasing Deal Flow in an Evolving & Challenging Climate
* Have you made any significant changes to your business model over the past year in response to market events? To get a competitive edge? If so, how have they been working out for you? Do you anticipate making changes in 2012? How will the political environment likely impact your fund strategy? * What is your take on the fund model? * How are you matching your investment strategy to your risk tolerance in the current market? * How has your deal flow been? How are you sourcing deals? What have you been investing in over the past 12 months? How much capital have you deployed and what are your sweet spots? What won’t you touch? * Finding financing for non-core assets – a headache? * What will be the investment opportunities for 2012? Are you looking more short-term now? How much capital do you anticipate deploying this year? * What are your yield expectations? * What does it take to realize ROI in this market? * How successful were your fund-raising efforts in 2011? What has been investor appetite? How does this compare to recent years? What are you telling your LPs that they will get as a return? What is the profile of your LPs? Do you anticipate that investor appetite will increase, decrease or remain stable in 2012? * Is the market saturated or is there still room for new entrants? What advice would you give new players wanting to enter the market? *

  • Alvin Katz, Partner, KATTEN MUCHIN ROSENMAN LLP (Moderator)
  • Christopher Lippman, Managing Director, CARLYLE GROUP
  • Ambrose Fisher, Managing Director, OAKTREE CAPITAL MANAGEMENT, LP
  • Steven Orbuch, President, OCH-ZIFF REAL ESTATE
  • Marc Perrin, Managing Director, STARWOOD CAPITAL GROUP GLOBAL, LLC
  • Perry Pinto, Principal, WALTON STREET CAPITAL, LLC
Institutional Investor Perspective

6:35 PM
Institutional Investor Perspective on Real Estate Investment Strategy for 2012
* As an investor, what are you doing differently today from a year ago? What is your risk tolerance now? * What is the current attitude of institutional investors towards real estate investments? Are you sitting and waiting or becoming more aggressive about deploying capital? How will the political environment likely impact your investment strategy? Is real estate still a core component in your portfolios? What is your current real estate allocation? What are your return expectations? Are they being met? * Are you moving beyond core investments? What do you see as the greatest risks and opportunities in real estate for the next 6-12-18 months? Are you looking more short term? What asset classes are you favoring? Have you made any recent commitments? To what and where? What won’t you touch? US vs. investing overseas *

  • Joseph Smith, Partner, DEWEY & LEBOEUF LLP (Moderator)
  • James Maloney, Trustee, CHICAGO POLICEMEN'S ANNUITY & BENEFIT FUND
  • Roland Siegl, Real Estate Investment Manager, GE ASSET MANAGEMENT, INC.
  • Kenneth Wisdom, Managing Director, PORTFOLIO ADVISORS, LLC
  • Martha Peyton, Managing Director, Head of Global Real Estate Strategy & Research, TIAA - CREF
  • Terri Herubin, Principal, Portfolio Manager, THE TOWNSEND GROUP
6:35 PM
Refreshments Sponsor By:


Concurrent Sessions: Choose A, B or C

6:35 PM Track A
Track A: Sub-Debt Originator Executive Panel: What will be the Market Potential for 2012?
Senior executives representing a cross-spectrum of the real estate subordinated debt industry (mezzanine, CMBS and preferred equity lenders) will debate the top issues currently impacting the real estate markets and in doing so will offer a broad –and sometimes opposing - perspective on the evolving relationships in the capital stack and with borrowers; the role each stakeholder has in generating and increasing deal flow in this challenging economic environment; and the key opportunities as we head into 2012. Among the issues to be discussed: • The impact of real estate fundamentals on lending strategy in 2012 • Recaps vs. new origination • Underwriting criteria • Impact of CMBS • Loan pricing, valuations & risk management strategies • Favored asset classes/locations • Capital supply vs. demand • The competitive landscape

  • Fred Pillon, Partner, GIBSON, DUNN & CRUTCHER, LLP (Moderator)
  • Michael Lehrman, Executive Vice Chairman and Co Founder, CANTOR COMMERCIAL REAL ESTATE (CCRE)
  • Tim Johnson, Managing Director, THE BLACKSTONE GROUP
  • Warren de Haan, Chief Originations Officer and Managing Director, STARWOOD PROPERTY TRUST
  • Bruce Batkin, President & Chief Executive Officer, TERRA CAPITAL PARTNERS, LLC
  • Tim Stoner, Managing Director, Capital Markets, USAA REAL ESTATE COMPANY
6:35 PM Track B
Track B: Dealing with Troubled Assets: The Equity Holder/Buyer Perspective
This session will examine the latest on how equity-holders are dealing with underwater properties. The objective of the session is to provide attendees with an overview of what options are open to them, illustrated by recent case study examples. * Asset-type specific issues to consider: Office, Residential, Hotel, Retail * Understanding the motivations and considerations of the different stakeholders * Assessing the available courses of action open to the different parties to the deal * Evaluating bankruptcy, lender liability and other tools in the borrower's arsenal * Assessing when handing back the keys is your best option * Building a realistic workout plan * How to drive negotiations with different types of lenders * Tax & legal considerations * Working with banks * Working with special servicers * Post- workout considerations *

  • Dean Pappas, Partner, GOODWIN PROCTER LLP (Moderator)
  • Kim Tobler, Partner, ERNST & YOUNG LLP
  • Tom Muller, Partner, MANATT, PHELPS & PHILLIPS, LLP
  • Gregg Bloomberg, Partner, COHNREZNICK LLP
  • Andy Pollin, President, THE POLLIN GROUP, LLC
  • Dan Falls, Regional Vice President, AMERIBID LLC
6:35 PM Track C
Track C: Structuring and Unwinding Joint Ventures
* Key criteria a joint venture partner should have * What are the joint venture hot button issues for capital sources and local partners? * Protective structures * What are preferred returns, cash flow splits and residuals today? Guarantees, clawbacks and approval rights? * Tax, accounting & legal issues * Operating vs. financial partner defaults * Which joint venture provisions are working and which aren’t? * Changing partnership terms * Want to back out? What are your options? * How to infuse capital into deals * Joint venture workout case study examples: Learning from the good, the bad and the really ugly *

  • David Watson, Chair, Private Investment Funds Practice, GOODWIN PROCTER LLP (Moderator)
  • Randy Bramel, Partner, BRIDGEPORT INVESTMENTS
  • Martin Alston, Partner, Portfolio Management, CAPRI CAPITAL PARTNERS, LLC
  • Michael Fishman, Shareholder, GREENBERG TRAURIG, LLP
  • David Boatwright, Of Counsel, PROCOPIO, CORY, HARGREAVES & SAVITCH LLP
  • Stuart Graiwer, Partner, STROOCK & STROOCK & LAVAN, LLP
6:35 PM Track A
Track A: Opportunistic Investing in Debt Today: Sourcing & Buying Performing, Sub-Performing and Non-Performing Loans/Loan Portfolios
* How has this market changed over the past year? What opportunities have maturing loans created? Are there more or fewer opportunities today than over the past two years? * Sourcing REO * Loan sales from institutions - a theme going forward? * Buying notes from different sources – auctions; the FDIC; banks; insurance companies; servicers; property owners: What are the ‘needs-to-know’ to give you an edge over the competition? * Buying performing vs. sub-performing vs. non-performing loans * Mezzanine vs. other sub-debt vs. senior debt: Where are the best investment opportunities? In what asset classes? Geographic regions? At what prices? Deal structures? What are your yield expectations? Exit strategy? * What will 2012 hold in store? How are you preparing for this? *

  • Scott Morehouse, Shareholder, GREENBERG TRAURIG, LLP (Moderator)
  • Dale Strickland, Senior Vice President, Underwriting, ARGENT MANAGEMENT LLC
  • Michael Lesser, Managing Director, EASTDIL SECURED
  • James Helfrich, Partner, HMC ASSETS, LLC
  • William Tobin, Principal, MISSION CAPITAL ADVISORS
  • Pat Jackson, Chief Executive Officer, SABAL FINANCIAL GROUP, L.P.
6:35 PM Track B
Track B: Lender & Borrower Workouts: An Update on Strategy
In this session we will examine the latest in strategy that lenders and borrowers are adopting to best protect their interests in deals that have gone sour. The main objective of this session is to highlight workout options for the different parties and the key steps to executing a successful workout in different scenarios.

  • Penelope Parmes, Partner, RUTAN & TUCKER, LLP (Moderator)
  • Brent Steele, Director, CBRE INVESTORS, LLC
  • Mark Jacobs, Managing Director, OAKTREE CAPITAL MGMT LLC
  • Nello Gonfiantini, President & Chief Executive Officer, SPECIALTY FINANCIAL CORP.
  • Martin Taylor, Partner, TROUTMAN SANDERS, LLP
6:35 PM Track C
Track C: Dodd-Frank and its Impact on Real Estate Funds
* Clarifying how the bill will effect real estate funds * Who has to Register? * What are the consequences of Registration? * What will fair value reporting look like? * Custody Rules * New GAAP Audit Requirements * Real estate appraisal requirements * Risk retention rules for commercial mortgage backed securities * Re-defining the “accredited investor” and qualified clients * Current SEC issues and concerns * California issues *

  • Gary Cohen, Partner, SIDLEY AUSTIN LLP (Moderator)
  • Daniel Bender, Managing Director, KPMG LLP
  • Marc Wolf, Principal, ROTHSTEIN KASS
  • Martin Murphy, Associate Regional Director for Examinations, SEC
6:35 PM Track A
Track A: Launching a New Fund: A Field Guide for Today’s Investment Climate
In this session we will discuss how to launch a fund today by illustrating, step-by-step, with a hypothetical fund that uses real recent case study examples. The objective of this session is to provide a guide to navigating the ins and outs of key components, considerations and strategy to set a new fund on the road to success.

  • Jesse Criz, Partner, DLA PIPER (Moderator)
  • Nevin Sanli, Founder & Managing Director, ASTRUM INVESTMENT MANAGEMENT
  • Michael Peterson, Director , CITCO FUND SERVICES
  • Jeffrey Toporek, Principal, New York Area, FD STONEWATER
  • Thomas Green, Partner, National Real Estate Group, MCGLADREY LLP
  • Chad Carpenter, Chairman and CEO, REVEN HOUSING REIT, INC.
6:35 PM Track B
Track B: Receivers’ Perspective Panel
This panel of five “superstar” receivers (with nationwide experience), will discuss many of the most important receivership issues facing lenders, investors and owners. Can receivers sell real property with the existing financing in place but being simultaneously modified and assumed by the purchaser? Can receivers operate borrowers and assist mezzanine lenders in realizing upon pledges of equity interests? Can receivers complete the construction of failed projects? Can receivers reposition completed projects through retenanting and remodeling? Can receivers borrow money and prime the existing debt stack? Does Federal vs. State courts make a difference? Which states’ laws are the most “receiver” friendly? What are the key differences between equity and rents receivers? What are the “10 Commandments” for receivers?

  • Jess Bressi, Partner, LUCE FORWARD (Moderator)
  • Candice Grant, Receiver, CALIFORNIA REAL ESTATE RECEIVERSHIPS
  • Bellann Raile, Managing Director, CORDES & COMPANY
  • Douglas Wilson, Chairman and CEO, DOUGLAS WILSON COMPANIES
  • Stephen Donell, President, FEDRECEIVER
  • Robert Mosier, President and Chief Executive Officer, MOSIER & COMPANY, INC.
6:35 PM Track C
Track C: Operating Partner Perspective: Evolving Business Strategy & Business Relationships
This panel will bring together operating partners within the office, multi-family, retail and industrial asset classes to discuss how they are viewing the current environment, how their business has evolved and their strategies for 2011. Among the issues to be addressed are: * How are you looking at risk and return today? * Are you raising capital? How is it going? How well-capitalized does an operating partner need to be in this market? * Are you putting $ into a deal? What are co-investment levels today? How are deal terms changing? * Are you fulfilling capital investment requirements? * Negotiating joint ventures: What is happening with structures? * Fees: How are these evolving? * Are you seeing more or less competition? Consolidation? New companies? * How do you see your business evolving further? Outlook for the next 12-18 months *

  • Ben Pierson, Partner, COOLEY LLP (Moderator)
  • Bradley Hall, Co-Chief Investment Officer & Founding Managing Director, ALVAREZ & MARSAL CAPITAL REAL ESTATE, LLC
  • Mark Wayne, Principal, CYPRESS OFFICE PROPERTIES, LLC
  • Stephen MacDonald, Partner, DEWEY & LEBOEUF LLP
  • Gary Sabin, Chairman and Chief Executive Officer , EXCEL TRUST
  • Michael Scheinberg, Partner, PIRCHER, NICHOLS & MEEKS
1:00 PM
Luncheon Sponsor By:


Concurrent Sessions: Choose A, B or C

6:35 PM Track A
Track A: Selecting and Working with Emerging Managers: The LP Perspective
* What criteria must a fund manager meet to be considered “emerging”? * Assessing the advantages for institutional investors of emerging and small cap managers over large/brand name funds * Cons? * What is the trend of institutional investors selecting emerging mangers – on the rise? * What are your key considerations in choosing an emerging manager? What experience must they have? What information do you require for underwriting? * How can an emerging/small cap manager make themselves more attractive to institutional investors? * How to source such fund managers? * Co-investment * Performance measurement * Transparency, fees and carry * Fund structure *

  • Ken Muller, Partner / Co-Chair PE Funds, MORRISON & FOERSTER LLP (Moderator)
  • Peter Braffman, Partner, CREDIT SUISSE
  • Julie Rost, Vice President, FRANKLIN TEMPLETON REAL ESTATE ADVISORS
  • Linda Law, Partner, LAW & ASSOCIATES/LAND VERITAS
  • Leslie Lundin, Managing Partner, LBG REAL ESTATE COMPANIES, LLC
  • Tamara Larsen, Senior Research Analyst, Real Estate and Infrastructure Private Equity, RUSSELL INVESTMENTS
6:35 PM Track B
Track B: Multifamily Rental Investment & Financing
* The GSE’s role: What will happen to the market if it is greatly cut back? * Mezzanine financing available using the GSE’s * Development opportunities: Is it the time? * Turning around vacant properties * Changing to residential properties * “A” properties in gateway markets: Too much capital chasing too few goods or undersupplied? * Rescue capital & maturing loans: Is there a match? * “A” vs. “B” properties * Smart growth investments * Are investments being made on economic value or expectation of future market price increases *

  • David Kessler, Partner, National Director-Commercial Real Estate, COHNREZNICK LLP (Moderator)
  • Neville Rhone, Managing Director, Acquisitions, CANYON CAPITAL REALTY ADVISORS, LLP
  • Jeff Meyers, President, MEYERS RESEARCH LLC, A KENNEDY WILSON COMPANY
  • Stephen Duffy, Managing Director, MOSS ADAMS CAPITAL LLC
  • Hailey Ghalib, Executive Director, Development, USAA REAL ESTATE COMPANY
6:35 PM Track C
Track C: Fund Funding, Subscription Finance & Managing your Maturity Schedule
* An update on subscription & other financing in today’s market: What products are available? At what pricing/terms? * Which Lenders are in the market? * Credit approval process for repeat/new funds * Current underwriting standards for investors * Paying down, buying back & retiring your debt * Can you buy back your own debt at a discount? * Options for restructuring your existing credit facility * Capital Calls, LP Issues *

  • Todd Cubbage, Senior Attorney, HAYNES AND BOONE, LLP (Moderator)
  • Mark Monte, Managing Director, BANK OF AMERICA MERRILL LYNCH
  • John Ferguson, Co-Chair, Real Estate Private Investment Funds Practice, GOODWIN PROCTER LLP
  • Nick Mitra, Director, NATIXIS
  • Jonathan Peiper, Director, SUMITOMO MITSUI BANKING CORPORATION
  • Terence Hatton, Senior Vice President & Manager, UNION BANK
3:00 PM Track A
Track A: Small Deal/Non-Core Asset Financing: What is Available and How to Secure the Capital
* What lenders currently have their doors open to potential borrowers for small deals and/or non-core assets? * What kinds of deal terms/structures are being seen? * How does the CMBS lender view these types of deal? * Is there GSE financing available? * When will we see the lender base more fully open up to small/non-core deals? * What do potential borrowers need to have/do to attract financing for these types of deal? *

  • Jay Rollins, President, JCR CAPITAL (Moderator)
  • Greg Garrabrants, President and CEO, BOFI FEDERAL BANK
  • Michael Schwartz, , FINANCIAL COMPOUND
  • Stephen Smith, President, GLENARBOR PARTNERS, INC.
  • Tom Voekler, Managing Partner, Business, KAPLAN VOEKLER CUNNINGHAM & FRANK, PLC
  • Jonathan Daniel, CEO and Founder, SILO FINANCIAL CORP.
3:00 PM Track B
Track B: Residential Investment Panel: Land and Homebuilding
* What real estate fundamentals are being analyzed when making investment decisions in the residential/land sector? * What is the current status of residential market? * Is there a “sweet spot” in terms of residential deal size right now? * What markets will have the most potential over the next 12 months? Is the time right for new development? * Is the flip back? * How will changes in GSE’s impact this market? Will other financing step in? * Vacant lot opportunities? Master-planned development paper? * What financing is available for homebuilding and land? * Valuing undeveloped tracts of land that already have environmental and building permits vs. without permits * Are roads, sewers and electricity in place? * What kind of flexibility do you need to hold onto land? * Institutional investor appetite for land. * Joint ventures with land and property owners

  • Richard Gollis, Principal, THE CONCORD GROUP, LLC (Moderator)
  • Gregory Gotthardt, Managing Director, ALVAREZ & MARSAL REAL ESTATE ADVISORY SERVICES, LLC
  • Jonah Sonnenborn, Managing Director, DUNE REAL ESTATE PARTNERS LP
  • Tony Rosenthal, Managing Director of Acquisitions, LANDSMITH, LP
  • Randy Teteak, Executive Vice President, SUNCAL
  • James Paine, Partner, WEST REALTY ADVISORS, LLC
3:00 PM Track C
Track C: Market Trends in Non-Recourse Financing; Is it Really Non-Recourse from the Borrower's Perspective?
This panel will discuss the current trends in negotiating non-recourse funding for commercial projects throughout the United States. The panelists will explore the breath of the non-recourse guaranties that are required by institutional lenders, the financial underwriting requirements typically imposed by lenders on the carveout guarantor, if any, and the loan attributes that influence the foregoing. • Traditional 'bad boy acts,' 'bad boy look-a-likes,' and 'the partial loan guarantee' • Full recourse vs. loss • Carveout guarantor requirements (net worth and liquidity) • Loan attributes that Influence the carveout guarantor's exposure

  • Bruce Fischer, Shareholder, GREENBERG TRAURIG, LLP (Moderator)
  • Timothy Zietara, Chief Investment Officer, DORAL PROPERTY FINANCE
  • Robert Durand, Senior Vice President, Financing, KBS REALTY ADVISORS
  • Chris Dallas, Assistant Vice President, Investment Counsel, PACIFIC LIFE INSURANCE COMPANY
  • Scott McPherson, Senior Vice President, Market Manager, U.S. BANK
6:35 PM
Refreshments

6:35 PM Track A
Track A: What to Expect with the Hotel Industry in 2012
* Where does the hotel industry currently stand? Analyzing 2011 foreclosure rates, cap rates and hotel asset values * With the decline in consumer confidence, what will happen to rev pars in the hotel industry? * When will REITs be fully back in the market? Who will be the key buyers in the meantime? What are their sweet spots? * Where is lender confidence on performing vs. non-performing hotel acquisition financing? * What are the underwriting standards in the current debt market? * Assessing opportunities in the different hotel-related assets (timeshare; casinos; condo hotels, etc.) * Brand and management company issues * PIP considerations * Refinancing – any easier? * How are lenders/borrowers handling defaults? Are lenders/servicers now reclaiming hotel assets? Will this mean more deals will soon be on the market? * Where will we be in the cycle in 2012? *

  • Phillip Nichols, Of Counsel, PIRCHER, NICHOLS & MEEKS (Moderator)
  • Christopher Payne, Partner, BALLARD SPAHR LLP
  • Daniel MacDonnell, Managing Director, CUSHMAN & WAKEFIELD
  • Troy Jones, Principal, Transaction Advisory Services, ERNST & YOUNG LLP
  • Richard Davis, Co-Chair of the Hotel, Resorts and Club Practice, GREENBERG TRAURIG, LLP
  • Brian De Lowe, Principal , KOR GROUP
6:35 PM Track B
Track B: Raising Capital in the Current Market: Fundraising Tricks of the Trade
* How has fundraising strategy changed over the past 12 months? What are the successful investment strategies going into 2012 that are able to attract new capital and why? How will the 2012 political environment likely impact fundraising strategy further? * Assessing the different investor types: Who is still putting $ in? What are their preferred asset classes/geo regions? How to attract their attention in a crowded market? * What does it take for a new manager to access capital today? * What foreign capital is focusing on the US real estate market? What are they targeting? How to tap into this? * Use a placement agent? * Taking the investment consultant route *Dealing with fund legacy issues in a fundraise * Cutting equity goals: How to adjust * Failed fundraise: the next step * Is smaller & narrower more attractive? Blind pools vs. niche funds * Aligning interests * Deal terms *Fees on un-invested capital * Incentive fees * What is the fundraising outlook for 2012? *

  • Matt Posthuma, Partner, MAYER BROWN LLP (Moderator)
  • George Pandaleon, President, INLAND INSTITUTIONAL CAPITAL PARTNERS
  • Scott Klein, Partner, LATHAM & WATKINS LLP
  • Frederick Gortner, Managing Director-Chief Operating Officer, PALADIN REALTY PARTNERS, LLC
  • Michael Frankel, Managing Partner, REXFORD INDUSTRIAL, LLC
6:35 PM Track C
Track C: Clubs, Funds, Programmatic JV's: What's a GP to Do?
* What are the differences? * Governance issues * Exclusivity concerns * Who has discretion? * Time and effort to consummate each * Tax structuring challenges of each *

  • Robert Insolia, Managing Partner, GOODWIN PROCTER LLP (Moderator)
  • Nathaniel Marrs, Partner, LATHAM & WATKINS LLP
  • Patrick Galvin, General Counsel, LNR PROPERTY LLC
  • Hal Scudder, Chief Investment Officer, PHILLIPS EDISON
  • Joan Hayden, Vice President & Corporate Counsel, PRUDENTIAL REAL ESTATE INVESTORS
5:00 PM Track A
Track A: Competing as a Small/Niche Fund in Today’s Market
* As a small/niche fund, how are you looking at your business strategy today vs. a year ago? Are you seeing more or fewer opportunities in the market? What investment themes are you considering? * How successful have you been at raising capital? From what sources? What has been your strategy for competing for a limited pool of capital? What is investor appetite for small/niche funds? What niches are/are not selling? What is the fundraising outlook for 2012? * How are you selecting operating partners? How is your relationship with operating partners evolving? * Fund trends and performance in 2011: What new funds were launched? To what degree did smaller funds drop off? How are they performing overall? * What advantages do small/niche funds have over larger/brand name funds? What are the characteristics of small/niche funds that are being accepted in the market vs. ones that are not? * What is the outlook for small/niche funds for the next 12-18 months?

  • Jay Rollins, President, JCR CAPITAL (Moderator)
  • Jason Liu, Managing Principal, AMCAP, INC.
  • Henry Bandet, Founder & Partner, HG CAPITAL, LLC
  • Karl Coleman, President, INTERWEST CAPITAL CORPORATION
  • Stephan Kachani, Vice President, LONE OAK FUND, LLC
  • Thad Meyer, Chief Operating Officer President, SOUTHERN CALIFORNIA INVESTORS, INC.
5:00 PM Track B
Track B: Property Acquisitions & Acquisition Due Diligence
Asset type considerations * Zoning, land use and are specific approvals still valid? * Subdivision maps * Environmental due diligence * Due diligence outsourcing * What you should know about a bank selling a property * Identifying troubled documentation * Lease documentation due diligence

  • Scott Rogers, Partner, RUTAN & TUCKER, LLP (Moderator)
  • Michael Reynolds, Principal, THE CONCORD GROUP, LLC
  • Stephen Rosenburgh, President & Chief Executive Officer, US DEVELOPMENTS
  • Frank Giunta, SVP/Managing Director Americas, HILL INTERNATIONAL, INC.
  • Joseph Derhake, President, PARTNER ENGINEERING AND SCIENCE, INC.
  • William Shopoff, President, SHOPOFF REALTY INVESTMENTS
5:00 PM Track C
Track C: Navigating Tax Proposals & Avoiding Adverse Tax Consequences For Distressed Debt Investments
With budget deficits as far as the eye can see and a politically-charged environment, there are proposals to change the taxation of carried interests, in addition to other revenue raising proposals. In this session, we will consider the current state of play of tax proposals as they might affect real estate investors, and what actions are being taken in response to proposed tax changes. Beyond tax proposals, there are many tax issues to consider when investing in real estate debt which, if you are not well-versed in, can often lead to a poor overall investment results for the investor, as well as tax issues for the borrower. In this session, we will address the key tax issues that those investing in distressed debt need to be aware of. Among the issues that will be addressed are: * Cancellation of indebtedness income * Tax-advantaged structures * Local transfer taxes * Who pays the tax? * What adverse tax consequences can a lender have? * Debt/equity exchanges * Treasury guidance on restructuring issues *

  • James Tod, Partner, KPMG LLP (Moderator)
  • Peter Elias, Partner, FOLEY & LARDNER LLP
  • Craig Schmitt, Principal, HARB, LEVY & WEILAND LLP
  • R. Eric Emrich, Chief Financial Officer, LUBERT-ADLER PARTNERS, LP
  • Robert Cudd, Partner, MORRISON & FOERSTER LLP
  • Bruce MacDonald, President, NET LEASE CAPITAL ADVISORS
6:35 PM Track A
Track A: CMBS in a Different World: What to Expect in 2012 & the Impact on the Debt Market
Anticipation was high for CMBS in 2011 but issuance has fallen short of expectations. In this panel we discuss the current state of the CMBS market, predictions for 2012 and the likely impact on the debt markets. * Are CMBS lenders lending? What is the actual size of market? How sustainable is the current market? Is it over-bought? Assessing demand vs. supply * What are obstacles to future issuance? Impact of rating agencies? Will we see more B Piece buyers? * What kind of deals is CMBS going after – new origination or refinancing? Core vs. non-core assets? Primary vs. secondary vs. tertiary markets? Size of deal? Underwriting standards? Pricing? How to conduct transactions in this market? * What has been the impact of CMBS on pricing/terms of other debt? Will this likely change over the next 12 months? Where will origination really be in 2012? * Where will regulation go on the CMBS market? * Has today’s CMBS learned the lessons of the past? *

  • Jesse Sharf, Partner, GIBSON, DUNN & CRUTCHER, LLP (Moderator)
  • Mark Bhasin, Vice President, BASIS INVESTMENT GROUP LLC
  • Jonathan Schurgin, Managing Director, CANTOR FITZGERALD
  • Scott Hileman, Director, Real Estate Consulting, DELOITTE FINANCIAL ADVISORY SERVICES LLP
  • Jonathan Firestone, Managing Director, EASTDIL SECURED
  • John Murray, Executive Vice President, PIMCO
6:35 PM Track B
Track B: Rescue Financing for Refinancing and Recapitalizing Deals: What is Available and at What Cost?
* Where are we in the recap/refin business? How much longer will recaps be needed? Can owners expect lenders to continue to extend and pretend in 2012? How can they best manage their relationship with their current lenders? * How do refis/recaps compare between the different assets?: Asset-specific issues - What are the options available to property owners with maturing loans where current lenders will not refinance? * Who is offering rescue financing? How do these ‘rescue’ players differ? What terms are being seen? Rates? What types of property in what situations and what locations are rescue financiers willing to lend on? What are still no-go assets/situations/locations? * Will we see more rescue finance players enter the market in 2012? * Restructuring capital stacks *

  • Gregory Gotthardt, Managing Director, ALVAREZ & MARSAL REAL ESTATE ADVISORY SERVICES, LLC (Moderator)
  • Quincy Allen, Managing Director, CANYON CAPITAL REALTY ADVISORS, LLP
  • Sheri Chromow, Partner, KATTEN MUCHIN ROSENMAN
  • Jonathan Wang, Managing Director , NORTHWOOD INVESTORS LLC
  • Devin Chen, Executive Vice President, PIMCO
  • Mark Deason, Senior Vice President, STARWOOD CAPITAL GROUP
6:35 PM Track C
Track C: Tranche Warfare: Non-Securitized and Securitized Asset Workouts
* Cure options * Control/appraisal event issues * Joint venture exits * How long until resolution? * Litigation and the courts * Role of the special servicer * Forced sale issues * Debt trading within the stack * UCC Foreclosure issues * Evaluating single senior/multiple mezz loan structure * Complexities when loan is inside a CDO structure * Syndicated loans * A/B notes * Recourse for out of the money positions *

  • Eric Remensperger, Partner, PROSKAUER (Moderator)
  • Todd Sammann, Principal, COLONY CAPITAL, LLC
  • James Caldero, Senior Vice President, CONTRARIAN CAPITAL MANAGEMENT, LLC
  • Jeffrey Toporek, Principal, New York Area, FD STONEWATER
  • Steven Weise, Partner, PROSKAUER ROSE, LLP
6:35 PM
Networking Reception

6:35 PM
Forum Day Two Concludes

Sunday, August 30th, 2015
6:35 PM
Breakfast & Registration

6:35 PM
The LP-GP Relationship: Fund Selection Criteria; Communication & Transparency; Handling Defaults
* How have market events over the past 12 months impacted the LP-GP relationship? What to expect in 2012? * What are your selection criteria for a real estate fund? Strategy? Manager? Fees? Other terms? What is your perspective on club deals and separate accounts? Are you only funding big funds? What is your stance on small/niche funds? * Aligning interests, communications and transparency * Handling defaults * Would you force a fund manager to hand over responsibility for a failing fund or direct assets to a new fund manager? * Are you able to meet your fundraising obligations? Capital calls & unfunded equity commitment issues *

  • Ken Muller, Partner / Co-Chair PE Funds, MORRISON & FOERSTER LLP (Moderator)
  • Howard Fields, Senior Vice President, INLAND INSTITUTIONAL CAPITAL PARTNERS
  • James Maloney, Trustee, CHICAGO POLICEMEN'S ANNUITY & BENEFIT FUND
  • Robert Dombi, Partner, LANDMARK PARTNERS
  • Nadia Sager, Partner, LATHAM & WATKINS LLP
  • Derek Williams, Director, Private Real Estate, RUSSELL INVESTMENTS
10:00 AM
Special Servicer/Special Asset Manager Panel: War Stories; Keys to a Successful Workout and Outlook for 2012
* Are you seeing a lot of product to put on the market or are you maintaining the status quo? What exit strategies are you favoring? Are you still extending or ready to sell now? What is bringing you to trade assets? How can buyers buy loans/properties from you? * Is extend-and-pretend finally winding down across the industry? When will product flood to market? * Workout war stories * Managing conflicts between debt holders * What are the keys to a successful workout? * How can the different stakeholders in a deal work effectively with you? * CMBS: How are you interacting with borrowers to move problem loans out the other side? * When do you bring in a receiver? What is the process? * Once you sell: Auctions; broker sales vs. in-house; seller evaluation * What is the outlook for 2012? *

  • Steven Lichtenfeld, Partner, PROSKAUER (Moderator)
  • Jeff Pitcher, Partner, BALLARD SPAHR LLP
  • Alex Zikakis, President, CAPSTONE ADVISORS, INC.
  • Douglas Wilson, Chairman and CEO, DOUGLAS WILSON COMPANIES
  • Lisa Kim, Senior Vice President & Associate General Counsel, HANMI BANK
  • Kevin Semon, Vice President, MIDLAND LOAN SERVICES, PNC REAL ESTATE
  • Robert Kline, Principal & CEO, RW KLINE COMPANIES
11:00 AM
Refreshments

6:35 PM
Real Estate Debt Fund Panel: Fundraising; Capital Placement; Underwriting Criteria; Investment Prospects for 2012
* What have you been investing in over the past 12 months? Origination or secondary loan purchases? How much capital have you deployed and what are your sweet spots? What won’t you touch? What kind of performing whole loans are you investing in? Construction loans? What is your underwriting criteria? * Where in the capital stack currently offers the greatest returns? What will be the investment opportunities for 2012? How much capital do you anticipate deploying next year? * What are the pricing levels for debt? What are your yield expectations? Are you looking to get at the underlying property? How are you sourcing deals? * What does it take to realize ROI in this market? * Assessing real estate mezzanine loan/CMBS investment opportunities. What is your take on the CMBS market? * How have your fund-raising efforts been in 2011? What has been investor appetite? How does this compare to recent years? What are you telling your LPs that they will get as a return? What is the profile of your LPs? Do you anticipate that investor appetite will increase, decrease or remain stable in 2012? * Is the market saturated or is there still room for new entrants? What advice would you give new players wanting to enter the market? *

  • Constantine 'Tino' Korologos, Managing Director, DELOITTE FINANCIAL ADVISORY SERVICES LLP (Moderator)
  • Charlie Rose, Director, CANYON CAPITAL REALTY ADVISORS
  • Saman Shams, Managing Director, ICO DEVELOPMENT
  • Stephan Kachani, Vice President, LONE OAK FUND, LLC
  • Michael Klein, Chief Operating Officer, PARTNERS CAPITAL SOLUTIONS, INC.
12:00 PM
High Net Worth & Family Office Perspective Panel
* What role does real estate play in high-net-worth investors’ and family offices’ portfolios today? What is your current real estate allocation? What asset classes are you favoring? Where do you see the key opportunities being in 2012-2013? * When will high-net-worth investors and family offices place more capital? How much longer can they sit on their money without generating returns? * As an investor, what are you doing differently today from a year ago? What is your risk tolerance today? * What are you looking for in a real estate fund? Strategy? Manager? Fees? * Getting access to the market * Tax issues * The ultra high-net * Role of capital preservation * Comparing vs. institutional investors * Long-term view * Co-investment model * New vs. old money *

  • Michael Morris, Director, HLW FUND SERVICES (Moderator)
  • Martin Caverly, Managing Principal, 2120 PARTNERS
  • Mark Tronstein, Managing Director-Real Estate, ANDELL INC.
  • Salvatore Provenza, Managing Director, CWP ADVISORS
  • Dani Evanson, Managing Director, RMA, INC.
6:35 PM
IMN's Ninth Annual Winter Forum On Real Estate Opportunity & Private Fund Investing Concludes

Event Contacts
Managing Director
Andy Melvin
(212) 901-0542
amelvin@imn.org
SVP/Conference Producer
Catherine Miller
(212) 901-0541
cmiller@imn.org
Vice President - Sales
Robert Bass
(212) 901-0535
rbass@imn.org
Head of Sales - Real Estate
Todd Rosenberg
(212) 901-0552
trosenberg@imn.org
Head of Conference Coordination
Jill Rockett
(212) 901-1897
jrockett@imn.org
Venue
Montage Resort & Spa

Phone: 949-715-6000
Fax: 949-715-6100
Website: http://www.montagelagunabeach.com

30801 South Coast Highway
Laguna Beach, CA, 92651
USA


The Montage Resort & Spa is currently sold out over our conference dates. Please see below for overflow hotel information. If you have an existing reservation at the Montage, please remember the following cancellation policy: Due to high demand for sleeping rooms, guests must stay a minimum of two nights in order to secure a room at the Montage Laguna Beach. All guests will be charged a 2-night deposit at the time of the booking. This deposit will be refunded only if you cancel your reservation by December 21st, 2011.

Hotels
Laguna Cliffs Resort & Spa, A Marriott Resort

25135 Park Lantern
Dana Point, CA, 92629


Please note that IMN does not have a contracted block of rooms at this hotel and cannot guarantee rate or availability.

Phone: 949-661-5000
Website: http://www.LagunaCliffs.com

Ritz-Carlton Laguna Niguel

1 Ritz Carlton Drive
Dana Point, CA, 92629
USA

Please note that IMN does not have a contracted block of rooms at this hotel and cannot guarantee rate or availability

Phone: (949) 240-2000
Website: http://www.ritzcarlton.com/en/Properties/LagunaNiguel/Default.htm

Aliso Creek Inn

31106 Pacific Coast Highway
Laguna Beach, CA, 92651


Please note that IMN does not have a contracted block of rooms at this hotel and cannot guarantee rate or availability.

Phone: 800-223-3309
Website: http://www.alisocreekinn.com

Laguna Reef Travelodge

30806 South Coast Highway
Laguna Beach, CA, 92651


Please note that IMN does not have a contracted block of rooms at this hotel and cannot guarantee rate or availability.

Phone: 949-499-2227

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