Wednesday, January 23rd, 2013
8:16 PM
Exhibit Hall Opens…Registration Begins…Breakfast

8:16 PM
Welcome Remarks from IMN

8:16 PM
What to Expect in 2013: A Macroeconomic & Real Estate Market Overview & Update
* With a couple of false starts at the beginning of 2012, how did fundamentals round out the year? A lot of buyers pulled back in Jan/Feb last year: What will be appetites/views going forward? Is economic uncertainty lessening? * What can we expect from Washington in 2013? How will the election results/subsequent monetary policy impact investment strategy for real estate? * Will 2013 be a repeat of 2011/12? Or has there been fundamental changes that will sustain opportunities throughout the year? * How would inflation (i.e. from rental rates to costs of construction materials) really affect cash-flowing real estate investments? How would efforts to get inflation back under control subsequently affect real estate? *What to expect in 2013? Where are interest rates going? How about cap 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 investment strategy? * What is projected for Europe this year? Will it explode or get resolved? How will this likely impact the US markets? US real estate? Risk aversion? * Global investment trends: How much of what happens in Asian markets impacts the US? How is the flow of $ impacting US recovery? * There are still a lot of properties underwater – will they ever get above water? * How are the different asset classes/geographic regions faring? Where are pricing levels? 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 2013? *

  • 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
  • Glenn Mueller, Real Estate Investment Strategist, DIVIDEND CAPITAL
  • Jay Glaubach, Vice President, DLJ REAL ESTATE CAPITAL PARTNERS
  • Chris Fraley, President, EVOLVE
8:16 PM
Fund Market Update: Where is the Industry Headed in 2013? What is the New Normal?
* Assessing 2012: Notable developments in the fund market. What further changes – and their drivers - are likely in 2013? * What fund structures are being favored now? What will be the ‘new normal’ for funds? * What is the outlook for niche funds? Mega funds? Medium-sized funds too big to be niche and too small to do everything? What fundraising and investment strategies will these fund-types be utilizing to survive in yet another year of change? Should a fund go big or stay niche? * What yields are expected in the current climate? * What is the role of opportunity funds today? * The role of debt/leverage: Where is $ coming from? Is the securitization market back? The return of life companies and banks –new finance products? Assessing lender appetite vs. demand for capital: Core vs. value-add vs. opportunistic investments? What role are opportunity funds, investment banks and REITs playing in high-leverage lending? How is the capital stack changing? * The coming debt expiration bubble of CMBS debt: What’s happening? Refinance or extend? Where is the money and liquidity coming from for refinancings * Transaction volumes: What to expect in 2013? * What is driving the current deployment of capital? * Capital flows: Where is the money coming from? What are the best opportunities for foreign capital at this time in the cycle? * LP real estate allocations: Up or down? Who is investing in real estate? Are new investors coming on board? What assets/classes/geos are they favoring? Any notable changes in strategy? *

  • Mark Grinis, Global Leader, Real Estate Investment Fund Services, ERNST & YOUNG LLP (Moderator)
  • Sean Dalfen, Managing Principal & Chief Investment Officer, DALFEN AMERICA CORP.
  • Robert Dombi, Partner, LANDMARK PARTNERS
  • Stephan Kachani, Vice President, LONE OAK FUND, LLC
  • Timothy Barron, Chief Investment Officer, SEGAL ROGERSCASEY
  • Greg Geiger, Principal, WESTPORT CAPITAL PARTNERS LLC
8:16 PM
Refreshments

11:00 AM
Fund and GP Structuring to Satisfy 2013 Investor Demands
* Expanded investor governance requirements * Dodd-Frank investment advisor registration or equivalent compliance protections for investors * SEC proposed regulations under JOBS Act regarding general solicitation * Current waterfall and fee limits * GP co-investment and exclusivity requirements (club deals and separate accounts) * restrictions on separate accounts co-investing with the fund * Investor participation in GPs *GP and officer executive compensation and participation * GP and officer exculpation standards * UBIT/FIRPTA and ECI blockers for tax-exempt and foreign investors *

  • Sandy Presant, Chair, Real Estate Fund Practice Group, GREENBERG TRAURIG, LLP (Moderator)
  • Jon Dishell, Managing Director, Fund Management, AMERICAN REAL ESTATE PARTNERS
  • Kevin Bloss, Director, CARVAL INVESTORS
  • Vivek Seth, Head of Real Estate, RAYMOND JAMES
  • Dan Burrell, Chief Executive Officer, ROSEMONT REALTY
  • Steven Jasa, Vice President, Investment Management, WESTERN NATIONAL PROPERTIES
12:00 AM
(Please Note: Delegates that are registered to participate in the golf tournament need to take the shuttle at 12:00pm promptly. Further information on next page.)

12:00 PM
Dodd-Frank/JOBS/Volcker - Regulatory Change is Coming: Understanding the Impact and What Real Estate Funds Need to Do Now
The purpose of this session is to provide a roadmap of current and anticipated regulatory change that will impact funds and real estate investments and how strategy needs to adapt as a result. We open with a brief overview of the key regulations and the impact they have had on fund strategy and real estate investment over the past 12 months. Next we discuss anticipated regulatory change, the likely implications for this market sector and the steps funds need to now be taking to adapt strategy accordingly. Among the issues to be addressed: * Registering as an RIA: What are the consequences? How did you go about this? What costs were involved? Have there been any surprises / lessons learned? What is the ability of fund managers to NOT register? What exemptions are relevant? * Reporting requirements and impact * Impact on fund structures and structuring * Is the SEC prepared? What are their current issues and concerns? What further changes might be forthcoming? SEC vs. state registration * How will CMBS origination and financing be affected? * What do the new rules say about debt funds? *

  • Douglas Praw, Partners, GOODWIN PROCTER LLP (Moderator)
  • Addison Braendel, Principal, BAKER & MCKENZIE, LLP
  • Josh McCabe, Senior Manager, COHNREZNICK LLP
  • Todd Hankin, Partner, EISNERAMPER LLP
  • Adam Gale, Member, Corporate & Securities Practice and Co-chair of the Investment Funds Group, MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.
  • Marc Wolf, Principal, ROTHSTEIN KASS
1:00 PM
Wednesday Sessions Conclude

12:00 PM
OFFICIAL IMN WINTER FORUM GOLF TOURNAMENT
IMN's Tenth 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 4.5 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

6:00 PM
Welcoming Reception

Thursday, January 24th, 2013
8:16 PM
Registration & Breakfast

8:10 AM
IMN’s Opening Remarks

8:16 PM
Large Opportunity Fund Plenary: Making Outsized Returns In an Illiquid Asset Class In a Low Interest Rate Environment – Impossible Today?
* Operator vs. allocator? Separately managed accounts vs. commingled funds? What is the appropriate fund model/strategy going forward? Have you changed/are you changing your business model? If so, how? If not, why not? * Have relations with your LPs changed over the past year? If so, how? Are investors wanting to see the deal(s) before committing capital? * How will the political environment likely impact your fund strategy in 2013? * Return expectations: Have these changed in light of fundamental changes to market? What isn’t acceptable yield for opportunistic deals today? How to make outsized returns in an illiquid asset class in today’s low rate environment? * As an industry are we now under-leveraging? * Are you considering core investments to take advantage of increasing LP allocations to real estate? * Given the differences in pricing spreads, should we now look at secondary/tertiary markets? * Where are you focusing your attention this year – assets/geo? How are you sourcing deals? How are you thinking about risk in this environment? * What tips can you offer for navigating through real estate opportunities if you have quick, expensive capital? *

  • Alvin Katz, Partner, KATTEN MUCHIN ROSENMAN LLP (Moderator)
  • Will Abbate, Managing Director, ANGELO, GORDON & CO., L.P.
  • Jonathan Klein, Managing Director, FORTRESS INVESTMENT GROUP
  • Kevork Zoryan, Managing Director, MORGAN STANLEY
  • Scott Stuckman, Managing Director, Private Equity Group, USAA REAL ESTATE COMPANY
  • Perry Pinto, Principal, WALTON STREET CAPITAL, LLC
8:16 PM
Institutional Investor Perspective: Co-Investments; Separate Accounts Vs. Commingled Funds; Return Expectations; Allocations to Real Estate
* Separate accounts vs. commingled funds: What is your perspective on this? Are you moving away from discretionary deals? How will this play out in the market overall? * What are your return expectations? What is this based on? Have return expectations become too short-term? Have investors lost their patience to allow true performance? * Have you changed your investment strategy? Are you moving beyond core investments? Core vs. opportunistic: What do investors really want today? How will the political environment likely impact your investment strategy in 2013? What is your risk tolerance now? *What do you anticipate allocating to real estate this year? How does this compare to recent years? How big a role does real estate play in your portfolio? * What asset classes are you favoring? Have you made any recent commitments? To what/where? What won’t you touch? US vs. investing overseas *

  • Scott Farb, Partner, COHNREZNICK LLP (Moderator)
  • Russ Bates, Head of the Americas, Real Estate Multi-Manager, AVIVA INVESTORS
  • Kenneth Wisdom, Managing Director, PORTFOLIO ADVISORS, LLC
  • Martha Peyton, Managing Director, Head of Global Real Estate Strategy & Research, TIAA - CREF
10:00 AM
Refreshments

Please Note Concurrent Sessions Are Divided Into Tracks A, B and C. Please Choose Track A, B or C.

8:16 PM Track A
Track A: The Anatomy of Doing an Opportunistic Deal Today: A Tale of Four Case Studies
With too much capital still chasing too few deals and a pricing chasm still very evident, investment strategies – and yield expectations – have had to adapt. In this panel we examine four recently closed opportunistic deals. For each we look at how each deal was approached and the decision-making processes along the way. Among the issues to be addressed are: * Sourcing opportunities and beating others to the punch: What did it take for you to win this deal over the competition? * How did you get comfortable with the yield? Why was that yield appropriate for that deal? * Challenges encountered * Was it worth it in hindsight? What would you have done differently if you had the chance? * What are you looking at now? What will be the key factors impacting the deals you go after/close in 2013? *

  • Michael Fishman, Shareholder, GREENBERG TRAURIG, LLP (Moderator)
  • Nevin Sanli, Founder & Managing Director, ASTRUM INVESTMENT MANAGEMENT
  • Patrick Galvin, General Counsel, LNR PROPERTY LLC
  • Lauren Spiegel, Partner, MANATT, PHELPS & PHILLIPS, LLP
  • Andy Pollin, President, THE POLLIN GROUP, LLC
8:16 PM Track B
Track B: New Senior Debt Origination Executive Panel: Open for Business in 2013?
* How was business in 2012? What impact did market fundamentals have on your lending strategy? What are your current terms/conditions? For what asset types/geos? Any change over the past year? What are your return expectations? * What is the outlook for 2013? How will changes in banking regulation impact your business? * What is the interplay between stakeholders within the capital stack like today? How willing are senior lenders to tolerate mezzanine financing? Are we seeing many power struggles? If so, who is winning? What does it take to get a deal done? Is this likely to change anytime soon? * How to split waterfalls * What is your advice to borrowers needing new acquisition financing?* (life companies, banks and funds are welcome to speak on this panel)

  • Jordan Ray, Managing Director, MISSION CAPITAL ADVISORS (Moderator)
  • Greg Garrabrants, President and CEO, BOFI FEDERAL BANK
  • Brian Good, CEO and Founder, EAGLE GROUP FINANCE, L.P.
  • Scott Schwartz, Senior Managing Director, MARATHON ASSET MANAGEMENT
  • Ronnie Gul, Principal, MESA WEST CAPITAL, LLC
  • Pat Jackson, Chief Executive Officer, SABAL FINANCIAL GROUP, L.P.
8:16 PM Track C
Track C: Investing in Emerging Managers and Small Cap/Niche Funds: Institutional Investor Perspective
* What are your criteria for selecting emerging managers? * Are you solely focused on minority/women-owned funds? What is your perspective on emerging manager platforms that are not minority/women-owned? * What does it take for small cap/niche funds to get your interest? Can you give recent examples of such funds that you invested in and the decision-making process behind this? * How can small cap funds best work with you? What tips can you give those who are currently capital raising? * How do you source emerging managers/small cap funds? * What advantages do emerging/small cap/niche funds have over large/brand name funds? Cons? * Do you expect more institutional investors to select emerging/small cap/niche funds going forward? *

  • David Kessler, Partner, National Director-Commercial Real Estate, COHNREZNICK LLP (Moderator)
  • John Lee, Director, CANYON CAPITAL REALTY ADVISORS, LLP
  • Tamara Larsen, Senior Research Analyst, Real Estate and Infrastructure Private Equity, RUSSELL INVESTMENTS
  • Nicholas Rotello, Founder, SEVEN TWO PARTNERS
8:16 PM Track A
Track A: Negotiating the Operating Agreement: Key Business Terms in Real Estate Joint Ventures
* Partner expectations * Time horizons * Deal structures * Capital returns * Valuation of property contributions * Developer compensation * Waterfall structures for cash flow and capital events (IRR formulas) * Fees * Guarantees * Current trends *

  • Stuart Graiwer, Partner, STROOCK & STROOCK & LAVAN, LLP (Moderator)
  • Robert Hamilton, Partner, ALLEN MATKINS
  • Paul O'Connor, Partner, ALLEN MATKINS
  • Bill Thormahlen, Managing Director, SARES-REGIS GROUP
  • David Brown, CEO, SOMERA CAPITAL MANAGEMENT, LLC
8:16 PM Track B
Track B: 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 *

  • Kenneth Herz, Partner, HAYNES AND BOONE, LLP (Moderator)
  • Ananda Reynolds, Director, BANK OF AMERICA MERRILL LYNCH
  • Christopher Delson, Partner, MORRISON & FOERSTER LLP
  • Jonathan Peiper, Director, SUMITOMO MITSUI BANKING CORPORATION
  • Terence Hatton, Senior Vice President & Manager, UNION BANK
8:16 PM Track C
Track C: Fundraising: Aligning Interests; Notable Trends & Strategies for 2013
* Notable fundraising trends in 2011-2012: What can we learn from this for 2013? * How will the 2013 political environment impact your fundraising strategy? * How to better align interests with investors? How is this working as a strategy? What are the key considerations here? * How much $ can GPs expect to put in themselves now? * How to compete against the “800lb gorilla” funds? What fundraising strategies have proven successful for non-brand name funds? * Getting to first base: How to stand out in a crowded market? Is smaller & narrower more attractive? Blind pools vs. separate accounts * Capital raising when recovering from a poor fund performance * Failed fundraise: Now what? * What foreign capital is focusing on the US real estate market? What are they targeting? How to tap into this? * What is the fundraising outlook for 2013? Which funds will be successful and which won’t? *

  • Nadia Sager, Partner, LATHAM & WATKINS LLP (Moderator)
  • Jonathan Glick, Managing Director, INCUBATION CAPITAL PARTNERS LLC
  • Howard Fields, Senior Vice President, INLAND INSTITUTIONAL CAPITAL PARTNERS
  • Joseph Smith, Partner, SCHULTE ROTH & ZABEL LLP
12:00 PM Track A
Track A: Tying in with Local Expertise: Best Practices in Fund/Operating Partner Joint Ventures
In this session we examine different case studies of how funds partnered with local operating partners (both international and domestic) successfully and unsuccessfully with a view to determining best practices in such joint ventures. Among the issues to be addressed: * Local operating partner vs. in-house: How to determine? * Key selection criteria for local operating partners *Sourcing partners: Where do you even start to look? * Aligning business goals * How to fully tap into your operating partner’s strengths * Communication * Scaling up * Red flags to look for * Dispute resolution techniques * Ending the partnership * In summary: What is needed for a successful joint venture *

  • Jeffrey Horwitz, Partner, PROSKAUER ROSE LLP (Moderator)
  • Randy Bramel, Partner, BRIDGEPORT INVESTMENTS
  • Jesse Criz, Partner, DLA PIPER
  • George Pandaleon, President, INLAND INSTITUTIONAL CAPITAL PARTNERS
  • Steven Moore, Managing Director, Real Estate Advisory Group, KPMG LLC
  • Jeffrey Reder, Senior Vice President, URDANG
12:00 PM Track B
Track B: Non-Recourse Financing: Examining Recent Trends and Developments and the Implications for Borrowers
This panel will discuss the implications of recent judicial decisions on ‘bad boy carveouts” for borrowers and what needs to be considered when negotiating non-recourse financing as a result. The panelists will also examine current trends in negotiating non-recourse financing as well as explore 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.

  • Mark Levinson, Partner, FOX ROTHSCHILD LLP (Moderator)
  • Jordan Dembo, General Counsel – Private Funds, CIM GROUP
  • Samantha LaPine, Partner, COOLEY LLP
  • Michael Schwartz, , FINANCIAL COMPOUND
  • Robert Durand, Senior Vice President, Financing, KBS REALTY ADVISORS
  • Mark Foster, General Counsel, SABAL FINANCIAL GROUP, L.P.
12:00 PM Track C
Track C: Launching a New Fund Today: How to Increase Your Odds of Succeeding?
* The fund business model: What is it today? With regulatory change on the horizon, how is this model likely to adapt further? * How are new funds fairing in market? How is their capital raising going? What can prospective funds learn from this? What are the odds of new entrants succeeding today? How does this compare to two, five, seven years ago? * What can be expected in terms of costs, timeframes and barriers to market entry for new funds? * Fees: What is really needed to cover expenses? * What are today’s options for operating capital for new funds? * Why should a potential manager even consider launching a fund today, especially when considering other product types? * How can a new entrant increase their odds of succeeding? Does name count? What can we learn from recent failures to launch? * Recruiting anchor investors * Building a track record *

  • William Jackson, Partner, PIRCHER, NICHOLS & MEEKS (Moderator)
  • Greg Myers, Managing Director, CORTLAND FUND SERVICES
  • Andrew Yoon, Partner and Chief Operating Officer, GREENOAK REAL ESTATE
  • Scott Klein, Partner, LATHAM & WATKINS LLP
  • Adam Gale, Member, Corporate & Securities Practice and Co-chair of the Investment Funds Group, MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.
  • Seth Singerman, President, SINGERMAN REAL ESTATE, LLC
8:16 PM
Lunch

2:00 PM Track A
Track A: Secondary/Tertiary Markets: Weighing the Investment Opportunities
There has been a lot of interest in secondary markets in recent months, especially since the yield in gateway cities has gone down. Are investors and lenders finally opening up to the idea of assets that are not in primary markets? In this panel we explore investment opportunities in secondary and tertiary markets examining what opportunities exist, the financing available, typical deal terms etc. * Examining recent trends in secondary/tertiary market investment * What asset classes in what markets are you interested in/do you see the greatest opportunities in for 2013? Why? What growth characteristics do you look for? * What are your yield expectations? * What terms/conditions are you willing/not willing to accept? What would be a deal-breaker? * Is liquidity picking up in secondary markets? * What is a compelling cap rate for a secondary market? * When do you see the financing of assets in secondary/tertiary markets fully coming back? *

  • Jeff Andrews, , ALVAREZ & MARSAL (Moderator)
  • Mark Kunkel, Vice President, CARVAL INVESTORS
  • Brent Steele, Director, CBRE INVESTORS, LLC
  • Philip Cyburt, Chief Executive Officer, LAURUS CORPORATION
  • Lorne Polger, Senior Managing Director, PATHFINDER PARTNERS, LLC
  • Michael Cohen, Director of Advisory Services, PPR, A COSTAR COMPANY
2:00 PM Track B
Track B: Hotel: Where Does this Market Now Stand? Worth A Closer Look?
* What did fundamentals mean for the hotel market in 2012? Where is supply/demand now? Foreclosure rates? Valuations, etc.? * Is now the time to consider development? If so, where? In what class/hotel-related asset (timeshare, casinos, condo hotels, etc.)? What new construction financing is available? Is there capital for stalled projects? * What notable hotel financing deals have recently been done – new origination and refinancings? Where does the market stand for hotel financing? What terms/conditions/structures are being seen? Are refinancings any easier over 2011? How about the handling of defaults? * How are opportunists taking advantage of debt maturity foreclosures? * Alternative use strategies: What’s working? * Owner/operators partnering with lenders to manage properties: Key issues * 2013 market outlook *

  • Richard Warnick, President and Founder, WARNICK + COMPANY, LLC (Moderator)
  • Benjamin Tschann, Associate, GOODWIN PROCTER LLP
  • Richard Davis, Co-Chair of the Hotel, Resorts and Club Practice, GREENBERG TRAURIG, LLP
  • Brian De Lowe, Principal , KOR GROUP
  • Douglas Hercher, Principal & Managing Director, ROBERTDOUGLAS
  • Chauncey Swalwell, Partner, STROOCK & STROOCK & LAVAN, LLP
2:00 PM Track C
Track C: Special Servicers/Special Asset Managers: Disposition Update & How Buyers Can Work With Us
*What trends have you seen in assets being released to market in the past year and how does this compare to previous few years? To what degree will we now see more properties enter the market, especially considering the number of maturing loans? What are your expectations for the next 12-18 months? Can we say that “extend-and-pretend” is finally coming to an end? If not, what time period are we looking at? What will it take for this to ultimately happen? * When will you dispose of loans/properties? How can buyers buy loans/properties from you? What tips can you give prospective buyers? * Do you dispose of loans/properties via auction? Why would you use or not use the auction process? How can buyer's position themselves to compete at auction? * Special servicer conflicts of interest: What is your position on this? * What has been the state of play between senior and junior debt holders this year? Do you have any notable workout stories that debt holders can learn from? Now that we are five years into this downturn, what advice can you give the stakeholders in a deal when it comes to workouts? *

  • W. Eric Paulsen, President Commercial Division, AUCTION.COM, LLC (Moderator)
  • Larry Latham, Co-Chairman & Founder, AMERIBID LLC
  • Arash Mostafavipour, Executive Vice President, General Counsel & Secretary, CARRINGTON MORTGAGE HOLDINGS, LLC
  • Clark Rogers, Senior Vice President, KEYBANK REAL ESTATE CAPITAL
  • Lori Kohn, Vice President, Special Assets Group, NORTHERN TRUST
  • John Maute, Senior Managing Director, SITUS
8:16 PM Track A
Track A: Small/Niche Fund Panel: Go Big or Stay Niche? Competing with the Big Fish in a Small Investment Pool
* Should a fund go big or stay niche? What are the arguments for/against this in the current climate? * What are the capital raising challenges for small funds/non-major food groups? How are you competing with the big funds for the limited amount of capital? How are you accessing capital? What is investor appetite for small/niche funds? What niches are/are not selling? How are you educating your investor base on your particular niche asset? What is the outlook for capital raising for small/niche funds? * Are there any government sponsored programs that favor smaller funds or are they all geared towards billion $ funds? Is this likely to change in 2013? * What assets/geos are you favoring? Are you focused on regional deals? How are you sourcing deals? * Are you meeting investor expectations? What are the main considerations in creating an appealing programmatic investment fund that appeals to the right investors? * 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? *

  • Joseph Bailitz, Partner, KPMG (Moderator)
  • Dan Falls, Regional Vice President, AMERIBID LLC
  • Santosh Govindaraju, CEO & Portfolio Manager, CONVERGENT CAPITAL PARTNERS
  • Henry Bandet, Founder & Partner, HG CAPITAL, LLC
  • Jay Rollins, President, JCR CAPITAL
  • Michael Frankel, Managing Partner, REXFORD INDUSTRIAL, LLC
8:16 PM Track B
Track B: Homebuilding and Other Land Deals: Opportunities; Trends; Financing
* “Homebuilding is back”: Where are local bubbles for residential demand? What new bubbles are we likely to see over the next 12-18 months? Where has the bubble already burst? * What opportunistic strategies are homebuilders now using? What IRRs are being chased/seen? * What financing is available for home building at what rates/terms? * Notable trends in land and development from the past 12 months: Where is land value going? What financing is being secured? For what types of development? Where? * Assessing urban land opportunities * Institutional investor appetite for land *

  • Fred Pillon, Partner, GIBSON, DUNN & CRUTCHER, LLP (Moderator)
  • Randy Teteak, Executive Vice President, SUNCAL
  • David Butler, Managing Partner, ARGOSY REAL ESTATE
  • Hector Calderon, Managing Director, ENCORE FUNDS / BUILDER ADVISOR GROUP
  • Jeff Meyers, President, MEYERS RESEARCH LLC, A KENNEDY WILSON COMPANY
  • Phil Rush, Regional Director-Asset Management, MOUNTAIN REAL ESTATE GROUP
8:16 PM Track C
Track C: Navigating Anticipated Changes in Tax Laws & Understanding Key Tax Considerations For Distressed Debt Investments
In this session we address the latest in proposed tax changes – such as the taxation of carried interests and a raise in the capital gain rate – and how they might affect real estate investors in terms of the structure and pricing of investments. We also address the key tax issues to consider when investing in real estate debt. 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 *

  • Kenneth Weissenberg, Partner, EISNERAMPER LLP (Moderator)
  • John Cook, Partner, BKD, LLP
  • R. Eric Emrich, CFO, INDEPENDENCE CAPITAL PARTNERS
  • James Tod, Partner, KPMG LLP
  • Kevin Seabolt, Senior Manager, MOSS ADAMS LLP
8:16 PM
Refreshments

8:16 PM Track A
Track A: Sourcing and Buying Defaulted Notes/Loan Portfolios
* What change has there been over the past 12 months in how the FDIC and banks are disposing of properties? * What is now being brought to market? Who is buying? * What opportunities have loans come due presented this past year? What can we expect over the next 18 months? * Where are the best deals to be had – performing, sub-performing, non-performing? Mezzanine vs. other sub-debt vs. senior debt? * REOs, short sales, foreclosure auctions: Competition is fierce, how to beat others to the punch? * Exit strategies * Red flags/ risks *

  • Michael Lesser, Managing Director, EASTDIL SECURED (Moderator)
  • David Barksdale, Partner, BALLARD SPAHR LLP
  • Scott Morehouse, Shareholder, GREENBERG TRAURIG, LLP
  • Charles Toppino, President, OAK PASS CAPITAL
  • Robert Kline, Principal & CEO, RW KLINE COMPANIES
  • Donald Sheets, Senior Principal, SQUARE MILE CAPITAL MANAGEMENT LLC
8:16 PM Track B
Track B: Retail: Where Does this Market Now Stand? Staying Ahead of the Curve with Shifting Demand
* How did the retail market fare in 2012? Ground-up development/re-development vs. closures (where/what)? Leasing trends? Supply vs. demand? Prices? * Impact of shifts in consumption due to economy and changing demographic s * Assessing the ongoing impact of e-commerce on retail real estate investment strategies * What will the next generation of retail look like? * What can we expect for 2013? Where will the smart money go? * Infill & urban vs. suburban opportunities * Financing options in the current climate: What is available at what terms/cost? New origination vs. refinancings * Adaptive reuse: The latest examples of failed projects and how they were successfully reinvented to fit current needs *

  • Dean Pappas, Partner, GOODWIN PROCTER LLP (Moderator)
  • Martin Alston, Partner, Portfolio Management, CAPRI CAPITAL PARTNERS, LLC
  • Peter Collins, Co-Founder & Managing Principal, FORGE CAPITAL PARTNERS, LLC
  • Leslie Lundin, Managing Partner, LBG REAL ESTATE COMPANIES, LLC
  • Hal Scudder, Chief Investment Officer, PHILLIPS EDISON
  • Joel Mayer, Managing Director, Head of Retail, ROCKWOOD CAPITAL, LLC
8:16 PM Track C
Track C: An Update on Tranche Warfare: Learning from Recent Cases
In this panel we will review notable cases of recent tranche warfare with the objective of outlining key considerations for and options open to the different tranche stakeholders in a workout. In particular we will explore the implications of recent rulings for mezzanine lenders and what effective remedies are now open to them. Among the points to be addressed are: * 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 note structures * Recourse for out of the money positions *

  • Mark Shinderman, Partner, MILBANK, TWEED, HADLEY & MCCLOY LLP (Moderator)
  • Todd Sammann, Principal, COLONY CAPITAL, LLC
  • David Cher, Of Counsel, DLA PIPER LLP (US)
  • Eric Remensperger, Partner, PROSKAUER
  • Eric Pezold, Partner, SNELL & WILMER L.L.P.
8:16 PM Track A
Track A: Mezzanine Lender New Origination Executive Panel: What it Takes to Get Deals Done
* How much new mezzanine origination did you do in 2012? Typical asset types/class/geo, terms/conditions? Are you doing preferred equity? Are deals less complex than this time last year? What kind of deal structures will be prominent this year? Why? * Where are deals coming from/how are you sourcing borrowers? * Can borrowers be optimistic about levels of new origination in 2013? Based on what? New acquisitions vs. ground-up development * What are your sweet spots? What won’t you touch? What are your yield expectations? Appetite for risk? * How are you working with borrowers to get deals done? What makes an ideal borrower in your view? What can a borrower who has had a ‘troubled’ past do to secure mezzanine financing in the current climate? * Has your business evolved over the past 12 months? If so, how? How has your relationship with others in the capital stack evolved? What does this ultimately mean for deal flow? *

  • David Packer, Partner, PIRCHER, NICHOLS & MEEKS (Moderator)
  • Jason Choulochas, Partner, ARES MANAGEMENT LLC
  • James Henderson, Managing Director-Alternative Investments Group, CORNERSTONE REAL ESTATE ADVISERS LLC
  • Sujan Patel, Managing Director and Co-Head of Investments, NORTHSTAR ASSET MANAGEMENT GROUP
  • Warren de Haan, Chief Originations Officer and Managing Director, STARWOOD PROPERTY TRUST
  • Bruce Batkin, President & Chief Executive Officer, TERRA CAPITAL PARTNERS, LLC
8:16 PM Track B
Track B: Office: Where Are We in the Cycle? Is Class C Back?
* Assessing opportunities within tech-orientated markets: Boston, NYC, Silicon Valley, Silicon Beach, South San Francisco, etc. * Will the demand in tech-orientated markets continue in 2013? Spread to other markets? * Is class C back? * What financing is available? * When can we expect the slow nationwide recovery in office to speed up? How did fundamentals impact the office market in 2012? What is the outlook for the next 12-18 months? *

  • Jeffrey Alpaugh, Managing Director, Global Real Estate Practice Leader, MARSH & MCLENNAN (Moderator)
  • Steve Jaffe, Executive Vice President and General Counsel, B.H. PROPERTIES
  • Pete Kutzer, Managing Partner, EDGEWOOD REALTY PARTNERS, LLC
  • Dan Rosenbloom, Managing Director, GEM REALTY CAPITAL, INC.
  • Jonathan Epstein, Managing Director, GREENOAK REAL ESTATE
  • Timothy Shine, Managing Principal, PARMENTER REALTY PARTNERS
8:16 PM Track C
Track C: Europe & the Rest of the World: Opportunities in Distressed Assets & New Development
In this panel we examine investment opportunities within distressed real estate in developed and emerging markets as well as key new development opportunities globally. * How is the Euro-Zone economic uncertainty influencing your distressed investment strategy in the region? What debt and equity opportunities are available? What European countries and asset classes are you favoring? What yields are you chasing? Are there new development opportunities? What are the main barriers to market entry to overcome? What is the outlook for 2013 for investing in European real estate? * What other regions offer key investment opportunities internationally? Developed vs. emerging markets; Distressed vs. new development * What are the tax consequences and developments of investing in foreign distressed assets? * Are you getting compensated for the additional risk of emerging markets? * What is the current appetite of investors for emerging markets? For developed international markets? What investor-specific issues are you facing? *

  • Scott Klein, Partner, LATHAM & WATKINS LLP (Moderator)
  • Christopher Seyfarth, Partner, Transaction Advisory Services/Transaction Real Estate, ERNST & YOUNG LLP
  • Frederic Samelian, President, Construction Claims and Consulting Group, HILL INTERNATIONAL, INC.
  • Robert Cudd, Partner, MORRISON & FOERSTER LLP
  • Frederick Gortner, Managing Director-Chief Operating Officer, PALADIN REALTY PARTNERS, LLC
  • Roy Smolarz, Senior Managing Director, PRIMARY CAPITAL LLC
8:16 PM Track A
Track A: Financing for Smaller Deals/Non-Core Assets/Non-Core Markets: What is Available and At What Cost?
* What lenders are active in small deals and/or non-core assets/markets? How does this compare to a year ago? Are lenders becoming more open to these kinds of deals? How does the CMBS lender view these types of deal? Who does the current market favor - the lender or the borrower? * What kinds of deal terms/structures are being seen on what kinds of assets/geos? Have underwriting standards become stricter or looser over the past 12 months? What are lenders’ yield expectations? * Is there GSE financing available? * What do potential borrowers need to have/do to attract financing for these types of deal? *

  • Tom Voekler, Managing Partner, Business, KAPLAN VOEKLER CUNNINGHAM & FRANK, PLC (Moderator)
  • Stephen Rosenburgh, President & Chief Executive Officer, US DEVELOPMENTS
  • Jeffrey Toporek, Principal, New York Area, FD STONEWATER
  • Jonathan Daniel, CEO and Founder, SILO FINANCIAL CORP.
8:16 PM Track B
Track B: Rescue Financing for ReCaps/Refinacings: What is Available and at What Cost to Borrowers?
* What were refinancing/recap trends across the different asset types in 2012? What does this indicate for this 2013? * Can owners expect lenders to continue to extend and pretend in 2013? How can they best manage their relationship with their current lenders? * What are the options available to property owners with maturing loans where current lenders will not refinance? * How can funds in the disposition phase refinance loans coming due? * 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? * What is the availability of top-up financing for a low-leverage loan? * Will we see more rescue finance players enter the market in 2013? * Restructuring capital stacks *

  • Jay Rollins, President, JCR CAPITAL (Moderator)
  • Andy Stewart, Partner, ARGOSY REAL ESTATE
  • Tim Johnson, Managing Director, THE BLACKSTONE GROUP
  • Robert Murray, Managing Director, PRAEDIUM GROUP, LLC
  • Robert Kline, Principal & CEO, RW KLINE COMPANIES
8:16 PM Track C
Track C: Single-Family Home Strategies: The New Gold Rush?
* Recent trends in single-family home investments: Geos, asset classes, quantities, the main players * What strategies are being utilized? How are they faring? * What yields are being chased/seen? * What structure is best for this type of investment: Fund? REIT? * Considerations unique to this investment type * Investment criteria * Economies of scale: How much do you need to be effective? * Sourcing deals * Fund/operator joint ventures: What to look for in a local partner; jv considerations for this investment type * Rental vs. flipping. Lessons learned in the past year * Exit strategies *

  • Robert Fragoso, Executive Vice President, ANCHOR LOANS (Moderator)
  • Jan Brzeski, Managing Director & Chief Investment Officer, CROSSWIND FINANCIAL/ARIXA
  • Chad Carpenter, Chairman and CEO, REVEN HOUSING REIT, INC.
  • Michael Hayde, Chief Executive Officer, WESTERN NATIONAL GROUP
  • James Paine, Partner, WEST REALTY ADVISORS, LLC
  • Fontana Fitzwilson, EVP, Sales, WILLIAMS & WILLIAMS WORLDWIDE REAL ESTATE AUCTION
6:00 PM
Networking Reception

7:00 PM
Forum Day Two Concludes

Friday, January 25th, 2013
8:16 PM
Registration & Breakfast

8:16 PM
Family Office and High-Net-Worth Panel: Allocations; Return Expectations; Bringing Expertise In-House
* Do you invest directly or do you allocate $ to funds? If the latter, are you considering bringing real estate expertise in-house? Why/why not? What do you look for in a fund/fund manager? What will make you walk away? How can fund managers best work with you? If you invest directly, what do you look for in an operating partner? How do you source potential operating partners? What words of advice can you give prospective operators wanting to partner with you? * What role does real estate play in your portfolio today? Current allocation? Are you looking to increase this? What asset classes/geos are you favoring? Are you investing internationally? What is your current risk tolerance? Where do you see the best opportunities being in 2013-2014? * What are your investment-return expectations in this market? What are your return thresholds? * How are you structuring deals? * How do you differ from other institutional investors? *

  • Jesse Sharf, Partner, GIBSON, DUNN & CRUTCHER, LLP (Moderator)
  • Mark Tronstein, Managing Director-Real Estate, ANDELL INC.
  • Marty Caverly, Chief Investment Officer, RESOURCE REAL ESTATE
  • Matthew Schwab, Managing Director, KARLIN REAL ESTATE
  • Greg Kushner, Founder & President, LIDO ADVISORS, INC.
  • Dani Evanson, Managing Director, RMA, INC.
8:16 PM
Breaking Down Core and Core Plus Strategies
* What do you mean by ‘core’ and ‘core plus’? * What is the focus of your core strategy? What yields are you chasing? * Sourcing deals – how are you beating out the competition? * Valuation issues for core vs. value-add vs. opportunistic * Is it really lower risk to pay double or triple per square foot for buildings that are leased up and stabilized? When is core risky? When is value-added less risky than core? * Do you have your pick of investors? * Are core properties in financial distress a strategy? * What is your strategy for core properties in secondary markets? * Should there be a “core international” asset class? *

  • Steven Lichtenfeld, Partner, PROSKAUER (Moderator)
  • Allan Sternberg, Vice President, ANGELO, GORDON & CO.
  • Michael Hartman, Managing Director, REZNICK CAPITAL MARKETS SECURITIES, LLC
  • Jeanne Myerson, President & CEO, THE SWIG COMPANY
  • Bruce Petersen, Executive Managing Director, Investments, USAA REAL ESTATE COMPANY
8:16 PM
What is on your Checklist? The Property Side of Acquisitions, Due Diligence, Risk Management and Property & Environmental Insurance Update
* When do you use outside counsel? * Purchase agreements * Closing hurdles * Evaluating local entitlements * Seller liability issues * What is the minimum time you will take to do due diligence? What if you do not have that much time?* Note Sales* Dispositions* Local codes & laws * What to do if no comps? * Physical inspection * Environmental * Exclusivity periods * Negotiation trends * Environmental concerns * Physical property inspection * Title issues * Entitlements review * Insurance litigation trends * Errors & Omissions * Directors insurance update * Title insurance/Mechanics liens * What is your ERM plan? * Crisis management * Disaster recovery * Conducting a risk assessment *

  • Michael Baum, Shareholder, GREENBERG TRAURIG, LLP (Moderator)
  • Jim McNally, Principal, ENVIRON INTERNATIONAL CORPORATION
  • Bruce Kranz, Senior Vice President, HYLANT GROUP
  • Read Davis, President, MCGRIFF, SEIBELS & WILLIAMS, INC.
  • Joseph Derhake, President, PARTNER ENGINEERING AND SCIENCE, INC.
  • William Shopoff, President, SHOPOFF REALTY INVESTMENTS
  • Neal Holdridge, Principal - Environmental Manager, CBRE - TRAMMELL CROW
11:00 AM
Refreshments

8:16 PM
Get it While it’s Hot! The Potential Within Multi-Family in 2013
* What were notable trends in the multifamily market in 2012? What has been the impact of the economy? Can we expect more of the same for 2013? * Assessing development opportunities: Key sectors/geos? Any notable local bubbles outside NYC/San Fran? * Is overbuilding a concern at this point? Is the apartment market close to overheating? Assessing the interplay between growth in the multifamily and single family markets * ‘A’ vs. ‘B’ properties; Primary vs. secondary markets * Are investments being made on economic value or expectation of future market price increases? * What financing is available? At what cost? * The GSE’s role: What is the latest from Capitol Hill? * Mezzanine financing available using GSEs * Rescue capital & maturing loans: Is there a match? *

  • Grant Puleo, Partner, PROCOPIO, CORY, HARGREAVES & SAVITCH LLP (Moderator)
  • Adam Fruitbine, Managing Director, ALLIANCE RESIDENTIAL COMPANY
  • Jeff Meyers, President, MEYERS RESEARCH LLC, A KENNEDY WILSON COMPANY
  • Robert Lee, Director Capital Markets, SILVER PORTAL CAPITAL
  • Richard Gollis, Principal, THE CONCORD GROUP, LLC
12:00 PM
The Institutional Investor Perspective on Evolving LP-GP Relations
* How have LP-GP relations changed over the past year? * Have your fund selection criteria changed? If so how and why? * Small funds vs. big funds - pros and cons? Which do you prefer working with? * What kind of deals are you interested in? Are you requesting to see the deals before committing capital? What is your perspective on discretionary vs. non-discretionary deals? Co-investments? * Aligning interests, communications and transparency: What are the latest issues here? * Handling defaults and working out underwater funds * Fees, Promotes & Incentives: What are the current drivers? * How do you see LP-GP relations continuing to evolve? Which funds will be successful in attracting capital? *

  • Thomas Salley, Partner, COOLEY LLP (Moderator)
  • Pete Adler, Retirement Board Chair, CITY OF ARVADA, COLORADO
  • Dennis Montz, Vice President – Private Investments, SENTINEL TRUST
  • Nicholas Rotello, Founder, SEVEN TWO PARTNERS
8:16 PM
IMN's Tenth 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
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


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 20, 2012.

Hotels
Surf and Sand Resort

1555 South Coastal Highway
Laguna Beach, CA, 92651
USA

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

Phone: (949) 497-4477
Website: http://www.surfandsandresort.com

Aliso Creek Inn

31106 Pacific Coast Highway
Laguna Beach, CA, 92651


Please note: IMN does not have a room block 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: IMN does not have a room block at this hotel and cannot guarantee rate or availability.

Phone: 949-499-2227

Ritz-Carlton Laguna Niguel

1 Ritz Carlton Drive
Dana Point, CA, 92629
USA

Please note: IMN does not have a 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

Laguna Cliffs Resort & Spa, A Marriott Resort

25135 Park Lantern
Dana Point, CA, 92629


Please note: IMN does not have a contracted room block at this hotel and cannot guarantee rate or availability.

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

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