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Summer 2015
Volume 17 No. 2
A publication of
CRE Finance CouncilCRE Finance World Summer 2015
1
Summer Issue 2015 is Sponsored by
Contents
CRE F IN A NC E W RL D
3. Letter from the Editor, Nicoletta Kotsianas, Associate Director, Kroll Bond Ratings 4. Welcome Letter, Stephen Renna, President & CEO, CRE Finance Council 6. Real Estate Managers Face New Wave of SEC Security Conrad Axelrod, Associate, Investment Management Group, Schulte Roth & Zabel LLP; Marshall Brozost, Partner, Real Estate Group, Schulte Roth & Zabel LLP 10. Beyond the Big Six: Identifying Alternative US Office Markets Based on Long Term Demand Generators Stewart Rubin, Director, New York Life Real Estate Investors 16. A LENDER ROUNDTABLE: REAL TALK FROM REAL LENDERS ON TODAY’S COMPETITIVE COMMERCIAL AND MULTIFAMILY LENDING ENVIRONMENTS Moderators: Lisa Pendergast, Managing Director, Jefferies LLC Stephanie Petosa, Managing Director, Fitch Ratings Participants: Larry Brown, President, Starwood Mortgage Capital Brian A. Furlong, Managing Director, New York Life Real Estate Investors Spencer Kagan, Managing Director, Barclays PLC Clay M. Sublett, Senior Vice President, Key Bank Real Estate Capital CROWDED TRADES 24. The Three Keys to Real Estate Crowdfunding Joanna Schwartz, CEO & Co-Founder, Early Shares 26. Crowdfunding: The Future of Commercial Real Estate Lending or Just a Voice Lost in the Crowd? Robert Sullivan, Partner, Co-Chair Finance Group, Alston & Bird; Geoffrey Maibohm, Counsel, Finance Group, Alston & Bird; Stephen Denmark, Associate, Alston & Bird 30. ASERs 2.0: Who Gets the Short End of the Stick? Stacy Ackernman, Partner, K & L Gates LLP; Leslie Hayton, Managing Director, Wells Fargo Bank, N.A 32. CRE As a Source of Systemic Risk: How Normative Should the New Regulatory Norms Be? Christina Zausner, Vice President, Industry and Policy Analysis, CRE Finance Council 35. CMBS 2.0 – State of the Market 2015 Ed Shugrue III, CEO, Talmage LLC 40. Student Housing Performance in CMBS Roxanna Tangen, Assistant Vice President, Global CMBS Global Structured Finance, DBRS; Jorge Lopez, Financial Analyst, Global CMBS, Global Structured Finance, DBRS 43. Some Crystal Ball Gazing on European CMBS Iain Balkwill, Partner, Reed Smith BOOMTOWNS 45. Lower Oil Prices and Multifamily – More Winners Than Losers Kim Betancourt, Director of Economics, Fannie Mae, Multifamily Economics and Market Research, Tim Komosa, Economist Manager, Fannie Mae, Multifamily Economics and Market Research 50. Low Energy Prices’ Impact on Multifamily May be Negligible, But Office Will Feel Some Pain Dr. Victor Calanog, Chief Economist and Senior Vice President, Reis; Ryan Severino, CFA , Reis; Bradley Doremus, Associate, Research & Economics, Reis CREFC FOCUS 54. CREFC Global Mission Stacy Stathopoulos, Executive Vice President, CRE Finance Council 56. CREFC Education: Where We Are….Where We’re Going Sara Thomas, Director, Education Initiatives, CRE Finance Council FORUM SPOTLIGHT 58. Portfolio Lenders Survey: U.S. Life Insurers’ Mortgage Outlook Sonal Paradkar, Assistant Vice President, Trepp 62. Servicers Forum Update Dan Olsen, Senior Vice President, KeyBank Real Estate Capital 65. HYDRA Sub-Forum Update John D’Amico, Director, TrimontRoundtable