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NAVIGATING COMMERCIAL REAL ESTATE DEALS IN 2010 AGENDA
AUGUST 17
On Tuesday August 17th we will host a seminar on Navigating Commercial Real Estate Deals in 2010. This event is oriented towards persons in the Commercial Real Estate industry. We will review new trends with debt instruments such as CMBS and balance sheet debt with commercial real estate. We will have leading funds discussing their outlook and experience with opportunities and opportunistic deals for 2010. We will have leading funds presenting on where they see market activity along with thought leaders in the area and advisory firms. We will spend four hours reviewing trends on the subject matter. To get through security, you must register. The event starts at 12:30 p.m. and ends at 5:30 p.m. A reception will follow.
SAM CHANDAN, PRESIDENT, REAL ESTATE ECONOMETRICS
Dr. Sam Chandan is President and Chief Economist of Real Estate Econometrics and an adjunct professor of real estate at the Wharton School of the University of Pennsylavania. In his leadership role at reeconometrics, Dr. Chandan is responsible for the firm's economic and risk analysis services, as well as its commercial mortgage performance reporting and forecasting products. Dr. Chandan directs reeconometrics’ intellectual resources to address the unique challenges and opportunities facing commercial real estate lenders, investors, and policy makers amidst unprecedented disruptions to the normal functioning of credit markets and the global economy.
Prior to forming reeconometrics in December 2008, Dr. Chandan was Chief Economist and Senior Vice President at Reis, Inc. (NASDAQ: REIS), a leading provider of multifamily and commercial real estate data and Internet-based information tools. While at Reis, Dr. Chandan was responsible for the firm's market forecasting; the development of its valuation, risk, and quantitative models; CMBS and securitized debt analysis tools; and, real estate portfolio analytics service.
Dr. Chandan’s commentary on commercial and residential markets, the economy, and capital and credit markets has been featured in national and global print publications, on radio, and on television. In addition to the Wall Street Journal, Bloomberg, and Reuters, his commentary on the market has also appeared in the Financial Times and the New York Times; in BusinessWeek and Forbes; on CNBC, the Fox Business Network, CNN, MSNBC, Bloomberg Television, and Nightly Business Report; and on National Public Radio and Public Radio International.
Among his academic affiliations, Dr. Chandan is a member of the Royal Economic Society, the American Economics Association, and the American Real Estate and Urban Economics Association. He was elected an Eminent Fellow of the Royal Institution of Chartered Surveyors (RICS) in 2008, serves on the Advisory Board of the Real Estate Research Institute (RERI), and is a Visiting Scholar at the Zicklin School of Business at Baruch College, City University of New York.
Named one of the industry’s most influential people by Multi Housing News magazine, Dr. Chandan is a regular speaker at industry events and is a contributing author to many of the its preeminent publications. Recent speaking engagements have included keynote addresses, panel participation, and briefings for the Real Estate Roundtable (RER), the Urban Land Institute (ULI), the Commercial Mortgage Securities Association (CMSA), the Mortgage Bankers Association (MBA), and the Federal Deposit Insurance Corporation (FDIC). Over the course of 2008 and 2009, he has presented a series of updates on commercial real estate market conditions for staff at the Federal Financial Institutions Examination Council (FFIEC)’s member bodies: the Board of Governors of the Federal Reserve; the Office of the Controller of the Currency (OCC); the Office of Thrift Supervision (OTS); the National Credit Union Administration (NCUA); and, the FDIC.
Dr. Chandan holds the PhD in Applied Economics from the Wharton School of the University of Pennsylvania. He was a Doctoral Scholar in the Economics Department at Princeton University. In addition to the PhD, Dr. Chandan holds a MA in Economics, a MSc in Engineering, and a BSc in Economics with concentrations in Finance and Public Policy. In addition to his current teaching responsibilities at the Wharton School, Dr. Chandan has taught microeconomic theory at Wharton and was a visiting professor on the faculty of the Economics Department at Dartmouth College.
MARK BHASIN, SENIOR DIRECTOR, ORIGINATIONS, PALISADES FINANCIAL
Mark K. Bhasin, CFA, FRM, CAIA is currently a Senior Director of Originations for Palisades Financial, a leading commercial real estate direct lender and advisory firm. He has spent more than 14 years in the financial and real estate sectors, including most recently serving as a CMBS/CDO loan officer for CWCapital (wholly-owned subsidiary of Caisse de depot et placement du Quebec) in New York. Prior to CWCapital, Mark worked as an Associate at GMAC Commercial Mortgage and Financial Analyst at Paine Webber while also participating in PaineWebber’s Investment Banking Training Program. While an undergraduate student at NYU, Mark worked part time for 2 years at Kidder Peabody in its CMO/MBS research and analytics group.
Mr. Bhasin is an Adjunct Professor of Real Estate Development at Columbia University where he lectures on real estate capital markets. In addition, he is a Lecturer at SUNY Stony Brook where he teaches an MBA corporate finance class. Bhasin is a graduate of New York University’s Stern School of Business where he earned his Bachelor of Science degree in finance and accounting and Columbia University where he earned his Masters of Science degree in Real Estate Development. Mr. Bhasin is a CFA and CAIA charterholder and holds the FRM and PRM risk management designations. He is also an active member of the Urban Land Institute (Member of Urban Development Mixed Use Council, Chair of Northern New Jersey Capital Markets Committee and Member of New York City Programming Committee), CFA Institute (CFA grader from 2007-2009 and Member of Education Advisory Committee Working Body), Chartered Alternative Investment Analyst Association (Member of Exam Development Committee) and New York Society of Security Analysts (Faculty Member and Member of Alternative Investments Committee). He resides in northern Battery Park City and is an active member of the Young Patrons of Lincoln Center.
HEIDI BUCHER, MANAGING DIRECTOR, ALPHA RISK MANAGEMENT
Heidi manages this area which has assisted 21 Lenders in $77 billion of transactions – acquisitions, refis and construction loans, many of which have gone into the CMBS market. Resume and Alpha ranking attached. She also serves as the team leader in consulting for Angelo, Gordon & Co. which utilizes DLA Piper as a major law firm.
SCOTT ROBINSON, MANAGING DIRECTOR, ALPHA RISK MANAGEMENT
Scott Robinson has 15 years of real estate experience in credit rating analysis, real estate finance, capital markets and investment banking.
Prior to launching Cadence Capital Group in 2008, Mr. Robinson was a Vice President of Real Estate Investment Banking at Citigroup. He was a key-member of the real estate finance team, focusing on the securitization and syndication of various secured and unsecured debt commitments ranging from $50 million to over $5 billion. His notable transactions included Citigroup floating-rate securitizations, multiple public/private mergers such as Flagler development and American Financial Realty Trust, and numerous portfolio transactions. Before Citigroup, Mr. Robinson was a senior analyst in the Real Estate Finance Group at Standard & Poor’s, focused on Real Estate Investment Trusts (REITs) and Commercial Mortgage-Backed Securities (CMBS). Mr. Robinson’s clients included some of the largest rated-REITs and property developers including Simon Property Group, Vornado Realty Trust, Equity Residential, and Forest City Enterprises.
SAM CHANDAN, PRESIDENT, REAL ESTATE ECONOMETRICS
Dr. Sam Chandan is President and Chief Economist of Real Estate Econometrics and an adjunct professor of real estate at the Wharton School of the University of Pennsylavania. In his leadership role at reeconometrics, Dr. Chandan is responsible for the firm's economic and risk analysis services, as well as its commercial mortgage performance reporting and forecasting products. Dr. Chandan directs reeconometrics’ intellectual resources to address the unique challenges and opportunities facing commercial real estate lenders, investors, and policy makers amidst unprecedented disruptions to the normal functioning of credit markets and the global economy.
Prior to forming reeconometrics in December 2008, Dr. Chandan was Chief Economist and Senior Vice President at Reis, Inc. (NASDAQ: REIS), a leading provider of multifamily and commercial real estate data and Internet-based information tools. While at Reis, Dr. Chandan was responsible for the firm's market forecasting; the development of its valuation, risk, and quantitative models; CMBS and securitized debt analysis tools; and, real estate portfolio analytics service.
Dr. Chandan’s commentary on commercial and residential markets, the economy, and capital and credit markets has been featured in national and global print publications, on radio, and on television. In addition to the Wall Street Journal, Bloomberg, and Reuters, his commentary on the market has also appeared in the Financial Times and the New York Times; in BusinessWeek and Forbes; on CNBC, the Fox Business Network, CNN, MSNBC, Bloomberg Television, and Nightly Business Report; and on National Public Radio and Public Radio International.
Among his academic affiliations, Dr. Chandan is a member of the Royal Economic Society, the American Economics Association, and the American Real Estate and Urban Economics Association. He was elected an Eminent Fellow of the Royal Institution of Chartered Surveyors (RICS) in 2008, serves on the Advisory Board of the Real Estate Research Institute (RERI), and is a Visiting Scholar at the Zicklin School of Business at Baruch College, City University of New York.
Named one of the industry’s most influential people by Multi Housing News magazine, Dr. Chandan is a regular speaker at industry events and is a contributing author to many of the its preeminent publications. Recent speaking engagements have included keynote addresses, panel participation, and briefings for the Real Estate Roundtable (RER), the Urban Land Institute (ULI), the Commercial Mortgage Securities Association (CMSA), the Mortgage Bankers Association (MBA), and the Federal Deposit Insurance Corporation (FDIC). Over the course of 2008 and 2009, he has presented a series of updates on commercial real estate market conditions for staff at the Federal Financial Institutions Examination Council (FFIEC)’s member bodies: the Board of Governors of the Federal Reserve; the Office of the Controller of the Currency (OCC); the Office of Thrift Supervision (OTS); the National Credit Union Administration (NCUA); and, the FDIC.
Dr. Chandan holds the PhD in Applied Economics from the Wharton School of the University of Pennsylvania. He was a Doctoral Scholar in the Economics Department at Princeton University. In addition to the PhD, Dr. Chandan holds a MA in Economics, a MSc in Engineering, and a BSc in Economics with concentrations in Finance and Public Policy. In addition to his current teaching responsibilities at the Wharton School, Dr. Chandan has taught microeconomic theory at Wharton and was a visiting professor on the faculty of the Economics Department at Dartmouth College.
MARK BHASIN, SENIOR DIRECTOR, ORIGINATIONS, PALISADES FINANCIAL
Mark K. Bhasin, CFA, FRM, CAIA is currently a Senior Director of Originations for Palisades Financial, a leading commercial real estate direct lender and advisory firm. He has spent more than 14 years in the financial and real estate sectors, including most recently serving as a CMBS/CDO loan officer for CWCapital (wholly-owned subsidiary of Caisse de depot et placement du Quebec) in New York. Prior to CWCapital, Mark worked as an Associate at GMAC Commercial Mortgage and Financial Analyst at Paine Webber while also participating in PaineWebber’s Investment Banking Training Program. While an undergraduate student at NYU, Mark worked part time for 2 years at Kidder Peabody in its CMO/MBS research and analytics group.
Mr. Bhasin is an Adjunct Professor of Real Estate Development at Columbia University where he lectures on real estate capital markets. In addition, he is a Lecturer at SUNY Stony Brook where he teaches an MBA corporate finance class. Bhasin is a graduate of New York University’s Stern School of Business where he earned his Bachelor of Science degree in finance and accounting and Columbia University where he earned his Masters of Science degree in Real Estate Development. Mr. Bhasin is a CFA and CAIA charterholder and holds the FRM and PRM risk management designations. He is also an active member of the Urban Land Institute (Member of Urban Development Mixed Use Council, Chair of Northern New Jersey Capital Markets Committee and Member of New York City Programming Committee), CFA Institute (CFA grader from 2007-2009 and Member of Education Advisory Committee Working Body), Chartered Alternative Investment Analyst Association (Member of Exam Development Committee) and New York Society of Security Analysts (Faculty Member and Member of Alternative Investments Committee). He resides in northern Battery Park City and is an active member of the Young Patrons of Lincoln Center.
HEIDI BUCHER, MANAGING DIRECTOR, ALPHA RISK MANAGEMENT
Heidi manages this area which has assisted 21 Lenders in $77 billion of transactions – acquisitions, refis and construction loans, many of which have gone into the CMBS market. Resume and Alpha ranking attached. She also serves as the team leader in consulting for Angelo, Gordon & Co. which utilizes DLA Piper as a major law firm.
SCOTT ROBINSON, MANAGING DIRECTOR, ALPHA RISK MANAGEMENT
Scott Robinson has 15 years of real estate experience in credit rating analysis, real estate finance, capital markets and investment banking.
Prior to launching Cadence Capital Group in 2008, Mr. Robinson was a Vice President of Real Estate Investment Banking at Citigroup. He was a key-member of the real estate finance team, focusing on the securitization and syndication of various secured and unsecured debt commitments ranging from $50 million to over $5 billion. His notable transactions included Citigroup floating-rate securitizations, multiple public/private mergers such as Flagler development and American Financial Realty Trust, and numerous portfolio transactions. Before Citigroup, Mr. Robinson was a senior analyst in the Real Estate Finance Group at Standard & Poor’s, focused on Real Estate Investment Trusts (REITs) and Commercial Mortgage-Backed Securities (CMBS). Mr. Robinson’s clients included some of the largest rated-REITs and property developers including Simon Property Group, Vornado Realty Trust, Equity Residential, and Forest City Enterprises.
Mr. Robinson has also held positions at Macquarie Capital, an Australian-based investment bank, Advanced Real Estate Services, a California-based real estate investment and management company, and BRT, a New York-based mortgage REIT. Mr. Robinson currently serves on the Board of Directors of Monmouth Real Estate Investment Trust (NASDQ: MNRTA) and RBW Capital Advisors, LLC, a New York-based long/short hedge fund. He is also an adjunct professor of Real Estate Capital Markets and co-Director of the REIT Center at New York University.
Mr. Robinson received a Bachelor of Science in Economics with a minor in Accounting from the University of California, Riverside, in 1992. He earned a Master of Science in Real Estate Finance, with distinction, from New York University in 1999.
JC KANE, MANAGING DIRECTOR LIGHTHOUSE POINT ADVISORS
Lighthouse Point Advisors advises families on alternative and investment decisions and advise investment managers on marketing, advisory, and strategic positioning. JC Kane is a highly accomplished investment executive with more than 30 years of hands on experience on Wall Street. From the mid 1980’s, he built a successful career of managing assets and private investment funds for individuals and private families worldwide. He has been a Managing Director at Morgan Stanley and Laidlaw. He was CEO of SB Group and SBGAM a $900 million asset manager which he sold in 2006. He has an MBA from Tuck / Dartmouth and a PMC from Wharton. .
RON DVARI, PRESIDENT, NEW OAK CAPITAL
28 years of experience; worked at BlackRock as the head of structured finance, and State Street Research as a Managing Director; at BlackRock, co-managed $60 billion in fixed-income assets, of which managed $16 billion directly; at State Street Research, managed $27 billion as a member of a three-person Bond Policy Committee, and managed $14 billion directly; and holds MBA, PhD and MS degrees.
JOHN GARTH, MANAGING DIRECTOR, THE PEMBROOK GROUP
Mr. Garth has 31 years of experience in the commercial real estate industry and is responsible for banking relationships, including the acquisition of structured debt products, as well as asset and portfolio pricing and structuring. Mr. Garth was previously Chief Operating Officer of American Mortgage Acceptance Company, a publicly-traded REIT managed by Chartermac and listed on the American Stock Exchange. Prior to joining Chartermac, Mr. Garth was a senior originator at GMAC Commercial Mortgage Corp., where he specialized in structuring and distributing highly-structured, large-loan transactions involving B-notes and mezzanine debt. Before joining GMAC in 1997, Mr. Garth spent 12 years in the real estate investment area of The Prudential Insurance Company of America. Mr. Garth earned a Bachelor of Science degree and a Master of Science degree in Civil Engineering from Tulane University, and a Master of Business Administration degree in Real Estate Finance from the Wharton School of the University of Pennsylvania.
SAL TARSIA, MANAGING DIRECTOR, SUMMIT REAL ESTATE
Sal Tarsia is a Managing Director of Summit Real Estate Advisors. Sal’s 15 year real estate career includes experience in structured lending, CMBS, acquisitions and asset management. Most recently, Sal was with Principal Finance, the proprietary lending arm of Capmark Finance Inc. (formerly GMAC Commercial Mortgage), serving as Managing Director and co-head of the U.S. Lending Operations, managing its NY office. Sal lead Principal Finance to record originations each year from 2005 through 2007 growing originations from just over $4 billion to nearly $7 billion in 2007. In addition, the Principal Finance group achieved record profit levels in 2005 and 2006 under his leadership. During Sal’s 8 years at Capmark, he helped form and grow the group’s floating rate lending platform, as well as aiding in the development of the company’s New Market Tax Credit program which is designed to provide commercial incentives to develop and reposition asset in lower income urban areas. Prior to joining GMAC Commercial Mortgage in 2000, Sal was the Senior Credit Officer for Matrix Acceptance Corporation, a boutique specialty lender. Sal began his career in the asset management end of the business, as an asset manager for a low income housing tax credit syndicator, responsible for portfolio management of over 70 assets and prior, as an acquisitions underwriter and asset manager for a multifamily apartment investment company. Sal received a BS in Business from SUNY Albany (graduating Cum Laude), and a Master’s in Real Estate Finance from NYU.
LAURA PRAGER, MANAGING DIRECTOR, ICAP
Laura Prager heads ICAP's secondary fund and real estate practice. She has worked in the past at LP Strategic Advisers, Marathon Asset Management and Credit Suisse where she was part of the CMBS team.
She holds an MBA and a juris doctorate with an undergraduate degree from the University of Texas at Austin.
ERIC KAUFMAN, REGIONAL MANAGER, BEDFORD LENDING
A 28 year veteran of the commercial real estate business including roles as a developer, commercial mortgage broker, syndicator, investment sales and loan advisor, auctioneer, asset manager and contractor. Eric has managed multi person brokerage divisions including the New York brokerage arm of Colliers International and as the #2 executive of the Carlton Group in the 1990’s which has since grown into a multi-billion dollar annual volume mortgage and equity placement operation on an international scale.
In the 1980’s, Kaufman syndicated approximately $38 million of equity into $150 million of development projects, including the successful conversion to co-operative and condominium ownership of over 1100 apartments in New York and New Jersey. He has also represented the Collegiate Church Corporation, the nation’s oldest corporation, in the repositioning of seven buildings and monetized some $40 million for the Church. He began his career as a banking executive with Travelers Insurance Company and Bankers Trust Company.
Eric has an M.B.A. in Marketing and Finance from the Wharton School, Philadelphia, PA and an A.B. in Psychology and Economics from Vassar College, Poughkeepsie, NY. He is a licensed real estate broker in New York and New Jersey and is a non-practicing Certified Financial Planner.
GREGG WINTER, FOUNDER AND MANAGING PARTNER, THE W FINANCIAL FUND
Gregg Winter co-founded W Financial Fund, LP. and is a Managing Partner. Mr. Winter is also the Owner and Chief Executive Officer of Winter & Company, a New York commercial mortgage brokerage firm founded in 1989. He has more than 20 years of real estate experience and is recognized as a leading lender and commercial mortgage broker in the New York metropolitan area.
W Financial is a direct private lender providing short-term bridge loans secured by commercial real estate which has provided its high net worth and institutional investors with steady annualized returns since its 2003 inception. From 1990 until the launch of W Financial Fund, LP in 2003, Mr. Winter has sourced, originated syndicated and serviced dozens of successful private mortgage investments for a growing group of private investors. Mr. Winter also invested side-by-side with the other investors in many of these loans. In each case, the investors in the syndicated loans originated by Mr. Winter prior to the 2003 inception received 100% of the stated interest and principal due to them.
After 14 years of syndicating individual mortgage loans, the 2003 launch of W Financial Fund, LP represented a significant evolution and a far more efficient vehicle for Mr. Winter to source, originate and service bridge loans, providing investors with much greater diversification and continuity of cash flow than the previous model of syndicating one loan at a time. By then, many of the initial investors in the fund already had more than a decade of prior experience with Mr. Winter's syndication of individual private mortgage loans. The fund structure would allow all the investors to benefit from maximum diversification by participating in a growing, carefully managed loan portfolio.
Winter & Company arranges commercial mortgages for a wide variety of property types including multifamily, mixed-use and condominium apartment buildings, office buildings, shopping centers and retail, hotel, industrial and net-leased properties. Winter & Company and the Partnership are complementary in their ability to provide a complete solution for their clients' capital needs resulting in robust deal flow.
Prior to forming Winter & Company, Mr. Winter was a principal of W&W Associates, Inc., a family-owned mortgage investment business established in 1963 by his father, Jack Winter. W&W Associates invested in and serviced private mortgages in the New York Metropolitan area.
Mr. Winter Serves on the Finance Committee of the Real Estate Board of New York, is a member of both the International Council of Shopping Centers and the Real Estate Lenders Association and is a frequent panelist at industry symposiums and conferences. He is a magna cum laude graduate of Long Island University and is a New York State Licensed Real Estate Broker.
SHAWN ROSENTHAL, PRINCIPAL - ACKMAN - ZIFF
Shawn Rosenthal serves as principal of Ackman Ziff Real Estate Group, which he Shawn Rosenthal serves as principal of Ackman Ziff Real Estate Group, which he joined in July of 2000 and was named a Principal in 2008. He is responsible for all aspects of the origination and underwriting process including sourcing evaluating, structuring and negotiating investment and finance opportunities for all property types throughout the United States. Since joining the firm, he has closed 65 transactions for over $2,000,000,000 across the country. As a member of the Ackman-Ziff Executive and Strategy Committees, Shawn is also involved in operational initiatives of the company.
Early in 2008, in the midst of the most challenging financing market in years, he led a team of five Ackman-Ziff professionals to raise over $700,000,000 of senior debt, mezzanine debt and joint venture equity in his client's acquisition of 650 Madison Avenue in New York City. In 2007, Shawn closed approximately 20 transactions across the country for various entrepreneurial and institutional clients. In April of 2006, he was named a "Rising Star in the Industry" by Real Estate Weekly.
Shawn is the Ackman-Ziff point person for the mezzanine debt markets.
Prior to joining Ackman-Ziff, Shawn practiced real estate law for two years at Thacher Proffitt and Wood, a large New York City-based law firm, where he worked on a broad range of real estate finance and corporate transactions. Prior to law school, he was employed at KPMG for two years as both an auditor and tax associate.
Shawn holds a Bachelor of Arts degree in accounting and economics from Queens College, summa cum laude (1991) and a Juris Doctorate in Law From New York University Law School (1997). He is licensed CPA and attorney in New York.
HERB FELDMAN, CHAIRMAN - ASSURE LEASE
Herb Feldman founded Alpha Risk Management, Inc. in 1973.
Prior to that, he
• Was CFO of a conglomerate
• Was CEO of two multi-nationals
He is a CPA and earned his MBA in Finance at NYU where he completed his doctoral studies. He has served on the Board of Directors of several listed corporations as well as the Society of Risk Management Consultants. He was President of his local Board of Education and also served as President of the Board of Trustees of the Brooklyn College Foundation.
He has published several articles and has been a guest speaker for the American Management Association, The Risk and Insurance Management Society, The Society of Risk Management Consultants, The New York State Bar Association Committee on Leasing, and the Practising Law Institute, as well as several law firms.
Alpha is a full-service risk management consulting firm not engaged in the sale of insurance. Their real estate client base is over 450 million square feet.
Alpha, in its role supporting commercial real estate finance for mortgages as well as construction loans has assisted a number of lenders in over $70 billion of such loans.
ROBERT MEULMEESTER, PARTNER - CADENCE CAPITAL
Mr. Meulmeester is a multilingual international real estate and management consulting executive with over 12 years of experience in investment and divestment strategy advisory, real estate valuation and feasibility studies. Most recently, Mr. Meulmeester was a senior manager in the real estate consulting practice with Deloitte Financial Advisory Services in New York where he provided investment advisory, and valuation studies for management decision making, sale-leaseback structuring, financial reporting and tax reporting purposes.
Mr. Meulmeester has a Master in Economics from the University of Amsterdam in the Netherlands with a specialization in International Business and Real Estate. Mr. Meulmeester is also an adjunct professor of Real Estate Finance at the Schack Institute of Real Estate at New York University. He is an associate member of the Appraisal Institute, New York Chapter, and a member of the Urban Land Institute, New York District Council.
IONE PERMISON, PARTNER AND HEAD OF QUILVEST GLOBAL REAL ESTATE FUND OF FUNDS
JASON EPSTEIN, PRINCIPAL DCR COMPANIES
Jason A. Epstein is a Principal with DCR Companies. Prior to joining DCR Companies in May 2009, Mr. Epstein was the CFO/Director of Finance and a Partner with The Cordish Company. He played an integral role in the development of many mixed-use projects in urban core locations with strong public/private partnerships, including such projects as the Seminole Hard Rock Hotels and Casinos in Hollywood, FL and Tampa, FL, The Walk in Atlantic City, NJ, The Power Plant and Power Plant Live! in Baltimore’s Inner Harbor, The Kansas City Power & Light District in Kansas City, MO, Bayou Place in Houston, TX, 4th Street Live! in Louisville, KY and the Indiana Live! Casino in Shelbyville, IN. Mr. Epstein focused primarily on the financing of The Cordish Company’s projects and originated and closed over $2 billion in complex construction and permanent financings. Mr. Epstein worked closely with municipalities on public/private development transactions and played a key role in negotiating and implementing public subsidies totaling nearly $1 billion, including Tax Increment Financing, Historic Tax Credits, New Markets Tax Credits, Tourism Tax Credits, PILOTs and grants. Mr. Epstein handled all risk management/insurance programs for The Cordish Company, as well as all property tax assessments and appeals. Prior to joining The Cordish Company in 2000, Mr. Epstein practiced law in New York City, where he concentrated in commercial litigation. He is admitted as an attorney in New York and Maryland. Mr. Epstein graduated Cum Laude from Emory University in Atlanta, Georgia with a Bachelor of Business Administration and he received his Juris Doctor from University of Miami School of Law in Coral Gables, Florida.
GREG BERMAN, MANAGING DIRECTOR, TRAJAN INVESTMENTS
Mr. Berman's career has spanned real estate private equity, development and capital markets. Currently, he runs Trajan Investments, a real estate advisory firm focused on providing acquisitions support and analysis, workout consulting, and capital raising for transactions. Most recently, Mr. Berman was a Vice-President at Fides Capital Management where he actively engaged family offices, fund of funds, and other investors marketing Fides’ distressed real estate opportunity fund. Prior to Fides, he was an associate at Wickapogue Partners, a real estate opportunity and hard money lending fund.
Before joining Wickapogue, Mr. Berman served as a project manager at Arcadia Land Company, a firm specializing in master planned community and brownfield development. He graduated cum laude with an undergraduate degree from The Wharton School of Business at the University of Pennsylvania.
Mr. Robinson received a Bachelor of Science in Economics with a minor in Accounting from the University of California, Riverside, in 1992. He earned a Master of Science in Real Estate Finance, with distinction, from New York University in 1999.
JC KANE, MANAGING DIRECTOR LIGHTHOUSE POINT ADVISORS
Lighthouse Point Advisors advises families on alternative and investment decisions and advise investment managers on marketing, advisory, and strategic positioning. JC Kane is a highly accomplished investment executive with more than 30 years of hands on experience on Wall Street. From the mid 1980’s, he built a successful career of managing assets and private investment funds for individuals and private families worldwide. He has been a Managing Director at Morgan Stanley and Laidlaw. He was CEO of SB Group and SBGAM a $900 million asset manager which he sold in 2006. He has an MBA from Tuck / Dartmouth and a PMC from Wharton. .
RON DVARI, PRESIDENT, NEW OAK CAPITAL
28 years of experience; worked at BlackRock as the head of structured finance, and State Street Research as a Managing Director; at BlackRock, co-managed $60 billion in fixed-income assets, of which managed $16 billion directly; at State Street Research, managed $27 billion as a member of a three-person Bond Policy Committee, and managed $14 billion directly; and holds MBA, PhD and MS degrees.
JOHN GARTH, MANAGING DIRECTOR, THE PEMBROOK GROUP
Mr. Garth has 31 years of experience in the commercial real estate industry and is responsible for banking relationships, including the acquisition of structured debt products, as well as asset and portfolio pricing and structuring. Mr. Garth was previously Chief Operating Officer of American Mortgage Acceptance Company, a publicly-traded REIT managed by Chartermac and listed on the American Stock Exchange. Prior to joining Chartermac, Mr. Garth was a senior originator at GMAC Commercial Mortgage Corp., where he specialized in structuring and distributing highly-structured, large-loan transactions involving B-notes and mezzanine debt. Before joining GMAC in 1997, Mr. Garth spent 12 years in the real estate investment area of The Prudential Insurance Company of America. Mr. Garth earned a Bachelor of Science degree and a Master of Science degree in Civil Engineering from Tulane University, and a Master of Business Administration degree in Real Estate Finance from the Wharton School of the University of Pennsylvania.
SAL TARSIA, MANAGING DIRECTOR, SUMMIT REAL ESTATE
Sal Tarsia is a Managing Director of Summit Real Estate Advisors. Sal’s 15 year real estate career includes experience in structured lending, CMBS, acquisitions and asset management. Most recently, Sal was with Principal Finance, the proprietary lending arm of Capmark Finance Inc. (formerly GMAC Commercial Mortgage), serving as Managing Director and co-head of the U.S. Lending Operations, managing its NY office. Sal lead Principal Finance to record originations each year from 2005 through 2007 growing originations from just over $4 billion to nearly $7 billion in 2007. In addition, the Principal Finance group achieved record profit levels in 2005 and 2006 under his leadership. During Sal’s 8 years at Capmark, he helped form and grow the group’s floating rate lending platform, as well as aiding in the development of the company’s New Market Tax Credit program which is designed to provide commercial incentives to develop and reposition asset in lower income urban areas. Prior to joining GMAC Commercial Mortgage in 2000, Sal was the Senior Credit Officer for Matrix Acceptance Corporation, a boutique specialty lender. Sal began his career in the asset management end of the business, as an asset manager for a low income housing tax credit syndicator, responsible for portfolio management of over 70 assets and prior, as an acquisitions underwriter and asset manager for a multifamily apartment investment company. Sal received a BS in Business from SUNY Albany (graduating Cum Laude), and a Master’s in Real Estate Finance from NYU.
LAURA PRAGER, MANAGING DIRECTOR, ICAP
Laura Prager heads ICAP's secondary fund and real estate practice. She has worked in the past at LP Strategic Advisers, Marathon Asset Management and Credit Suisse where she was part of the CMBS team.
She holds an MBA and a juris doctorate with an undergraduate degree from the University of Texas at Austin.
ERIC KAUFMAN, REGIONAL MANAGER, BEDFORD LENDING
A 28 year veteran of the commercial real estate business including roles as a developer, commercial mortgage broker, syndicator, investment sales and loan advisor, auctioneer, asset manager and contractor. Eric has managed multi person brokerage divisions including the New York brokerage arm of Colliers International and as the #2 executive of the Carlton Group in the 1990’s which has since grown into a multi-billion dollar annual volume mortgage and equity placement operation on an international scale.
In the 1980’s, Kaufman syndicated approximately $38 million of equity into $150 million of development projects, including the successful conversion to co-operative and condominium ownership of over 1100 apartments in New York and New Jersey. He has also represented the Collegiate Church Corporation, the nation’s oldest corporation, in the repositioning of seven buildings and monetized some $40 million for the Church. He began his career as a banking executive with Travelers Insurance Company and Bankers Trust Company.
Eric has an M.B.A. in Marketing and Finance from the Wharton School, Philadelphia, PA and an A.B. in Psychology and Economics from Vassar College, Poughkeepsie, NY. He is a licensed real estate broker in New York and New Jersey and is a non-practicing Certified Financial Planner.
GREGG WINTER, FOUNDER AND MANAGING PARTNER, THE W FINANCIAL FUND
Gregg Winter co-founded W Financial Fund, LP. and is a Managing Partner. Mr. Winter is also the Owner and Chief Executive Officer of Winter & Company, a New York commercial mortgage brokerage firm founded in 1989. He has more than 20 years of real estate experience and is recognized as a leading lender and commercial mortgage broker in the New York metropolitan area.
W Financial is a direct private lender providing short-term bridge loans secured by commercial real estate which has provided its high net worth and institutional investors with steady annualized returns since its 2003 inception. From 1990 until the launch of W Financial Fund, LP in 2003, Mr. Winter has sourced, originated syndicated and serviced dozens of successful private mortgage investments for a growing group of private investors. Mr. Winter also invested side-by-side with the other investors in many of these loans. In each case, the investors in the syndicated loans originated by Mr. Winter prior to the 2003 inception received 100% of the stated interest and principal due to them.
After 14 years of syndicating individual mortgage loans, the 2003 launch of W Financial Fund, LP represented a significant evolution and a far more efficient vehicle for Mr. Winter to source, originate and service bridge loans, providing investors with much greater diversification and continuity of cash flow than the previous model of syndicating one loan at a time. By then, many of the initial investors in the fund already had more than a decade of prior experience with Mr. Winter's syndication of individual private mortgage loans. The fund structure would allow all the investors to benefit from maximum diversification by participating in a growing, carefully managed loan portfolio.
Winter & Company arranges commercial mortgages for a wide variety of property types including multifamily, mixed-use and condominium apartment buildings, office buildings, shopping centers and retail, hotel, industrial and net-leased properties. Winter & Company and the Partnership are complementary in their ability to provide a complete solution for their clients' capital needs resulting in robust deal flow.
Prior to forming Winter & Company, Mr. Winter was a principal of W&W Associates, Inc., a family-owned mortgage investment business established in 1963 by his father, Jack Winter. W&W Associates invested in and serviced private mortgages in the New York Metropolitan area.
Mr. Winter Serves on the Finance Committee of the Real Estate Board of New York, is a member of both the International Council of Shopping Centers and the Real Estate Lenders Association and is a frequent panelist at industry symposiums and conferences. He is a magna cum laude graduate of Long Island University and is a New York State Licensed Real Estate Broker.
SHAWN ROSENTHAL, PRINCIPAL - ACKMAN - ZIFF
Shawn Rosenthal serves as principal of Ackman Ziff Real Estate Group, which he Shawn Rosenthal serves as principal of Ackman Ziff Real Estate Group, which he joined in July of 2000 and was named a Principal in 2008. He is responsible for all aspects of the origination and underwriting process including sourcing evaluating, structuring and negotiating investment and finance opportunities for all property types throughout the United States. Since joining the firm, he has closed 65 transactions for over $2,000,000,000 across the country. As a member of the Ackman-Ziff Executive and Strategy Committees, Shawn is also involved in operational initiatives of the company.
Early in 2008, in the midst of the most challenging financing market in years, he led a team of five Ackman-Ziff professionals to raise over $700,000,000 of senior debt, mezzanine debt and joint venture equity in his client's acquisition of 650 Madison Avenue in New York City. In 2007, Shawn closed approximately 20 transactions across the country for various entrepreneurial and institutional clients. In April of 2006, he was named a "Rising Star in the Industry" by Real Estate Weekly.
Shawn is the Ackman-Ziff point person for the mezzanine debt markets.
Prior to joining Ackman-Ziff, Shawn practiced real estate law for two years at Thacher Proffitt and Wood, a large New York City-based law firm, where he worked on a broad range of real estate finance and corporate transactions. Prior to law school, he was employed at KPMG for two years as both an auditor and tax associate.
Shawn holds a Bachelor of Arts degree in accounting and economics from Queens College, summa cum laude (1991) and a Juris Doctorate in Law From New York University Law School (1997). He is licensed CPA and attorney in New York.
HERB FELDMAN, CHAIRMAN - ASSURE LEASE
Herb Feldman founded Alpha Risk Management, Inc. in 1973.
Prior to that, he
• Was CFO of a conglomerate
• Was CEO of two multi-nationals
He is a CPA and earned his MBA in Finance at NYU where he completed his doctoral studies. He has served on the Board of Directors of several listed corporations as well as the Society of Risk Management Consultants. He was President of his local Board of Education and also served as President of the Board of Trustees of the Brooklyn College Foundation.
He has published several articles and has been a guest speaker for the American Management Association, The Risk and Insurance Management Society, The Society of Risk Management Consultants, The New York State Bar Association Committee on Leasing, and the Practising Law Institute, as well as several law firms.
Alpha is a full-service risk management consulting firm not engaged in the sale of insurance. Their real estate client base is over 450 million square feet.
Alpha, in its role supporting commercial real estate finance for mortgages as well as construction loans has assisted a number of lenders in over $70 billion of such loans.
ROBERT MEULMEESTER, PARTNER - CADENCE CAPITAL
Mr. Meulmeester is a multilingual international real estate and management consulting executive with over 12 years of experience in investment and divestment strategy advisory, real estate valuation and feasibility studies. Most recently, Mr. Meulmeester was a senior manager in the real estate consulting practice with Deloitte Financial Advisory Services in New York where he provided investment advisory, and valuation studies for management decision making, sale-leaseback structuring, financial reporting and tax reporting purposes.
Mr. Meulmeester has a Master in Economics from the University of Amsterdam in the Netherlands with a specialization in International Business and Real Estate. Mr. Meulmeester is also an adjunct professor of Real Estate Finance at the Schack Institute of Real Estate at New York University. He is an associate member of the Appraisal Institute, New York Chapter, and a member of the Urban Land Institute, New York District Council.
IONE PERMISON, PARTNER AND HEAD OF QUILVEST GLOBAL REAL ESTATE FUND OF FUNDS
JASON EPSTEIN, PRINCIPAL DCR COMPANIES
Jason A. Epstein is a Principal with DCR Companies. Prior to joining DCR Companies in May 2009, Mr. Epstein was the CFO/Director of Finance and a Partner with The Cordish Company. He played an integral role in the development of many mixed-use projects in urban core locations with strong public/private partnerships, including such projects as the Seminole Hard Rock Hotels and Casinos in Hollywood, FL and Tampa, FL, The Walk in Atlantic City, NJ, The Power Plant and Power Plant Live! in Baltimore’s Inner Harbor, The Kansas City Power & Light District in Kansas City, MO, Bayou Place in Houston, TX, 4th Street Live! in Louisville, KY and the Indiana Live! Casino in Shelbyville, IN. Mr. Epstein focused primarily on the financing of The Cordish Company’s projects and originated and closed over $2 billion in complex construction and permanent financings. Mr. Epstein worked closely with municipalities on public/private development transactions and played a key role in negotiating and implementing public subsidies totaling nearly $1 billion, including Tax Increment Financing, Historic Tax Credits, New Markets Tax Credits, Tourism Tax Credits, PILOTs and grants. Mr. Epstein handled all risk management/insurance programs for The Cordish Company, as well as all property tax assessments and appeals. Prior to joining The Cordish Company in 2000, Mr. Epstein practiced law in New York City, where he concentrated in commercial litigation. He is admitted as an attorney in New York and Maryland. Mr. Epstein graduated Cum Laude from Emory University in Atlanta, Georgia with a Bachelor of Business Administration and he received his Juris Doctor from University of Miami School of Law in Coral Gables, Florida.
GREG BERMAN, MANAGING DIRECTOR, TRAJAN INVESTMENTS
Mr. Berman's career has spanned real estate private equity, development and capital markets. Currently, he runs Trajan Investments, a real estate advisory firm focused on providing acquisitions support and analysis, workout consulting, and capital raising for transactions. Most recently, Mr. Berman was a Vice-President at Fides Capital Management where he actively engaged family offices, fund of funds, and other investors marketing Fides’ distressed real estate opportunity fund. Prior to Fides, he was an associate at Wickapogue Partners, a real estate opportunity and hard money lending fund.
Before joining Wickapogue, Mr. Berman served as a project manager at Arcadia Land Company, a firm specializing in master planned community and brownfield development. He graduated cum laude with an undergraduate degree from The Wharton School of Business at the University of Pennsylvania.
ATTORNEY, DLA PIPER
DATE:
Tuesday, April 13th, 2010
Tuesday, April 13th, 2010
TIME:
* 12:30 PM to 5:30 PM
* Lunch, administrative preceding presentations, presentations, round table, reception.
* 12:30 PM to 5:30 PM
* Lunch, administrative preceding presentations, presentations, round table, reception.
VENUE:
THERE IS NO WALK IN REGISTRATION.
* Krauter Group
* 1350 Avenue of the Americas, 18th Floor
*
* New York, NY
* THERE IS NO WALK IN REGISTRATION.
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