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7:30 am
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Workshop Registration & Coffee
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8:00 am
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Morning Workshops (1 hour): (note–separate registration required)
Workshop 1: Tax Liens – GFI Tax Receivables (Download Flyer)
- Tom McOsker, Head of Tax Receivables, GFI Group
- Howard Liggett, President, Distressed Real Estate Consulting Services, Inc.
This 3-part tax receivables workshop is suitable for both seasoned and veteran tax lien and tax deed investors. Separate registration required for Tax Lien Workshop.
Workshop 2: Working with Receivers: How to Get Access to Deals to Buy and Broker
- William Hoffman, President & CEO, Trigild- Moderator
- Marc Brooks, Executive Vice President, Mara Escrow
- Mark Mersel, Partner, Bryan Cave LLP
- Phil Seymour, Managing Director, The Seymour Group / Elite Properties Realty
- Robert Smylie, Founder, Smylie & Associates
Receivers control assets that you want to buy or broker. This workshop helps you get access. Separate registration required.
- How to get a listing from a receiver
- What to do if your listing ends up in receivership
- How to get access to acquisition opportunities in receivership
- The do’s and don’ts of buying and brokering deals in receivership
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8:15 am
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Conference Registration & Coffee
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9:15 am
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Kick Off: Industry Leaders Forum
- Brian Shniderson, Managing Director, B & A Capital – Moderator
- Marc Benezra, Partner, Baker & Hostetler LLP
- Sam Freshman, Chairman and CEO, Standard Management
- Stanley Iezman, Chairman and CEO, American Realty Advisors
- Michael Rosenfeld, Founder & CEO, Woodridge Capital Partners, LLC
These days finding distress in the real estate sector is not the challenge; the real challenge is finding the best opportunities in the sector that offer the greatest value. How does one source an interesting opportunity, narrow the bid-ask spread, and ultimately get the transaction structured and closed? Finding those answers starts with asking more questions. For example, what is the size of the investor’s capital base and what does it consist of. Is it long-term capital or is liquidity required? Additional questions and topics that will be addressed in this session include:
Understanding value and how to determine the value of a property
Capital sources: Private money, Bridge lenders, which is the best route to take?
What are some of the current deals that we’ve seen and how were they accomplished?
What role do ‘trophy’ properties play in the distressed arena?
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10:15 am
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Refreshments & Networking Break
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10:45 am
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Where The Deals Are – 2011: Buying assets from banks and special servicers
- Eric Remensperger, Partner, Proskauer- Moderator
- Martin Bronstein, Founder & Chairman, The Situs Companies
- David Frank, CEO, The Merrill Companies
- Bob Kline, Principal & CEO, RW Kline Companies
- Keith Hall, Managing Partner, KBS Capital Advisors
Lenders and servicers continue to be inundated with properties entering special servicing with little time to answer phone calls or field requests from investors. Because banks and special servicers are holding such a large percentage of troubled properties, getting insight into their processes, procedures and practices is key to understanding the best way to tap into this market. The panelists will discuss servicer-influenced loan sales and modifications, as well as explore the differences between master servicer, loan servicers and special servicer. The session will delve into the ramifications and opportunities created by the growing volume of loans under special servicing and generate insight on what note holders should know about loan servicing operations. Other questions to be addressed:
Investors:
- How can investors get special services to return their calls? How do investors get in on any deal flow?
- What can investors realistically expect to gain from developing relationships with special servicers?
- Is extend and pretend over? If so what is replacing it?
Borrowers:
- How much capital is needed to bring a loan to the table for restructuring?
- What kind of relief should financially troubled property owners expect to receive from special servicers?
- What steps should a borrower whose loan resides with a special servicer take to win relief?
- What would be realistic expectations from a workout?
Advisors and Consultants:
- What opportunities does special servicing create for attorneys, appraisers, brokers, and other service providers?
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11:45 am
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CRE Workouts: Restructuring, Litigation, and Desperate Measures
- Barbara Champoux, Partner, Crowell & Moring – Moderator
- Leslie Lundin, Managing Partner, LBG Realty Advisors, LLC
- Mark Mersel, Partner, Bryan Cave LLP
- David Stapleton, Founder, Stapleton Group
With a wave of maturities coming due in 2012 (it is estimated that over $500 billion in CRE loans will mature in 2012) demand for restructuring will continue to increase. In such an environment, the resounding question from the owners’ and lenders’ perspective is: Should we restructure or do we need to sell? Conversely the answer to that question for buyers’ is definitely: Sell. This session will explore both preferences with both sides sharing their viewpoint. Among other timely themes, this session will address:
What are the CRE players doing to restructure loans?
When to sell; when to work out; when to foreclose?
Issues surrounding acquisition of distressed real estate projects
Which asset types are the most complex to restructure and why?
Restructuring options vs. Bank sale
Corporate real estate disposition and sale-leaseback transactions
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12:45 pm
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Networking Lunch & Round Table Discussions
Note: A plated lunch will be served. Please contact Tammy Jean Weiss if you have any special dietary needs.
Luncheon Round Tables are facilitated, interactive discussions led by topic experts. These are opportunities to meet others in your area of interest, thus improving the value from networking time. They happen simultaneously, so as you sit down for the plated lunch, you can decide which Round Table to attend. Schedule of Round Tables to be published February 21.
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1:45 pm
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Office Properties in California and Western U.S.
- John McDermott, National Director, Office & Industrial Properties, Sperry Van Ness – Moderator
- Tom Bohlinger, Executive Vice President, CB Richard Ellis
- Mark Laderman, Managing Director, Tishman Speyer
- Kev Zoryan, Managing Director, Morgan Stanley
Office properties appear to be moving much more slowly through workout, receivership, special servicing. Would-be acquirers are stymied by the long process. What can be done to move things along faster? Is suburban office (aka smaller deals) the only type of property that can be transacted today? Are note buying strategies working? Who is successful, who is waiting to pounce, and who has given up?
What is the profile of today’s office property investor and how is it changing?
Timing wise, are we past the bottom for office or are in for a lot more pain?
When will fundamentals catch up with the capital
How is the office market evolving with regard to tenant mix? What are the tenant trends in terms of size, type?
How are space reductions trending? Is it over? Are tenants still in a compression phase?
How will the next generation redefine office use. What Markets will benefit and why?
What are he key differences between regional markets across the West? Where are the fruit? Where are the landmines?
Are workouts still a big story in office? Is litigation common? Can we expect any deals at discounts?
What are the growing dissonances between existing product and demand? What type of office property will succeed in the future?
Where will these properties be, and how are lifestyle changes affecting demand?
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2:30 pm
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Hot(el) Pursuit: Distressed Hospitality Properties
- Philippe Phaneuf, Shareholder, Greenberg Traurig – Moderator
- Robert Hazard, Vice President of Acquisitions & Development, Hersha Hospitality Trust
- William Hoffman, President & CEO, Trigild
- Charlie Rose, Assistant Vice President – Acquisitions, Canyon Capital Realty Advisors
- Robert Stiles, EVP & Principal, Head of Western Region, Cushman Wakefield
The hospitality sector is considered by some to be both volatile and tricky presenting distinct challengers to services, lenders and investors alike. Over the past couple of years, with a difficult economy and the corresponding cuts in corporate spending, it was not unusual to see upwards of 25% drops in net operating income year on year. Additionally, according to research firm, Trepp, there are about $5.6 billion in securitized mortgages tied to hotels coming due this year and next, about 28% of which are estimated to be worth less than the mortgage balance. Because of these factors the hospitality sector took a double hit. Of late, however, some are beginning to ask if these sectors are starting to improve and, all things considered, if things are ‘looking up.’ As sales and travel being to tick up, will the distressed opportunities decrease? Just some of the questions that will be addressed are:
Dynamics of operating risk in the hospitality sector
Compound challenges of dealing with a foreclosed property and having to operate a business
Where are the best opportunities for the skilled investor?
What developments will we see in the near term? Longer term?
Occupancy and ADR rates
With so much available capital waiting on the sidelines, where are the buying opportunities?
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3:15 pm
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Refreshments & Networking Break
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3:45 pm
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The Real Estate Capital Markets: Raising Capital for Distressed Acquisitions
- Mark Levinson, Shareholder, Greenberg Traurig – Moderator
- Mark Omid Bolour, CEO & Principal, Bolour Associates
- Steve Fried, Principal, Mesa West Capital
- Raymond Lowe, Senior Vice President, Wells Fargo Real Estate Banking Group
- Joel Mayer, Director, Head of Retail, Rockwood Capital
- Mark Strauss, Managing Director and Partner, Cohen Financial
The real estate capital markets continue to play the role of bottleneck in the game of acquisitions cat-and-mouse. While debt is readily available for performing multifamily and Class-A office building assets, it gets pricey and more difficult to obtain for almost all other real estate asset classes.
- How much longer will current deleveraging process continue?
- What is the current outlook for the California market in comparison to the nation? And, what is the outlook for the foreseeable future?
- What are today’s best ways to take advantage of the current and future wave of distressed real estate assets?
- How solid are the underlying fundamentals? And, are we seeing any concrete positive signs?
- Which asset classes are being sold and who exactly is selling them?
- What are their biggest concerns about recent economic data?
- Which California markets are the most stable?
- What will the banks do in the coming months?
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4:30 pm
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“L.A. Residential”: Opportunities in Multifamily, Condo, and Single-family properties
- Richard Gollis, Co-founder & Principal, The Concord Group- Moderator
- Stephan Kachani, Vice President, Lone Oak Fund LLC
- Alan Mark, Founder & President, The Mark Company
- Scott McClave, Acquisitions Principal, The Bascom Group
- Gregor Watson, Principal, McKinley Partners
California is “rich” with foreclosed homes and ‘broken” residential developments. On the buy-side, acquisitions teams are sweeping through, looking for the best deals through REO, short sale, auctions, and note purchases on single-family properties. At the same time, Multifamily assets are relatively robust and performing as former home owners revert to renting. Cap rates on Multifamily have compressed but still funds, REITs, insurance companies, and banks are all eagerly pursuing the multifamily product type. In the area between multifamily and single-family, we see opportunities in fractured condos, which are still more abundant than is healthy. Savvy investors are pursuing bulk condo unit purchases up condo units in bulk and entire developments and repositioning them.
- How do the three sectors compare: single-family versus condo versus multifamily rental?
- Where are the opportunities (or lack of) geographically across the Western U.S.?
- Single-family: which methods get the best return / highest deal flow: short sales, REO, auction, note purchase?
- Multifamily: Where are the distressed deals? Do they exist? How can you get access to these deals?
- Condos: How many broken / undersold developments are still out there? How many are still under construction?
- Buying, renovating, repositioning: how do you increase your ROI through adding value?
- Working with receivers and brokers: how do you get deals below market value through intermediaries?
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5:15 pm
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Networking, Cocktails, and Exhibits
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6:15 pm
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Summit concludes
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