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. Over the course of the session, the following will be addressed:

• Industry and Primary Market Overview
  • How do tax liens and tax deeds work?
  • Why invest in tax liens and deeds?
  • What are the tax lien bidding methodologies and states?
  • What are the interest rates and redemption periods?
  • What is the outlook for the rest of the year and into 2011?
• Secondary Market Overview
  • What demand is there for a secondary market?
  • How does a secondary market transaction work?
  • Why do investors buy and sell in the secondary market?
  • How much secondary market product is there available?
  • How do secondary market purchases compare to primary?
• Q&A

Spencer Levy, Sr. Managing Director, CB Richard Ellis

Unanswered questions remain about which direction our economy and real estate markets are heading. Are we at the start of a recovery or will there be a double-dip? Can we expect American ingenuity to prevail and bring us back to consistent annualized growth? Or, will the foreseeable future mirror the last two decades in Japan with low interest rates and low/no growth? To address some of these issues and questions, we are both delighted and honored to have Spencer G. Levy, Senior Managing Director – Recovery & Restructuring Services, CB Richard Ellis | Capital Markets lend his expertise to The 2nd annual Distressed Real Estate Summit.

Mr. Levy’s keynote presentation will open with a capital markets and distressed market overview. Following this, Mr. Levy will discuss banks, special servicers and the US Government, including new regulations. He will share his perspectives on deals that are getting done, the type of deals that we can expect to see coming down the line and what opportunities are available to industry participants.

Jeffrey A. Lenobel, Partner & Chair of the Real Estate Department, Schulte Roth & Zabel – Moderator
Arvind Bajaj, EVP – Investments, The Lightstone Group
Thomas Fink, SVP & Managing Director, Trepp
Paul Griesmer, Senior Managing Director, FTI Schonbraun McCann Group
Mike Rosenberg, Partner, Margolin Winer & Evens LLP
Robert Silpe, SVP – Development, Boston Properties

The effect of the real estate meltdown of the past three years is still being felt throughout the sector. However, despite the continuing residual effects of that meltdown the first quarter of 2010 commercial real estate saw a 40% increase from the previous year with $575 million in distressed sales accounting for nearly a quarter of all sales in that time period. In the months and, possibly years to come, it is clear that industry participants will still face challenges; yet it is equally clear that those same industry participants will be able to capitalize on available opportunities. One of the big questions for this market; however, is what will impact will new regulations have on this sector and the real estate market in general. Our expert panel will share their thoughts on some key questions facing this sector including:

• What impact will new regulations have on this market?
• How much longer will current deleveraging process continue?
• What is the current outlook for NY market activity 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?
• Which techniques and strategies are proving successful in weathering the storm?
• Are underlying fundamentals starting to correct? 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?
• Is the NY commercial office market improving as much as is advertised? What about NY residential?
• What will the banks do in the coming months?

Neil Tucker, Partner, Kramer Levin Naftalis & Frankel LLP – Moderator
Scott Barrie, Managing Director, Investcap Advisors LLC
Rhyne Brown, Executive Vice President, NAI Global
James P. Nelson, Partner, Massey Knakal Realty Services
Oliver Swan, Principal, Treesdale Real Estate Partners
Tim Zietara, Senior Vice President & Portfolio Manager, Torchlight Investments

The continued increase in offerings in the distressed sales sector has been met with significant demand from the investment community. Our panel of experts will address distressed asset pricing, asset quality and availability. They will touch upon the risks inherent in purchasing distressed loans including lease modifications (known or unknown). Where are the opportunities? These and other topics will be addressed including:

• What do you do when you cannot put your money to work?
• Where are the best opportunities in distressed RE investment to be found?
• What role will debt maturities play in your investment strategy?
• Which types of assets are best and why?
• Which opportunities are the most assessable?
• What is the market for small commercial REOs?
• Obtaining debt and getting together a loan syndicate

Adam Luysterborghs, Principal, Avant Capital Partners – Moderator
Frank Cimino, Principal Owner, Frank Cimino Enterprises
William Friedman, Founding Partner, Tarragon Corp
Spencer Garfield, Managing Director, Hudson Realty Capital
Brian Shniderson, Managing Director, B&A Capital Partners
Derek Wolman, Partner, Davidoff Malito & Hutcher LLP

When a property’s worth is matched or surpassed by its loan and subsequently hit with falling rents and rising concessions, something’s got to give. Because multifamily lease terms are reset in much shorter increments, distressed assets in the multifamily sector were apparent well before other real estate sectors. Unlike single family homes, banks have seemed to be willing to work with multifamily owners to restructure deals, particularly if the asset is decent and well-run. Despite initial appearance, there are others that believe when multifamily loans mature in 2011, 2012 and 2013 a day of reckoning will hit this sector. Our panelists will share their views on this thought and will also address:

• Available financing and bridge lenders
• Buying at the right price and stabilizing the property
• Maximizing value
• Opening up a viable buyer market through auction with smaller properties
• Best geographic buying opportunities
• Is the multifamily sector the perfect storm with the perfect solution

Dana Rowan, Managing Director, Paradigm-Exeter Advisors – Moderator
Jon Barry, Managing Director/Asset Resolution Team, Colliers International
Brett Goldman, Director Acquisitions, Triangle Equities
David Robinov, Senior Vice President/Investments, Acadia Realty Trust

The distressed retail sector may very well be the most distressed sector. Over the past couple of years, with a difficult economy and the corresponding cuts in consumer spending, job losses investment decisions can be difficult and challenges. This session will address this problematic and cover key aspects and trends such as:

• What will the long-term impact of today’s recession have on the retail sector?
• What economic dynamics will facilitate a retail bounce?
• Has government intervention helped this sector?
• Is now a good time to invest in distressed real estate and, if so, why:
• Can a retail owner make money in this environment?
• Which types of retail represent good prospects? Discount? Fast food?
• Vacancy rates: re-tenanting and lease restructuring

Donald Shapiro, President & CEO, Foresite Realty Partners – Moderator
Andrew Hundertmark, VP & Asset Manager, CW Capital
Samuel J. Jones, Senior Vice President, Capmark Bank
Eric Lindner, Managing Director, Helios AMC
Sylvan Rothschild, SVP-REO-Real Estate Solutions, Berkadia Commercial Mortgage

Lenders and servicers continue to be inundated with properties entering special servicing with no end in sight.  Because banks and special servicers are holding such a large percentage of troubled properties, getting insight into their processes, procedures and practices are key to understanding the best way to tap into this market.  Among other topics of interest, our panelists will discuss loan sales and loan modifications.   They will explore the differences between master servicer, loan services and special servicer, provider thoughts on the growing volume and share insight on what note holders should know about loan servicing operations.

Ron Lagnado, Partner, WieserMazars LLP – Moderator
Terry Kaufman, President/Founder, Rockhouse Capital
Kenneth Olsen, President & CEO, Poko Partners
Andrew Preston, Venture Partner, Point Capital Partners
Eli Shaashua, Managing Director, Red Granite Capital

In this panel, prominent individual and high net-worth investors will square off for a lively discussion and debate on resident investment opportunities.  Who should get in the game?  Who is already in the game? What can they can expect to see in the near term and foreseeable future?  Our panelists will also share thoughts on what small suburban and smaller private CRE players are doing to restructure their loans.  Some questions that they will answer include:

• Who is the most active in the residential markets and what are their success strategies?
• Which affords a better opportunity today: distressed property or distressed debt?
• REOs vs. shorts sales vs. notes vs. foreclosure/auction
• Have we hit the market bottom?
• Have buying opportunities peaked?

Daniel Lesser, Senior Managing Director, CB Richard Ellis – Moderator
Robert Hazard, VP of Acquisitions & Development, Hersha Hospitality Trust
Richard Sprecher, VP of Business Development, Aimbridge Hospitality
Russell Urban, SVP of Development, HEI Hotels & Resorts

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?

1. Capital Markets / CMBS
2. Land/Development-Redevelopment
3. Getting Deals Done / Creative Opportunities In Distressed
4. CRE Property Types: Office/Industrial
5. General Discussion / Networking
6. Lunchtime Presentation (1:45 – 2:30) – See below

John Tsui, Managing Principal, Peninsula House, LLC / Visiting Adjunct Professor, Columbia University

Jack Rosenfield, Principal, Loan Resolution Advisors – Moderator
Keith Brandofino, Esq., Partner, Phillips Lytle, LLP
Stephen Breitstone, Partner, Meltzer Lippe Goldstein & Breitstone
James Ross, Principal, Rossrock LLC
David Schechtman, Principal & Senior Director, Eastern Consolidated
Jonathan Schultz, Managing Principal, Onyx Equities, LLC

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 can only continue to increase.  In such an environment, the resounding question on 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
• Tax Considerations for the Distressed Property Owner

Robert Knakal, Chairman, Massey Knakal Realty Services – Moderator
Eric Anderson, Partner, Tamarkin Anderson LLC
Eric Anton, Executive Managing Director, Eastern Consolidated
Avi Banyasz, Managing Principal, Westbrook Partners
Tom Nolan, Managing Director, The Radco Companies
Garrett Thelander, Executive Vice President, Anglo Irish Bank

Distress exists for existing properties and many loans.  Any construction and development deals are at risk of default, bankruptcy and foreclosure.   This session brings together developers, brokers and investors who will share perspectives on the challenges facing illiquid projects.  It will discuss where they turn to for alternative sources of capital, both debt and equity.  Other topics of discussion on this session include:

• Who are the new players looking to get into this market?
• Where are the new opportunities and dangers?
• Negotiating with a construction lender.
• Understanding asset value.
• How can the deals get done in 2011?

Lawrence J. Selevan, Chief Executive Officer, NAI Chesterfield

Joseph Rubin, Principal, Ernst & Young LLP – Moderator
Ron D’Vari, CEO & Co-Founder, NewOak Capital
Dan Harris, EVP & Chief Lending Officer, Dime Savings Bank
Ted Weinstein, Director of Asset Disposition, Wakefield Properties, LLC

As with previous downtowns, there is a lot of interest in the investment community in purchasing distressed real estate assets. However, our current real estate ‘crisis’ differs from previous crisis periods in that there are only a handful of ways to obtain distressed real estate assets from financial institutions. With so many chasing the same hidden opportunities, how is it possible to gain entrance and credibility? And how can you simply be taken seriously in order to start the negotiation process.  Our panelists will discuss ways to approach and start the discussion. They will also share thoughts and ideas on:

• How to negotiate price?
• Finding opportunities beyond FDIC Pools?
• Is it possible to make headway by contacting a bank directly?
• Which banks are bundling?
• Which banks are discounting?
• How do you get information and secure opportunities?