CRE CLOs
New York, NY
March 14, 2019

Description

Meet the 2019 CRE CLOs Advisory Board Members
 
New to IMN’s 2019 calendar is the Inaugural Investors' Conference on CRE CLOs, taking place March 14, New York City. This new edition will kick off IMN’s CLO Series, ahead of the largest annual global gathering of the CLO and leveraged loans industry in Europe and New York.

This recently re-emerged asset class provides a cross between ABS and CMBS markets and a revitalization to pre-crisis CRE-CDOs. It has been described as the “fastest growing part of the CRE finance market”, enticing several originators' interest as a way to keep the credit machine working and gain more leverage on commercial real estate lending.
 
Issuers looking to market their latest offerings and investors seeking yield in this market will have many opportunities to connect pre, during and post-event, actively engage in workshops with the leading practitioners, as well as dedicated public and sponsor-hosted private meeting spaces.

With the return of the 2.0 CRE CLOs for transitional lending continuing for the foreseeable future, there has never been a more strategic time to tap into this market.

Who Should Attend
  • Commercial Real Estate Lenders 
  • CRE CLO Issuers
  • CRE CLO Structurers and Bankers
  • Legal and Financial Advisors
  • Investors
  • Rating Agencies
  • Commercial Real Estate Servicers 
  • Other Financial Service Providers

Issuers & Investors 172

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Agenda

    Thursday, March 14th, 2019

      8:00 AM
      Registration and Breakfast

      • *Hosted by: 

      8:45 AM
      Breakfast Basics Workshop: What are CRE CLOs?

      • *Pre-conference interactive workshop where audience participation is encouraged. Enjoy breakfast whilst digesting the basics of CRE CLOS.
        • Securitization of CRE debt
        • Differences from CMBS / corporate CLOs
        • How does CRE CLO 2.0 compare to 1.0?
        • How has CLO technology been applied to this CMBS asset class?
        • Differentiating static versus managed structures

        • Jodi Schwimmer , Partner (Reed Smith LLP)
        • Kurt Pollem , Managing Director (Morningstar Credit Ratings, LLC)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files
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      9:15 AM
      IMN Welcome Note


        • Lauren Kerr , Conference Producer (IMN)

      9:20 AM
      Conference Chair Opening Remarks


        • Steven T. Kolyer , Partner (Sidley Austin LLP)

      9:30 AM
      The US CRE CLO Primary Market Outlook

        • What are the headwinds and tailwinds for 2019? Will issuance be flat on year prior or continue to modestly grow?
        • Macroeconomic outlook: How do rising interest rates affect the appeal of CRE CLOs as a funding option for borrowers?  
        • What are the primary motivations for issuing a CRE CLO? Floating rate product, short-term duration, enhanced flexibility  
        • Secondary market liquidity: Why the lull? Is this cause for concern? How does it compare to the secondary CMBS market?

        • Michael Barbieri , Vice President (Goldman Sachs)
        • Jon Brayshaw , Principal (Prime Finance Partners)
        • Shannon Stotts , Managing Director (Resource Real Estate)
        • Steve Baumgartner , Chief Product Officer (Trepp, LLC)
        • Nitin Bhasin , Senior Managing Director (Kroll Bond Rating Agency)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files
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      10:15 AM
      CRE CLO Issuers’ Roundtable: Assessing Relative Value of this Funding Mechanism versus CMBS and other Forms of Debt Financing

        • Loan market trends and prospects: What is exciting about tapping into this rising market and what is the appeal of this funding tool for issuers?
        • Underlying competitive landscape for originating loans
        • Differences amongst various CRE CLOs: Managed versus Static; pros and cons of each.
        • Cash flow volatility of shorter transitional loans: Does this floating rate nature allow for more lenient pooling of CRE CLOs into securitizations? Does this provide some security amongst rising rates?
        • Comparison of CRE CLOs versus other financing sources (repo lines, A-notes, etc.)
        • 2019 new issuance

        • Steven T. Kolyer , Partner (Sidley Austin LLP)
        • Jeff Baevsky , Senior Managing Director (Greystone)
        • Missy Dolski , Director (Värde Partners, Inc.)
        • Michael Comparato , Head of Commercial Real Estate (Benefit Street Partners)
        • Jack Taylor , Chief Executive Officer, President and Director (Granite Point Mortgage Trust)
        • Stuart Goldstein , Partner (Cadwalader, Wickersham & Taft LLP)

      11:05 AM
      Refreshment Break


      11:35 AM
      Keynote Fireside Chat


        • Allison Bisbey , Editor in Chief, Asset Securitization Report (SourceMedia)
        • Ivan Kaufman , Chairman, President, Chief Executive Officer (Arbor Realty Trust, Inc.)

      11:55 AM
      The Structure of CRE CLOs: An Ever-Evolving Story

        • Making a plan long term funding of assets
        • What types of bridge loans and collateral are going into CLOs?
        • Common structural features
        • Maintaining sponsor commitment: Equity, servicer and asset manager roles
        • Other roles: Choosing your operating advisor and trustee
        • Investor protections: Overcollateralization, interest coverage tests, liquidity certifications, step-up coupons
        • Standardization of reporting

        • Richard D. Jones , Partner (Dechert LLP)
        • Douglas Armer , Managing Director, Blackstone Real Estate Debt Strategies (Blackstone Real Estate Group)
        • Greg Haddad , Senior Vice President (Morningstar Credit Ratings, LLC)
        • Brennan Woods , Vice President (JPMorgan)
        • Ron Wechsler , Executive Vice President, Head of Real Estate Capital Markets (The Bancorp Bank)

      12:35 PM
      Delegate Luncheon


      1:45 PM
      Best Practices in Asset Management

        • How do asset managers choose their underlying CRE loans to build a portfolio?
        • What opportunities does active management provide in comparison to static?
        • Asset future funding: What advantage do loans with post-securitization future funding obligations split into pari passu participations provide? 
        • How does servicing differ compared to regulatory-intensive CMBS servicing bound by REMIC and securities law?
        • Sponsor differentiations: Treatment of financing, role as a direct certificate holder and the servicing standard
        • How does this ultimately affect the asset managers’ ability to ensure the credit quality of their portfolio?

        • David Putro , Senior Vice President, CMBS (Morningstar Credit Ratings, LLC)
        • Charles Citro , Head of Asset Management (Granite Point Mortgage Trust Inc.)
        • Matthew Jordan , Shareholder (Polsinelli)
        • Scott Waynebern , President (Limekiln Real Estate Advisors)
        • Brady Copeman , Vice President (Situs)

      2:25 PM
      The Lifecycle of a CRE CLO: From the Warehouse to Wall Street

        • Warehouse loan origination: What goes in to a lender’s decision-making process? How do they review borrowers?
        • At what point does securitization and the involvement of capital markets financing make sense to include?
        • Borrower perspective: What are the key considerations when choosing a lending partner, beyond pricing and lending terms? Loan origination and approval times, customer service, lender focus

        • Lee Askenazi , Partner (Clifford Chance US LLP)
        • Jasraj Vaidya , Director (Amherst Capital)
        • Michael Lavipour , Managing Director (Square Mile Capital Management LLC)
        • Simon Miller , Manager, CRE Debt & CMBS (DoubleLine)
        • Teresa Zien , Senior Director (Invesco)
        • Erin Stafford , Managing Director, Head of North American CMBS (DBRS)

      2:25 PM
      Tackling the Top Ten CRE CLO FAQs of the Day

      • *This closed door market practitioner led workshop will provide investors the opportunity to ask detailed questions and receive immediate feedback from the leaders in CRE CLO issuance and structuring.
        • Anthony Preisano , Executive Director (Morgan Stanley)
        • Steven T. Kolyer , Partner (Sidley Austin LLP)
        • Avinash Sharma , Executive Director (JP Morgan)
        • Nitin Bhasin , Senior Managing Director (Kroll Bond Rating Agency)

      3:05 PM
      Refreshment Break


      3:20 PM
      CRE CLO Investors’ Round Up: Market Outlook for 2019

        • Investor base trends and developments: Will this investor base evolve over time?
        • Relative value amongst other ABS asset classes
        • Offering and deal structure: What makes the investor feel confident with this product?
        • Are there concerns about the turn in the credit cycle affecting credit performance?
        • Secondary activity: Are investors buying or selling in the secondary market?
        • Outlook for the next 12 months: What speed bumps may lie ahead?
        *Hosted by:
        • Edward Dittmer , Senior Vice President, North American CMBS (DBRS)
        • Manish Rajguru , Senior CMBS Portfolio Manager (Lord, Abbett & Co. LLC)
        • Richard Talmadge , Director-Head of Structured Product Credit Research (Insight Investment)
        • Avner Husen , Managing Director (Fortress Investment Group)
        • Harris Trifon , Portfolio Manager (Western Asset Management)
        • Lea Overby , Head of CMBS Research (Wells Fargo Securities)

      4:00 PM
      The 1st Annual Investors' Conference on CRE CLOs Welcoming Cocktail Reception


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This is a <u>past</u> conference, no registration is available.

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  • <span style="color: #888; font-size: 0.8em;">Only sessions that contain published presentations or audio files are shown here. To view full agenda please expand "Agenda" tab. <br/> <br/> Also please do not forget that if you are playing audio files on the mobile device (without being connected to WiFi), your Mobile/Cellural Internet data will be spent to play these audio files. </span>
  • Thursday, March 14th, 2019
  • Breakfast Basics Workshop: What are CRE CLOs?


    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
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  • The US CRE CLO Primary Market Outlook


    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    Sign-In
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files


1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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