Mezzanine & High-Yield Debt
New York, NY
May 18, 2022

Description

IMN’s Real Estate Mezzanine Financing & High Yield Debt Forum will return to New York, NY on May 18. The conference provides the perfect platform for property owners and lenders to meet, network and discuss the latest strategies for new acquisitions, development and refinancing in a highly competitive real estate lending environment.
 
Join us in New York City as senior industry players discuss their outlook for commercial real estate lending, how mezzanine and high yield debt fit into the capital stack, and which types of projects are best suited to these financing vehicles.

Be sure to bookmark this page for regularly updated program information.

We look forward to welcoming you in May!

Who Should Attend
  • Property Owners including:
    • Equity Funds
    • REITs
    • Pension Funds, Family Offices, HNW Individuals, Sovereign Wealth Funds, etc. that invest directly in Real Estate
    • Large Private Owners, Developers and other Owner-Operators
    Mezzanine Finance, Sub-Debt and Senior Debt Lenders including:
    • Banks
    • Life Companies
    • Debt Funds
    • Mortgage REITs
    • CMBS originators/issuers
    • Specialist and Non-Traditional Lenders
    Special Servicers, Brokers, Law Firms and other service providers to the CRE finance industry

Conference Highlights

Networking Tutorial

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My Agenda

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Agenda

    Wednesday, May 18th, 2022

      8:00 AM
      Registration & Breakfast for All Attendees



      9:00 AM
      CRE Market Outlook & Macroeconomic Trends

        • Impact of an ongoing COVID-19 pandemic on CRE investment strategy, financing and operations
        • Tax policy, low interest rates, health policy, climate change – which regulatory developments will make the biggest waves for CRE?
        • Which asset classes will face the biggest headwinds in 2022 and which sectors, and markets are primed for growth?
        • Cost, sources of capital, popular debt plays, specialization
        • What types of CRE project/financing situation will find it harder to get financed this year?
        • Impact of stimulus, eviction moratoria, rent relief etc.
        • What is the outlook for capital flow into the high yield debt space?
        • How will previous challenges of construction costs, labor availability, land prices and tenant credit profiles affect different property types?


        • Aron Zuckerman, Partner (Cleary Gottlieb Steen & Hamilton)
        • Matt Philip, Head of Commercial Lending (Bayview Asset Management)
        • Andrea Himmel, Principal & Chief Investment Officer (Himmel + Meringoff Properties)
        • Larry Botel, Managing Partner (JOSS Realty Partners LLC)
        • Harris Trifon, Managing Director, Portfolio Manager (Lord Abbett)
        • Douglas Lyons, Managing Principal (Pearlmark)

      9:45 AM
      State of the Mezzanine & Subordinate Debt Market: Origination Trends

        • How is mezzanine debt fitting into the capital stack at the moment?
        • Which markets and sectors are most attractive/in need of mezzanine financing at the moment?
        • How have terms, structures and underwriting standards changed in the past year?
        • How has the global health crisis impacted competition?
        • What’s the latest on bank activity in the mezz space?
        • What are the outlooks for foreign investment and joint venture financing?
        • What financing is available and favorable for distressed deals across different asset classes?
        • How do terms compare to ground-up development deals?
        • Are lenders moving out of their ‘traditional lane’ in the hunt for deals and yield?


        • Joseph Lanzkron, Partner (Cleary Gottlieb Steen & Hamilton)
        • Michael Eglit, Managing Director, , Head of US Originations (Blackstone)
        • Roger Cozzi, Managing Director & Head of Real Estate Credit (Carlyle)
        • Adam Piekarski, Co Head of Real Estate Credit (MSD Partners LP)
        • Krystyna Blakeslee, Partner (Willkie Farr & Gallagher LLP)

      10:30 AM
      Networking Break

      • Courtesy Of:                      

      11:15 AM
      Distressed Debt Opportunities

        • What are current default rates across asset classes, property types and regional markets?
        • Short- and longer-term outlooks for mezz, senior and CMBS debt
        • How are relationships between borrower, lender and servicer playing out right now?
        • How does this compare to various points throughout the pandemic and previous financial crises?
        • Where do you see the best opportunities for distressed deals?
        • How are you valuing distressed assets in this environment?
        • Impact of current interest rates on valuations


        • Gary Zimmerman, SVP Chief Underwriting Counsel (Fidelity National Financial-UC)
        • Spencer Garfield, Managing Director (Fortress Investment Group)
        • Elliot Horowitz, Managing Member (H Equities)
        • William Clarkson, Partner, Head of Distressed Debt (Torchlight Loan Services)

      12:00 PM
      CRE Debt Fund Perspectives

        • What is the current state of the CRE lending market? Volume compared with pre-pandemic?
        • What are you hearing from your investors? What is LP sentiment on high yield debt investments today?
        • Are you seeing foreign capital returning to the US market?
        • How are you approaching mezz loans within the fund?
        • Debt fund structures in 2022: mortgage REIT debt funds, PE debt funds etc.
        • How are you approaching your lending strategy to differentiate yourself?
        • To what extent are you revisiting deals that fell through at the start of the crisis?
        • Are smaller lenders getting a foot in the door again?
        • What interest rates are being offered on short-term loans?


        • Gordon Sinclair, Director – Business Development & Strategy (Egan Jones Ratings)
        • Tony Fineman, Senior Managing Director, Co-Head of Origination (ACORE Capital)
        • John Lippmann, Managing Director (NYL Real Estate Investors)
        • John Randall, Partner (PCCP, LLC)
        • Sharif El-Gamal, Chairman & CEO (Soho Properties)

      12:45 PM
      Lunch

      • Courtesy Of:                       

      1:45 PM
      Bridge Loans for Commercial Real Estate

        • To what degree has a strong CLO market boosted bridge loan liquidity?
        • In which situations would borrowers use bridge loans?
        • What is the cost and how does this compare to other sources of capital?
        • How are lenders differentiating their programs from their competitors’?
        • Which deals types are most attractive to lenders and which are less so?
        • New methods of financing bridge loans


        • William Davis, Member (Cozen O'Connor)
        • Gary Newman, Managing Director – Investment Management (BrightSpire Capital)
        • Robert Riva, Member (Cole Schotz)
        • Samantha Rotchford, Principal (MSD Partners, L.P.)
        • Boots Dunlap, Co-Founder & CEO (RRA Capital)
        • Jeff Dybas, Partner (Spaxel)

      2:30 PM
      Tranched Loan Workouts, Restructuring, Intercreditor & Subordination Agreements

        • Best practices in negotiating a workout as a borrower with a tiered lending structure
        • Lender strategies for managing a defaulted loan – forbearance and restructuring
        • Interpreting and enforcing intercreditor and co-lender agreements
        • Understanding payment priorities under tiered lending structures
        • Managing a mezzanine loan foreclosure under the UCC
        • What main challenges do borrowers, senior lenders and mezzanine lenders face when structuring workouts?
        • What options are available to all parties in negotiations?  How to find common ground while protecting your interests?
        • Assessing critical provisions protecting mezzanine lenders like the right to cure default on the first mortgage and the right to foreclose on the property


        • Zachary Samton, Member (Cozen O'Connor)
        • Emanuel Grillo, Partner (Allen & Overy)
        • Daniel Ho, Partner, Head of CRE Debt Asset Management (Apollo Global Management)
        • Chris Miculis, Managing Director - Head of Asset Management, Debt - Americas (Nuveen)
        • Michael Lavipour, Managing Director (Square Mile Capital Management LLC)

      3:15 PM
      Networking Break

      • Courtesy Of:                   

      3:45 PM
      CRE CLO Market Outlook

        • What is expected in terms of issuance trends in 2022?
        • Will the increases in market volume lead to greater efficiencies in CRE CLO establishment and refinancing?
        • Key drivers for record new issuance and refis
        • What type of bridge loans and underlying collateral are going into CRE CLOs?
        • What impact has the new administration had on the CLO market?
        • Risk weighting implications of the new ratings and NAIC proposal
        • How are investors viewing relative value for CRE CLOs across the product spectrum, activity between the primary and secondary market? What asset types are favorable to investors?
        • To what degree will the CRE CLO replace other types of traditional financings, such as CMBS pooled floaters?


        • Andrew Florio, Exec Director, Head of Capital Markets – Real Estate & Hospitality Americas (Natixis)
        • Ross Gusler, Senior Vice President (Greystone)
        • Amanda Gray, Associate Director, Capital Markets (Invesco Real Estate)
        • Michael Barbieri, Executive Director (UBS)
        • Nishant Nadella, Managing Director, Head of Transitional Lending & SASB Origination (3650 REIT)

      4:30 PM
      Land, Pre-Construction and Construction Loans

        • Supply and demand outlook for land and new construction projects
        • How are these projects most commonly financed?
        • Who is providing the finance and which projects are most attractive to them?
        • How are these deals underwritten and what do terms look like right now?
        • How do you protect all parties against a default?


        • Jason Polevoy, Counsel (Patterson Belknap Webb & Tyler LLP)
        • Anne Hill, Senior Vice President (Bayview Asset Management)
        • Michael Zysman, Managing Principal (City Bay Capital LLC)
        • Andy Bernard, Chief Investment Officer | Partner (Left Lane)

      5:15 PM
      Networking Drinks



      6:15 PM
      Conference Concludes



Sponsors

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Contact Us

Venue

  • Conference Venue
  • The Union League Club


    38 East 37 Street
    New York, NY, 10016
    USA

    Additional Info:

    Please see below for a list of suggested hotels near The Union League Club of New York.
  • Suggested Hotel
  • Pestana


    23 East 39th Street
    New York, NY, 10016
    USA
  • Suggested Hotel
  • Grand Hyatt New York


    Park Avenue at Grand Central Station
    New York, NY, 10017
    USA

    Additional Info: IMN does not have a block at this hotel and cannot guarantee rate or availability.
  • Suggested Hotel
  • Hotel Giraffe


    365 Park Avenue South
    New York, NY, 10016
    USA

    Additional Info: IMN does not have a block at this hotel and cannot guarantee rate or availability.
  • Suggested Hotel
  • The Kitano New York


    66 Park Avenue, East 38th Street
    New York, NY, 10016
    USA

    Additional Info: IMN does not have a block at this hotel and cannot guarantee rate or availability.

Content/Audio Files

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  • Wednesday, May 18th, 2022

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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