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Real Estate Finance and Investment 2012 Investing | Accessing | Lending | Sourcing | Developing Second Annual ULI Real Estate Capital Markets Conference
June 6‐7, 2012 Sentry Conference Center, 730 Third Avenue, New York, NY A Program of: ULI Center for Capital Markets and Real Estate ULI New York
Thank you to our Conference Sponsors
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Real Estate Finance and Investment 2012 The real estate capital markets are reinvigorated after several years of turmoil, and new investment opportunities, new capital structures, new capital sources, and new ideas are emerging. This conference will examine the latest trends and strategies being used in real estate finance and the real estate capital markets, and will cover a wide array of issues, players, and sectors. How can and should real estate investors, lenders, developers, and other capital market players move forward, structure deals, and raise/allocate capital in 2012 and beyond? What strategies are being used with mezzanine, bridge, gap, and rescue financing today? What are the opportunities for investing in distressed debt and value‐add investments? What does it take to launch and manage a new real estate fund? What are the opportunities for investing in niche sectors? The event will provide many opportunities for capital providers and users to meet, discuss potential deals, and get into the details of new financing arrangements, and will provide you with insights and strategies for navigating the real estate finance and capital markets. Conference Co‐Chairs Charles (Chip) H. Fedalen, Jr. Executive Vice President, Group Head Commercial Real Estate Institutional and Metro Markets Group, Wells Fargo Stephen J. Furnary Chairman and CEO, Clarion Partners
Wednesday, June 6, 2012
12:00 p.m.‐12:40 p.m. Networking Coffee Sponsored by
12:40 p.m‐1:30 p.m. Real Estate Market Trends 2012
An overview of the state of the commercial and multifamily real estate market, including property fundamentals, property sales volume trends, investment trends, who is buying and who is selling, cap rate trends, and price trends. Introduction from Conference Co‐Chair Stephen J. Furnary, Chairman and CEO, Clarion Partners Featured Speaker Jacques Gordon, Global Strategist, LaSalle Investment Management
1:30 p.m.‐2:45 p.m. Raising and Investing Equity Capital Today The sources of equity capital, the uses for that capital, and the methods for raising that capital today are changing along with the recent upheaval in the financial landscape. Private equity funds, institutional investors, foreign entities, and other sources have equity to invest, but connecting this capital with specific opportunities is always a challenge. What are the best strategies for raising equity capital today? How are capital providers deploying capital in the current environment? How are capital users finding capital? What new mechanisms are being used to connect providers and users? Moderator Stephen J. Furnary, Chairman and CEO, Clarion Partners
Speakers Thomas Arnold, Head of Americas – Real Estate, Abu Dhabi Investment Authority Jeffrey D. Horowitz, Head of Global Real Estate, Gaming and Lodging Corporate and Investment Banking, Bank of America Merrill Lynch John Kukral, President, Northwood Investors Robert Lieber, Executive Managing Director, Island Capital Cherie Santos‐Wuest, Principal Investment Officer for Real Estate, Connecticut Retirement Plans and Trust Funds Sponsored by
2:45 p.m.‐3:05 p.m. Networking Break Sponsored by
3:05 p.m.‐4:20 p.m. Sourcing Debt Capital: Banks, Insurance Companies, Private Funds, CMBS, Mortgage REITs, and Other Sources While there is no plethora of debt capital, lenders do seem to be lending again. Insurance companies are avid lenders at the high end, CMBS lending has been revived, and banks are getting back to business as well. Private funds and mortgage REITs are also active. Who is lending on what today, and how is this changing? How are lenders handling maturing loans in 2012, and what will they do with nonperforming loans? How do insurance companies, banks, and CMBS lenders differ in their approach to lending in the current market? What do private funds and mortgage REITs have to offer for borrowers? When debt capital is available, what are the terms and deal structures that work today for different property types, regions, and situations? Moderator Charles (Chip) H. Fedalen, Jr., Conference Co‐Chair and Executive Vice President, Group Head Commercial Real Estate Institutional and Metro Markets Group, Wells Fargo Speakers Jason Choulochas, Managing Director, Ares Commercial Real Estate Greta Guggenheim, President, Ladder Capital Scott Weiner, Chief Investment Officer, Apollo Commercial Real Estate Finance, Inc. Mark Wilsmann, Managing Director, MetLife
4:20 p.m.‐5:35 p.m. Financing Value‐Add Opportunities Investing in new development and/or revitalizing, repositioning, or value‐add opportunities is moving closer to the forefront as the economy recovers. Development of apartments is on the upswing, with financing generally available from GSEs as well as many private sources. The prospects for repositioning underperforming assets via value‐add strategies are also improving, and there are many properties in need of such investment. What equity and debt capital sources are available for these opportunities? What are investors and lenders looking for in value‐add deals today? What property types offer the best bets for repositioning in the current market? What new development strategies can attract capital today? What financing is available for energy retrofits to add value and improve performance? Moderator Steve Kohn, President and Principal, Cushman Wakefield Sonnenblick Goldman
Speakers Robert S. Blumenthal, Managing Director, Deutsche Bank Securities Inc. Kevin Chisholm, Managing Director, Acquisitions, Savanna Fund Ron Kravit, Senior Managing Director, Cerberus Capital Lee Neibart, Global Chief Executive Officer, AREA Property Partners Wendy Rowden, Managing Director, Investments, Jonathan Rose Companies, LLC
5:35 pm.‐6:30 p.m. Networking Reception Sponsored by
Thursday, June 7, 2012 8:00 a.m.‐9:00 a.m. Networking Breakfast Sponsored by
9:00 a.m.‐10:20 a.m. Recap Opportunities: Mezzanine, Bridge, Gap, Preferred Equity, and Rescue Financing The recapitalization of undercapitalized properties is likely to be one of the big stories of 2012 and 2013. A large volume of loans will mature over the coming year that will need to be refinanced with new loans and additional equity. Many specialized sources have emerged that provide mezzanine, bridge, gap, preferred equity, and rescue financing. How do capital sources specialize today? What are they looking for and how do financing terms and costs differ? How do equity investors and first mortgage lenders view financing structures with mezzanine or preferred equity layers? How can owners connect with this capital, and what do these recapitalization deals look like? Moderator Robert J. Ivanhoe, Chair, Global Real Estate Practice, Greenberg Traurig Speakers Bruce Batkin, President, Terra Capital Partners Jon W. Brayshaw, Principal, Prime Finance Noble Carpenter, Executive Managing Director, Principal, Cassidy Turley Yon Cho, Partner, PCCP, LLC Raphael Fishbach, Principal, Mesa West Capital
10:20 a.m.‐10:40 a.m. Networking Break 10:40 a.m.‐12:00 p.m. Investing in Distressed Debt A considerable volume of commercial real estate mortgages will be coming due over the next several years, and a good deal of it will be sold off by lenders as distressed debt. Many investors are looking at these opportunities with an eye to eventually controlling the underlying asset. While many big funds are in this game, there are growing opportunities for smaller investors as well, including sharpshooters who understand the asset and have a relationship with a lender. What are the opportunities for acquiring distressed debt today? What is the range of opportunities, and how can small investors play in this game? How are the large funds sifting through this marketplace, and what are they paying for distressed portfolios? How can new capital enter into this space? What are the prospects for borrowers to form new entities to buy‐back their own loans at discounts?
Moderator Richard Saltzman, President, Colony Capital LLC Speakers Matt Anderson, Managing Director, Trepp LLC Chris Graham, Managing Director, Starwood Capital Group Todd Liker, Managing Director, Oaktree Capital Management Christopher B. Price, Partner, Goodwin Procter Gil Tenzer, Partner, Contrarian Capital 12:00 p.m.‐1:10 p.m. Lunch with Topical Roundtables Join your fellow conference attendees for candid discussion during lunch. The topics and locations are as follows. Nolita Room
CMBS Lending and Conduits
Mezzanine, Bridge, and Gap Finance
Finance for Smaller Deals
Refinancing and Recapitalizing Assets
Sourcing Debt Capital
Sourcing Equity Capital
Tribeca Room
Institutional Capital
Private Equity Fund Capital
Distressed Debt
Financing Value‐Add Investments
Financing Energy Retrofits
Launching and Managing a New Fund
Murray Hill Room
Financing Retail
Financing Office
Financing Industrial
Financing Apartments
Financing Residential Development
Financing Niche Properties
Sponsored by
1:15 p.m.‐2:15 p.m. U.S. and Global Economic Outlook Remarks and Introduction Patrick Phillips, CEO, Urban Land Institute Featured Speaker Robert Mellman, Senior Economist and Managing Director, JP Morgan The U.S. economy has shown signs of improvement, but Europe is still mired in problems, with many troubling trends and uncertainties to be dealt with. What kind of economic and job growth can we expect from the U.S. economy over the coming year? What is the future of interest rates, inflation, and Federal Reserve policy? How will the election and the political decisions regarding the federal budget and deficits affect the future of the U.S. economy? How will the debt crisis in Europe affect the U.S. economy? Sponsored by
2:15 p.m.‐3:30 p.m. Finance and Investment for Niche Property Types: Student Housing, Senior Housing, Self‐Storage, Medical Office, Others Niche sectors have shown more strength than many of the more traditional property sectors over the past year, and many investors will continue to favor these investments. Who is investing in these niche sectors, and who are the lenders for these property types? How do traditional lenders view and underwrite these niche sector investments? Are there specialty lenders who focus on these properties? How have these niche property types performed over the past year? What are the operating risks for these niche property types? How are specialty REITs operating in these sectors? Moderator William Lashbrook, Executive Vice President, PNC Bank Speakers Robert Byron, Managing Principal, Blue Vista Capital Douglas Cameron, Chairman, CRL Senior Living David Maki, Senior Vice President, Capital Markets, Heitman Christopher Merrill, Co‐Founder, President & CEO, Harrison Street Real Estate Capital Grant Saunders, Senior Vice President, Healthcare Finance, KeyBank
3:30 p.m.‐3:50 p.m. Networking Break
3:50 p.m.‐5:15 p.m. Launching and Managing a New Real Estate Fund Many large real estate owner/operators have successfully launched their own funds or moved into the fund management business, but now smaller players are also using this strategy to raise capital and to reorient their approach to real estate finance. How can a small or medium sized real estate company launch a real estate fund? What are the key steps, and who can advise on the process? What are the essential elements of a fund prospectus? What is the best way to promote the fund to the right investors? Moderator Steve Felix, Principal, Solutions by Steve Felix Speakers William Cisneros, Senior Managing Director, GTIS Partners Claudia L. Faust, Co‐Founder, Managing Partner, Hawkeye Partners LP Thomas Mizo, Senior Managing Director, HFF Securities LP Jennifer M. Morgan, Partner, Kirkland & Ellis Terry Herubin, Principal, Portfolio Manager, The Townsend Group
5:15 p.m. Conference Adjourns
Speaker Biographies
CONFERENCE CHAIRS Charles (Chip) H. Fedalen Executive Vice President, Group Head, Commercial Real Estate Institutional and Metro Markets Group, Wells Fargo Chip Fedalen is Executive Vice President and Group Head for Wells Fargo Commercial Real Estate’s Institutional and Metro Markets Group. This group is responsible for all Institutional clients nationwide and for all Private clients in the greater metropolitan markets of the San Francisco Bay Area, Southern California, Dallas, Chicago, Atlanta and DC as well as New York City and the Northeastern seaboard. The Group also has a loan production office in London to service its domestic clients doing business in the United Kingdom. In addition, Commercial Real Estate’s public REIT Finance Group reports to Chip. Stephen J. Furnary Chairman and CEO, Clarion Partners Stephen J. Furnary is the Chairman and CEO of Clarion Partners and is Chairman of the Clarion Partners Executive Board. He joined the firm in 1984, and is one of Clarion Partners’ founding partners. Prior to joining Clarion, Mr. Furnary was a Partner and Executive Vice President at Lazard Realty, Inc. and a Vice President, Regional Head of Acquisitions, in the Real Estate Investment and Management Department of Citibank.
SPEAKERS Matthew J. Anderson Managing Director, Trepp LLC Matthew Anderson is Managing Director of Trepp, LLC, the leading provider of CMBS and commercial mortgage information, analytics and technology to the global securities and investment management industries. Mr. Anderson co‐founded Foresight Analytics, a real estate and bank research firm that was acquired by Trepp in February 2010. With a consulting career spanning more than 20 years, Mr. Anderson has consulted for major commercial banks, global investors, insurance companies, investment banks and hedge funds. His most recent work has centered around distress in real estate markets and risk analysis in the financial sector. He has been quoted in major media, including the Wall Street Journal, New York Times, Chicago Tribune, and American Banker, and has appeared on TV and radio. Thomas Arnold Head of Americas – Real Estate, Abu Dhabi Investment Authority Thomas Arnold joined ADIA as Head of Americas ‐ Real Estate and is based in Abu Dhabi. He is responsible for the creation and implementation of the business strategy for the Americas portfolio, existing and future investments in the U.S., Brazil, Canada, Mexico, and selected other Americas markets, and management of the U.S. investment team. He is also a member of ADIA’s Executive Committee and Real Estate Steering Committee. Prior to joining ADIA, Mr. Arnold was a partner at Cerberus Capital Management based in New York City. His responsibilities included the origination and execution of real estate, lending, and private equity transactions. He originated investments throughout the capital structure, including common and preferred equity, mezzanine and bridge lending, and senior debt. His investment experience includes both commercial and residential product types, asset level investing and operating platforms, and extensive turnaround and workout roles. Prior to Cerberus Capital, Mr. Arnold was with ING, Credit Suisse, the Praedium Funds Salomon Brothers (now Citigroup) Bruce Batkin President, Terra Capital Partners Bruce Batkin co‐founded and is Chief Executive Officer of Terra Capital Partners. Mr. Batkin has over 30 years’ experience in real estate acquisition, finance, development, management and investment banking. Prior to founding Terra Capital Partners, he held senior management positions at Merrill Lynch, Donaldson, Lufkin & Jenrette, ABN Amro and several private real estate development partnerships. Mr. Batkin has acquired major commercial properties nationwide and has acted as managing partner in over $5 billion of real estate investments for domestic and foreign investors. He has also managed numerous real estate securities offerings and has advised some of the largest domestic and foreign real estate companies. Robert S. Blumenthal Managing Director, Deutsche Bank Securities Inc. Robert S. Blumenthal joined the Bank in 1987 as a Vice President and was elected Managing Director in
1990. Rob is currently managing the Finance and Origination Unit, primarily covering public and private real estate companies and corporate real estate subsidiaries throughout the United States. Rob has advised on or completed in excess of $10 billion of real estate assignments or transactions. He has senior experience in numerous public equity issuances, rated securitized financings, private equity placements, mezzanine financings, off balance‐sheet acquisition and development programs, and disposition advisory assignments. Prior to joining the Bank, Rob was a Vice President of Salomon Brothers Inc., Real Estate Finance Group. From 1978 to 1980, Rob was a Senior Planner for Raymond Parish Pine and Weiner, an urban planning and real estate consulting firm in New York City. Rob received a BA degree, magna cum laude, from SUNY‐ New Paltz and an MPA from New York University’s Graduate School of Public Administration. Other academic pursuits include his position as a full Professor of Real Estate Finance at New York University’s MS in Real Estate Development and Investment Program, as well as many contributions to professional and academic publications. Jon Brayshaw Principal, Prime Finance Jon Brayshaw is a Principal, member of the Investment Committee, and head of the New York office of Prime Finance, managing loan originations as well as reporting functions, investor relations, and accounting. Prior to forming Prime Finance, he was a Managing Director at Natixis, where he was involved in negotiating, structuring and closing commercial real estate loan transactions. Prior to Natixis, Mr. Brayshaw practiced law in New York at Kaye Scholer LLP. Robert G. Byron Managing Principal, Blue Vista Capital As a Managing Principal and Founder of Blue Vista, Mr. Byron sits on the Blue Vista Capital Management Investment and Management committees and is responsible for developing relationships with new partners and capital sources for all of the firm's funds. Mr. Byron has over 30 years of real estate investment and transaction experience and has completed more than $7 billion in real estate transactions in his career. Prior to forming Blue Vista, he held the position of Chief Investment Officer for the McShane Corporation, a Chicago‐based development and construction company. Previously, Mr. Byron led AEW Capital Management's Investment Banking Group. Mr. Byron has also held senior positions with Jones Lang LaSalle (formerly LaSalle Partners) and LaSalle Investment Management (overseeing the firm's relationship with CALPERS, the largest pension fund in the United States). Doug Cameron Chairman, CRL Senior Living Mr. Cameron is one of the most experienced real estate investors in the United States. Over the course of his career, he has been successful in all phases of the ownership of institutional quality real estate. He has acquired, sold, financed, and managed over $15 billion in real estate. These properties include large regional malls, office buildings, hotels, industrial properties, student housing, and most recently, senior housing. In 2011, Mr. Cameron acquired control of CRL Senior Living, a Chicago based developer owner and operator of senior living communities, with emphasis on assisted living and memory care. This investment brings the portfolio he controls to over twenty communities, with several more under development.
Noble Carpenter Executive Managing Director, Principal, Cassidy Turley Noble Carpenter is the head of Cassidy Turley’s Capital Markets business and is a member of Cassidy Turley’s Capital Markets Executive Board. Prior to joining Cassidy Turley, Mr. Carpenter spent over 15 years at Jones Lang LaSalle in senior transactional and leadership roles in the US Capital Markets Group, working closely with public and private institutional investors, developers and opportunity funds and as the head of the International Capital Group. Major account relationships include Dai‐ichi Life, Kennedy Associates, Equity Office Properties, TIAA, JP Morgan, HSH Nordbank, LaSalle Investment Management, MetLife, State Street, and WAFRA, among others. Mr. Carpenter started his career with JLL as a member of the New York Operations. In 1990, he transferred to LaSalle Investment Management and focused on acquisitions and portfolio management representing Dai‐ichi Life in the disposition of its $4 billion real estate portfolio Kevin Chisolm Managing Director, Acquisitions, Savanna Kevin Chisholm is a Managing Director of Savanna, where he is responsible for sourcing, underwriting and structuring transactions. He joined Savanna from Ritchie Capital Management where he was a Vice President and a founding member of a principal investment group that focused on opportunistic real estate debt and equity transactions. At Ritchie Capital, he both sourced and managed a portfolio of high yield real estate investments. Yon Cho Partner, PCCP, LLC Yon Cho joined PCCP as Partner in December 2009 after serving five years as head of Lehman Brothers Real Estate Mezzanine Partners, Lehman’s real estate private equity mezzanine platform. During the course of a sixteen‐year career at Lehman, Mr. Cho also served as the Chief Operating Officer for the Global Commercial Real Estate Finance Group and was responsible for asset management, credit, and real estate investments, including Asian operations. He has originated in excess of $8 billion of principal investments in commercial real estate in a variety of debt/equity structures and distressed debt acquisitions. Mr. Cho has overseen the asset management of more than $10 billion of real estate debt and equity investments. Prior to joining Lehman Brothers, he was in the Real Estate Consulting Group at Coopers & Lybrand. Jason Choulochas Managing Director, ARES Mr. Choulochas joined ARES in August 2011 in the Private Debt Real Estate Group as a Managing Director. Before joining ARES, Mr. Choulochas served as Managing Director, Investments, of Wrightwood Capital with responsibility for the origination and structuring of senior debt investments throughout the United States. Before joining Wrightwood Capital’s predecessor, Mr. Choulochas was with American National Bank & Trust Company of Chicago (now part of J.P. Morgan Chase).
Bill Cisneros Senior Managing Director, GTIS Partners Bill Cisneros is a Senior Managing Director of GTIS and is responsible for capital formation and macro research. He has 22 years of institutional investment and financial market experience. Prior to joining GTIS, Mr. Cisneros had similar responsibilities at GTAM, and prior to joining GTAM, Mr. Cisneros was a Managing Director at Lyster Watson & Company, where he researched hedge fund strategies and advised investors on their allocations to hedge fund managers. Previously, Mr. Cisneros was a Board member and the Executive Vice President at Vencast, an Internet‐based company focused on the institutional alternative investment markets, where he researched private equity and hedge fund strategies and managers. Mr. Cisneros was also a partner and portfolio manager at Croesus Capital Management, a hedge fund management company dedicated to emerging markets. Claudia Faust Co‐Founder, Managing Partner, Hawkeye Partners LP Claudia Faust is a Co‐founder and Managing Partner of Hawkeye and serves as Chairperson of the firm's Board of Advisors and management committee. Ms. Faust has primary responsibility for the execution of the firm's investment management programs. Prior to Hawkeye, Ms. Faust was a Principal at Pension Consulting Alliance, Inc. During her tenure at PCA, she focused on industry research, portfolio strategy, manager searches and due diligence, transaction structuring and investment management on behalf of PCA's discretionary institutional real estate clients. Ms. Faust was also responsible for PCA's non‐consulting initiatives, which included the acquisition of RREEF by Deutsche Bank and the acquisition by institutional investors of certain Deutsche Bank interests in a multi‐billion dollar portfolio of high yield global real estate investments. Steve Felix Principal, Solutions by Steve Felix Steve Felix is a management consultant to the global institutional, commercial, and private equity real estate community. He uses Reverse Solution Engineering to help companies think differently about their challenges and works with them to create actionable solutions. He has provided an eclectic mix of counseling and advisory services to a “Who’s Who” of global real estate private equity fund managers and commercial real estate service providers. Steve is an attendee and frequent moderator at industry events and publishes a weekly blog, On the Road with Steve Felix which has a long‐standing global readership. Raphael Fishbach Principal, Mesa West Capital Raphael Fishbach is a Principal with Mesa West Capital. Since joining the Los Angeles‐based portfolio lender in 2010 to head the firm’s New York City office, he has been personally responsible for originating nearly $1 billion in first mortgage debt. Prior to joining Mesa West Capital, Mr. Fishbach was at Ramius LLC, an $8 billion asset management firm based in New York City with a specialty investment platform in real estate. As Director of Ramius’ Real Estate Group, Mr. Fishbach's responsibilities included deal sourcing, origination and underwriting, negotiation of acquisitions, joint ventures and financings, as well as asset management. Previous to Ramius, Mr. Fishbach was at Wells Fargo Bank in the Real Estate
Merchant Banking Group, both in Los Angeles and New York. As a Vice President, Mr. Fishbach sourced, structured, negotiated, and closed over $1 billion of debt originations. Jacques Gordon Global Strategist, LaSalle Investment Management Jacques Gordon is the Global Strategist for LaSalle Investment Management (LIM), a global real estate money manager with $47 billion in assets under management. He is responsible for the macro strategy and micro research used to guide all investment decisions in 30 countries. He serves on the Management and Investment Committees of LIM and directs the investment strategy group, which analyzes capital markets, regional economies and property markets. Christopher D. Graham Managing Director, Acquisitions, Starwood Capital Group Christopher Graham is a Managing Director at Starwood Capital, supervising the firm’s investments on the east coast. He is a member of the Investment Committee and is responsible for originating, structuring, underwriting and closing investments in all property types. Prior to joining Starwood, Mr. Graham was with CB Richard Ellis in Washington, D.C., where he was Director of its Financial Consulting Group for the Eastern Region of the US. Prior to his role in the Financial Consulting Group, Mr. Graham was Associate Director, Eastern Region of CB Richard Ellis’ Investment Properties Group. Mr. Graham also served as a consultant to Lincoln Property Company’s Washington, D.C. office on various asset management, development and acquisition assignments. Greta Guggenheim President, Ladder Capital Greta Guggenheim is the President, Head of Origination, and oversees underwriting and asset management at Ladder Capital. Prior to joining Ladder Capital, Ms. Guggenheim worked at UBS and Dillon Read Capital Management as a Managing Director and the Head of Originations. Before joining UBS, Ms. Guggenheim worked as a senior originator and as a real estate investment banker at leading global financial institutions including Credit Suisse and Bear Stearns. Terry Herubin Principal, Portfolio Manager, The Townsend Group Terry Herubin joined the Townsend Group in the Implemented Solutions group, where she leads the investment of US‐based mandates. Prior to Townsend she was with the New York State Teachers’ Retirement System, where she rose to the position of Head of Acquisitions and Portfolio Manager of the $9 billion real estate portfolio. Ms. Herubin was responsible for recommending and implementing annual asset allocation plans; between 2001 and 2007, she closed on more than $4.5 billion of commitments to direct real estate, commingled funds, REITs, operating companies and joint ventures.
Jeffrey D. Horowitz Head of Global Real Estate, Gaming and Lodging Corporate and Investment Banking, Bank of America Merrill Lynch Jeffrey Horowitz is Head of Global Real Estate, Gaming, and Lodging Corporate and Investment Banking at Bank of America Merrill Lynch. Mr. Horowitz covers a broad range of public and private companies and works on mergers and acquisitions, public and private capital raising and general corporate advisory transactions. Prior to joining Bank of America Merrill Lynch, Mr. Horowitz was at Citigroup where he was a Managing Director within Real Estate Investment Banking. Prior to joining Citigroup, Mr. Horowitz worked at Lazard Frères as an Associate in Capital Markets and in Real Estate. Mr. Horowitz began his career as an Analyst in the Real Estate Group at the First Boston Corporation. Robert J. Ivanhoe Chair, Global Real Estate Practice, Greenberg Traurig Robert Ivanhoe is Chairman of the New York office, Chair of the 200+ lawyer global Real Estate Practice and Co‐chair of the REIT Practice at Greenberg Traurig. He concentrates his practice on sophisticated real estate structures, financings, workouts, restructurings, acquisitions and dispositions of all asset classes of real estate. Mr. Ivanhoe is actively involved in real estate industry current affairs and regularly asked to write and lecture on industry topics. Mr. Ivanhoe has been recognized by Chambers and Partners USA, The New York Observer and Real Estate New York as one of the leading real estate attorneys in New York City and throughout the United States. He has represented numerous nationally‐recognized owner/developer and institutional lender/investor clients domestically and internationally. Mr. Ivanhoe is a member of the firm's Executive Committee, Board of Directors and Operating Committee. Steven Kohn President, Cushman & Wakefield Sonnenblick Goldman Steven Kohn is the President of Cushman & Wakefield Sonnenblick Goldman. He also serves on the Leadership Group of Cushman & Wakefield, Inc. He joined Sonnenblick Goldman as a Principal and Managing Director, and soon thereafter became responsible for the company’s Capital Markets Group. He became the company’s President in the first quarter of 2000. Prior to joining the firm, Mr. Kohn was Vice President of Wexford Management LLC, a multi‐billion dollar private equity fund, where his responsibilities included real estate acquisitions, portfolio management, loan workouts and dispositions of various property types throughout the United States. Before assuming his position at Wexford, Mr. Kohn was President of Trafalgar House Real Estate, Inc., the U.S. commercial real estate development subsidiary of Trafalgar House PLC, a multi‐billion dollar conglomerate based in London. Ronald J. Kravit Senior Managing Director, Cerberus Capital Management LLC Ronald Kravit is a Managing Member of the General Partner of Cerberus Real Estate Funds and Cerberus Real Estate Capital Management. Prior to joining the Cerberus Companies, Mr. Kravit was a Managing Director at Apollo Real Estate Advisors, L.P., where he was responsible for new business development, acquisitions and asset management. Prior to his tenure at Apollo, Mr. Kravit was a Managing Director at G. Soros Realty Advisors/Reichmann International, an affiliate of Soros Fund Management.
John Z. Kukral President, Northwood Investors John Kukral is President of Northwood Investors. During his career he has been involved in more than $40 billion real estate transactions worldwide ranging from office buildings, shopping centers, hotels and residential. Mr. Kukral started his career at JMB Realty Corporation and was most recently with Blackstone Real Estate Advisors where he served as President and CEO. During his tenure, Blackstone Real Estate Advisors grew to become one of the largest and most successful real estate managers globally. William G. Lashbrook III Senior Vice President, PNC Real Estate William Lashbrook is Senior Vice President, Real Estate, The PNC Financial Services Group. His current responsibilities cover operational metrics and portfolio management for PNC’s direct real estate loan portfolio and in the implementation of Basel requirements to the business. Robert C. Lieber Executive Managing Director, C‐III Capital Partners LLC Robert Lieber joined C‐III Capital Partners as an Executive Managing Director after having served under New York City Mayor Michael R. Bloomberg as Deputy Mayor for Economic Development. Mr. Lieber also serves as an Executive Managing Director of Island Capital Group and a Vice President for Anubis Advisors, which provides strategic planning, executive management, restructuring, M&A and other financial services to Island Capital Group’s portfolio companies, including C‐III Capital Partners. Prior to joining the Bloomberg administration, Mr. Lieber retired from Lehman Brothers serving most recently as a Managing Director in Lehman's Real Estate Private Equity Fund and before that as the Global Head of Real Estate Investment Banking. Todd Liker Managing Director, Oaktree Capital Management Todd Liker is involved in the investment and management of Oaktree’s real estate funds. His responsibilities include acquisitions, dispositions, financings/re‐financings, asset management, development and redevelopment of all property types, with a primary focus on corporate transactions. In addition, Mr. Liker is a member of the Board of Directors of LNR Partners, LLC and helps coordinate Oaktree’s real estate investment activities in Asia and in Europe. Prior to joining Oaktree, Mr. Liker was an Executive Director with JPMorgan Securities’ Real Estate, Lodging and Gaming Investment Banking group in New York, where he was responsible for client coverage and transaction execution for real estate and lodging companies across the spectrum of investment banking products and services. Mr. Liker also worked with JPMorgan’s Real Estate and Lodging Investment Banking group in London, where he led a team that provided investment banking services to real estate companies and investors in the U.K., Scandinavia and the Netherlands, as well as to hotel companies across Europe. Prior to joining JPMorgan, Mr. Liker was with ABN AMRO, first in the Structured Finance and Private Equity group in Chicago and later in the Corporate Advisory and Debt Structuring group in Singapore.
David Maki Senior Vice President, North American Capital Markets, Heitman David Maki is responsible for managing Heitman’s North American debt financings for new acquisitions as well as financing on the firm’s existing portfolio of assets. His responsibilities include advising on the placement of property and portfolio‐level financing and implementing hedging strategies. Prior to joining Heitman, Mr. Maki was the Head of North American Capital Markets at RREEF, where he provided leadership and strategy for all capital markets activity and debt fundraising across a $21 billion portfolio of core, value‐added and development real estate. In that role, he sourced, structured and closed more than 200 debt transactions totaling over $13 billion. Previously, he was the National Head of Real Estate Mezzanine Finance for LaSalle Bank Corporation and also served as Managing Director for the Real Estate Merchant Banking group of Wells Fargo Bank. Robert E. Mellman Senior Economist and Managing Director, JP Morgan Robert Mellman is a Managing Director and Senior Economist at JP Morgan. Mr. Mellman writes and edits JP Morgan’s weekly publication on the US economy, US Data Watch, and contributes regular commentary to Morgan’s weekly Global Data Watch and US Weekly Prospects publications. He serves as liaison from JP Morgan’s Economic Research group to other divisions of the bank, meeting regularly with JP Morgan’s Proprietary Trading and Debt Capital Markets groups. Mr. Mellman also provides frequent briefings for external corporate and governmental clients. Christopher Merrill Co‐Founder, President, and CEO, Harrison Street Real Estate Capital Christopher Merrill is the Co‐Founder, President, and CEO of Harrison Street Real Estate Capital a real estate private equity firm that manages private equity funds and public securities products. Mr. Merrill is also a Member of the Board of Directors and Chairman of the Investment Committee of the Company. The firm has raised three opportunistic real estate funds as well as an open‐ended core property fund which have raised over $2.0 billion in capital from some of the largest US and European Pension Funds, Corporate Plans, Insurance Companies, Endowments and family offices. The firm’s private funds have the unique strategy of investing in Education, Healthcare and Storage related properties throughout the US. In addition, Harrison Street Securities LLC, a firm Mr. Merrill and his partners acquired in 2011, currently manages over $475 million in REIT securities through three, distinct long only product offerings. Jennifer M. Morgan Partner, Kirkland & Ellis Jennifer Morgan is a Partner in the New York office of Kirkland & Ellis. She concentrates her practice in real estate private equity, advising fund sponsors and pension funds and other institutional investors in connection with structuring and negotiating fund formations and joint ventures, including private REITS and other structured investments. She regularly represents real estate private equity clients in connection with asset and entity‐level acquisitions and joint ventures, dispositions and financings.
Thomas Mizo Senior Managing Director, HFF Securities LP Thomas Mizo is a Senior Managing Director of HFF Securities L.P. His primary responsibilities include directing private equity fundraising activities by accessing real estate equity from institutional investors on behalf of clients of the firm. From 2001 to 2006, he served as a Commissioner of the Los Angeles City Employees’ Retirement System, where he was elected President for his last two years and was a member of the Private Investments Committee. Prior to joining HFF, Mr. Mizo was one of the three Founding Partners of Chadwick Saylor, a real estate investment banking/investment management firm in Los Angeles. At Chadwick Saylor, he was involved in the successful completion of over $4 billion of real estate joint ventures and commingled funds. His prior professional career includes eight years in real estate investment advisory organizations and seven years of law practice in Boston and Los Angeles. Lee S. Neibart Global Chief Executive Officer, AREA Property Partners Lee Neibart is the Global Chief Executive Officer of AREA Property Partners (formerly known as Apollo Real Estate) and has been involved in all phases of the firm’s development since its founding. At AREA, Mr. Neibart has overseen the investment and management of multiple real estate funds and joint ventures, which have invested $11 billion in more than 500 transactions with an aggregate value in excess of $60 billion. Mr. Neibart sits on the Investment Committee of all of AREA’s active Opportunistic, Value‐Added and Debt funds. Patrick L. Phillips Chief Executive Officer, ULI Global Patrick Phillips is the Chief Executive Officer of the Urban Land Institute (ULI). A longtime member of ULI and a ULI trustee, he has a career in the economic analysis of real estate and land use that spans more than 20 years. Prior to taking the position as the top staff executive at ULI, he was President and Chief Executive Officer of ERA AECOM (formerly Economics Research Associates). In that regard, he coordinated all aspects of ERA’s organization, strategy, business development, and service delivery. His own consulting practice focused specifically on the intersection of private investment and public policy. To further expand ERA’s reach and impact, Phillips guided the successful sale of the company in 2007 to AECOM, a globally renowned provider of professional technical and management support services to a broad range of industries, including land use, transportation, environmental and energy. Christopher Price Partner, Goodwin Procter Christopher Price is a Partner in Goodwin Proctor’s nationally recognized Real Estate, REITs and Real Estate Capital Markets Group. He serves as chair of the firm’s wide Real Estate Finance Practice and is active in the leadership of the New York Real Estate Capital Markets Practice. Mr. Price practices in all areas of real estate investment management and real estate finance law, representing domestic and foreign investors, fund sponsors, institutional investment advisors and investment banks.
Wendy Rowden Managing Director, Rose Investments Wendy Rowden is a Managing Director of Rose Investments. She is responsible for all aspects of the firm’s investment management business, including acquisitions, financing, asset management, and investor relations. She is a member of the firm’s Investment and Management committees. Prior to joining Rose, she served as Vice President, General Counsel and Secretary of the Rockefeller Group, the U.S. Subsidiary of Mitsubishi Estate Co., one of the largest real estate concerns in the world. Ms. Rowden is past President of WX. She is a former member of the Board of Trustees of Maimonides Medical Center and Safe Space NYC (where she served as Board Chair). She is also a former member of the Board of Directors and Executive Committee of Cushman & Wakefield. Richard Saltzman President, Colony Capital LLC Richard Saltzman is President of Colony Capital, LLC and is based in its New York office. He shares responsibility for the firm's global operations. In particular, he guides the strategic planning, acquisition, and asset management activities of Colony and oversees new business initiatives. Prior to joining Colony, Mr. Saltzman spent 24 years in the investment banking business primarily specializing in real estate related businesses and investments. Most recently, he was a Managing Director and Vice Chairman of Merrill Lynch's investment banking division. As a member of the investment banking operating committee, he oversaw the firm's global real estate, hospitality and restaurant businesses. Previously, he also served as Chief Operating Officer of Investment Banking, had responsibility for Merrill Lynch's Global Leveraged Finance business, and was also responsible for various real estate related principal investments including the Zell/Merrill Lynch series of funds which acquired more than $3 billion of commercial real estate assets and where Mr. Saltzman was a member of the Investment Committee. Cherie Santos ‐Wuest Principal Investment Officer for Real Estate, Connecticut Retirement Plans and Trust Funds Cherie Santos‐Wuest is the Principal Investment Officer for Real Estate for the Connecticut Retirement, Pension and Trust Funds, where she manages in excess of $2 billion in commitments to real estate investments on behalf of Connecticut state pension funds. In this capacity, Ms. Santos‐Wuest originates new investments, negotiates contracts, determines portfolio investment guidelines and valuation, reports on market and portfolio performance, and makes presentations to the Treasurer and Investment Advisory Council. Prior to this, she was a Managing Director at Abundant Power Group, a private equity energy finance group, where she served on the investment committee of a clean tech private equity investment fund and helped design and finance energy efficiency programs for state and local governments and utilities to facilitate the implementation of energy efficiency in residential, commercial and industrial buildings. Ms. Santos‐Wuest was previously a Director in TIAA‐CREF’s Global Social and Community Investments group, where she was responsible for investing for and managing the Corporate Social Real Estate Investment Program’s $580+ million debt and equity portfolio and $50 million Green Building Technology Program portfolio.
Grant Saunders Senior Vice President, Healthcare Finance, KeyBank Grant Saunders is a Senior Vice President and Team Sales Leader for KeyBank’s Healthcare Group located in Tampa, Florida. His group (one of three in the nation) provides comprehensive financing solutions for seniors housing owners/operators, and REITs that specialize in the healthcare space. Prior to joining KeyBank, Mr. Saunders was with MMA Financial, LLC in both underwriting and origination capacities. Previously, Mr. Saunders partially owned and acted as the COO of a chain of skilled nursing facilities and two related ancillary companies. Gil Tenzer Partner, Contrarian Capital Gil Tenzer is the Director of Real Estate and a founding member of Contrarian, an institutional money management firm with over $3 billion in funds under management including dedicated real estate funds. Since Contrarian’s formation he has been responsible for sourcing, managing and coordinating the disposition of the firm’s real estate investments. Prior to forming Contrarian, he was a senior analyst and co‐head of the high‐yield real estate group at Oppenheimer & Co. He also was responsible for the analysis, financing, acquisition, disposition, restructuring and asset management of a nationwide portfolio for investor Arthur G. Cohen in the real estate, lodging, restaurant, aviation and manufacturing industries. Scott Weiner Chief Investment Officer, Apollo Commercial Real Estate Finance, Inc. Scott Weiner is actively involved in Apollo’s opportunistic equity and performing debt businesses (Chief Investment Officer of Apollo Commercial Real Estate Finance Inc.). Prior to joining Apollo from Barclays Capital, he was Managing Director and leader of the group responsible for large mortgage loans and structured finance transactions. In this capacity, Mr. Weiner managed the origination, pricing, structuring and closing of large fixed and floating rate mortgage loans, mezzanine loans and preferred equity throughout the United States, Mexico, and the Caribbean. He was also active in Barclay’s syndication of mortgage loans and the management of loan workout negotiations. Previously, he was Senior Vice President at Lehman Brothers in the commercial real estate finance area where he specialized in structured first mortgage, mezzanine and preferred equity investments. Mark H. Wilsmann Managing Director and Head of Real Estate Portfolio Management, MetLife, Inc. Mark Wilsmann is Managing Director and head of real estate portfolio management at MetLife. In this role, he is responsible for managing the company's $46 billion real estate portfolio, including overseeing MetLife’s commercial mortgage product line, strategy, pricing, and origination activities via 12 regional offices. He is also responsible for managing the company's equity real estate portfolio, including strategy, asset management, dispositions and development/acquisitions. He also chairs the firm’s mortgage investment committee. Under Mr. Wilsmann’s leadership, MetLife has become established as the largest life company portfolio lender, with annual transaction volume of over $9 billion. During Mr. Wilsmann’s career with MetLife, he has served in various capacities within the real estate group, including portfolio management, asset management, acquisitions, dispositions, mortgage production,
and workouts. Prior to his current position, he was responsible for MetLife’s $36 billion commercial mortgage portfolio.
Conference Participants
John Akin Chief Financial Officer Flournoy Development Co. PO BOX 6566 Columbus, GA 31917‐6566
Tracy Allen VP of Corporate Marketing ECS 14026 Thunderbolt Pl Ste 300 Suite 300 Chantilly, VA 20151‐3296
Stephen Alliegro Vice President, Financial Services Division CoStar Group 1177 Avenue of the Americas, 43rd Floor New York, NY 10036
Brian Ameche Senior Associate Marx Okubo 40 Stanford Drive Farmington, CT 06032
Bjorn Andersen Goulston & Storrs, P.C. 400 Atlantic Ave. Boston, MA 02110
Matthew Anderson Managing Director Trepp LLC 1330 Broadway Ste 428 Oakland, CA 94612‐2504
Dana Arrighi Managing Director LoanCore Capital 80 Field Point Road 2nd Floor Greenwich, CT 06830
Joel Assouline A2 Investment Group 140 West 57th Street Suite 6 B New York, NY 10019
Michael Atkins President MLA Risk Advisory PO Box 1885 New York, NY 10163
Bruce Batkin President Terra Capital Partners, LLC 805 Third Avenue 8th Floor New York, NY 10022
Terry Baydala EVP ‐ Head of Structured Finance Meridian Capital Group, LLC 1 Battery Park Plaza, 26th Floor New York, NY 10004
Michael Becktel 143 Morgan Street 2A Jersey City, NJ 07302
Elizabeth Beckwith Finance Director Alliance Residential Company 2415 E. Camelback Rd Suite 600 Phoenix, AZ 85016
Barry Berkowitz Managing Director Newmark Grubb Knight Frank 125 Park Avenue 11th Floor New York, NY 10017
Ben Bianchi Managing Director Deutsche Bank 60 Wall Street 10th Floor New York, NY 10005
Jeffrey Bijur Cooper‐Horowitz, Inc. 51 East 42nd Street 9th Floor New York, NY 10017
Margaret Blakey Managing Principal Canopy Investment Advisors 151 W 86Th St New York, NY 10024‐3401
Philip Block Vice President Centerline Capital Group 55 W. 14th Street #7K New York, NY 10011
Jon Brayshaw Principal Prime Finance 1330 Avenue Of The Americas Ste 36B New York, NY 10019‐5400
Michael Breeze New Direction Capital 55 State Road Media, PA 19063
Alan Breindel Executive Director Westdeutsche ImmobilienBank AG 850 3Rd Ave Floor 21 New York, NY 10022‐7266
Jeff Burkle Golf Capital Advisors, Inc. 510 Estate Club Circle Roswell, GA 30075
Richard Burns Chief Executive Officer NHP Foundation 122 East 42nd Street Suite 3605 New York, NY 10168
Karen Butler President Great Harbor Advisors 3500 N Lake Shore Dr Chicago, IL 60657‐1815
Robert Byron Managing Principal Blue Vista Capital Partners, LLC 111 South Wacker Drive Suite 3300 Chicago, IL 60606
Douglas Cameron Chairman CRL Senior Living 875 N. Michigan Avenue Suite 3740 Chicago, IL 60611
Stewart Campbell Berkadia Commercial Mortgage 477 Madison Ave Ste 530 New York, NY 10022‐5859
Salvatore Campofranco Managing Partner Luzern Associates, LLC 372 Danbury Road Wilton, CT 06897
Noble Carpenter Executive Managing Director, Principal Cassidy Turley 277 Park Avenue New York, NY 10172
Jeffery Cernuto President Princeton Management, LLC P.O Box 3608 Mooresville, NC 28117
Jonathan Charny Analyst W. P. Carey & Co. LLC 50 Rockefeller Plaza, Fl. 2 New York, NY 10020
Kevin Chisholm Principal Savanna Partners, LLC 10 East 53rd Street 37th Floor New York, NY 10022
Yon Cho Partner PCCP, LLC 280 Park Ave 35TH Floor West New York, NY 10017‐1216
Jason Choulochas Managing Director, Investments Ares Management LLC Two North LaSalle Street 9th Floor Chicago, IL 60602
John Cicerello Executive Vice President New York City Economic Development Corporation New York, NY 10033
William Cisneros Senior Managing Director GTIS Partners 45 Rockefeller Plz 31ST FLOOR New York, NY 10111‐0100
Tom Clark President CPR Realty Accelerators 10559 E Democrat Rd Parker, CO 80134‐5004
Marisha Clinton Director of Research Jones Lang LaSalle 330 Madison Ave Fl 3Rd New York, NY 10017‐5001
Bruce Cohen Senior Partner Ares Management LLC Two North Lasalle Street 9th Floor Chicago, IL 60602
Matthew Cohen Principal Mesa West Capital 299 Park Ave Fl 20Th New York, NY 10171‐0002
Art Collins President Collins Enterprises, LLC 2001 West Main Street Suite 175 Stamford, CT 06902
Andrew Cooper Managing Director Westdeutsche ImmobilienBank AG 850 Third Avenue, 21st Floor New York, NY 10022
Wilfred Cooper President WNC & Associates 1441 Sandcastle Drive Corona Del Mar, CA 92625‐1219
Joseph Corcoran Corcoran Jennison Companies 150 Mount Vernon Street Bayside Office Center, Suite 500 Boston, MA 02125
Joann Craig Chief Financial Officer SAS Builders, Inc. 3169 Commerce Street Blacksburg, VA 24060
Wilson Culp Associate Vice President Crescent Resources, LLC 227 W Trade St Ste 1000 Charlotte, NC 28202‐1675
John DiMare Partner Crown Advisors, Inc. 108 S Wynstone Park Dr Ste 105 North Barrington, IL 60010‐6923
Scott Dixon President Dixon Companies, Inc. 420 North Front Street Suite 200 Mchenry, IL 60050
Jim Doyle Hemingway Development 10020 Aurora Hudson Rd Streetsboro, OH 44241‐1621
Richard Dugoff Managing Director JP Morgan 270 Park Avenue 9th Floor New York, NY 10017
James Dunlop Managing Director ‐ Development Hines 555 13Th St Nw Ste 1020 Washington, DC 20004‐1109
Alicia Dunstan National Account Manager Terracon Consultants, Inc. 1368 U.S. Route 3 Campton, NH 03223
Mark Edelstein Partner Morrison & Foerster, LLP 1290 Avenue of the Americas New York, NY 10104‐0050
Abbas Elegba 237 Yellowstone drive #306 Charlotteesville, VA 22903
Claudia Faust Founder/Managing Partner Hawkeye Partners LP 3600 North Capitial of Texas Highway Building B Suite 200 Austin, TX 78746
Charles Fedalen Executive Vice President Group Head, Real Estate Banking Group Wells Fargo Real Estate Banking Group 2030 Main Street Suite 800
Steve Felix Principal Solutions by Steve Felix 3415 1/2 Browns Valley Rd Napa, CA 94558‐5428
Michael Fery President/CEO Rocky Mountain Management & Development 2700 Airport Way Boise, ID 83705
Matthew Fiascone SVP of Finance and Investment The Habitat Company 350 W Hubbard Street Suite 500 Chicago, IL 60654
Max Finn Associate CREOpoint 330 E 73Rd St Ste 19 New York, NY 10021‐4444
Anthony Fiorillo President ECS, Ltd. 2815 Directors Row Ste 500 Orlando, FL 32809‐5524
Raphael Fischbach Principal Mesa West Capital 299 Park Ave Fl 20Th New York, NY 10171‐0002
Raphael Fishbach Principal Mesa West Capital 299 Park Ave Fl 20Th New York, NY 10171‐0002
Brett Fitzpatrick Vice President Gerald Kelly Capital Corp. 4476 Main St Ste 204 Amherst, NY 14226‐4465
Clayton Fowler Chairman & CEO Spinnaker Real Estate Partnrs 20 Marshall Street Suite 106 South Norwalk, CT 06854
Abbe Franchot Investment Officer CapitalSource Inc. 640 Fifth Avenue 11th Floor New York, NY 10019
Adam Fruitbine Managing Director Alliance Residential Company 1120 Avenue Of The Americas Ste 4015 New York, NY 10036‐6700
Stephen Furnary Chairman & CEO Clarion Partners 230 Park Avenue 12th Floor New York, NY 10169
Austin Furst President Furst Properties, LLC 88 Danbury Road Suite 1C Wilton, CT 06897
Raul Gallegos Managing Director GE Capital Real Estate Antonio Dovali Jaime #70, Torre C, Piso 5 Col. Santa Fe Mexico D.F., 01210
Danielle Gann Director of Acquisitions GSL Welcome Group 5858 Westheimer Rd Suite 800 Houston, TX 77057
Jon Gelb Senior Vice President Clarion Partners 230 Park Avenue New York, NY 10169
John Gilb Senior Managing Director, Strategic Partners U.S. CBRE Global Investors 515 S. Flower Street Los Angeles, CA 90071
Jason Glasser Senior Associate Clarion Partners 230 Park Ave New York, NY 10169‐0005
Paul Goldberg President Flagship Properties, Inc. 55 Erieview Plaza Suite 210 Cleveland, OH 44114
Jacques Gordon International Director LaSalle Investment Management 200 East Randolph Drive 44th Floor Chicago, IL 60601
Sam Gottlieb Member Evergreen Housing Development Group, LLC 159 Civitas St Ste 212 Mount Pleasant, SC 29464‐2202
Christopher Graham Managing Director Starwood Capital Group 1255 23rd Street, N.W. Suite 200 Washington, DC 20037‐1174
Edward Gray Managing Partner Parapet Capital Management 4129 Holland Ave Dallas, TX 75219‐3844
Glenn Grimaldi Executive VP HSBC Bank 452 5th Avenue 24th Floor New York, NY 10018
Greta Guggenheim President Ladder Capital Finance LLC 345 Park Ave Fl 8Th New York, NY 10154‐0004
Lynn Hackney President Urban Pace 1104 17Th St Nw Washington, DC 20036‐4602
Thomas Hall Mission Capital Advisors, LLC 40 Harrison Street, Apt. 20H New York, NY 10013
Dixon Harvey President Black Oak Associates, Inc. 10055 Red Run Boulevard Suite 130 Owings Mills, MD 21117‐4860
Thomas Henriksson Senior Vice President of Commercial Development Skanska Empire State Building 350 fifth Avenue, 32nd
Terri Herubin Principal, Portfolio Manager The Townsend Group 1660 W 2nd St Ste 450 Cleveland, OH 44113‐1454
Kevin Higgins Managing Principal Crossroads Advisors LLC 100 Van Doren Avenue Chatham, NJ 07928
Jacqueline Hlavenka Real Estate Media Group 120 Broadway, 5th Floor New York, NY 10271
Karl Hodges VP, Business Development Orlando Health Inc. 1414 Kuhl Ave MP 71 Orlando, FL 32806‐2008
Kimberly Hoover Urban Pace LLC 1761 Church Street NW Washington, DC 20036
Jeffrey Horowitz Head of Global Real Estate, Gaming and Lodging Corporate and Investment Banking Bank of America Merrill Lynch One Bryant Park, 30
th floor New York, NY 10036
Steven Horowitz Attorney Cleary, Gottlieb, Steen & Hamilton One Liberty Plaza New York, NY 10006
Jeffrey Hudson Chief Executive Officer George Elkins Mortgage Banking Company 12100 Wilshire Blvd Ste 520 Los Angeles, CA 90025‐7129
Tony Ianuale Chief Operating Officer Dresdner Robin 371 Warren Street; 3rd Fl. Jersey City, NJ 07302
William Ingraham President GDC Properties, Inc. 245 Saw Mill River Road Suite 201 Hawthorne, NY 10532
Mark Irgens President/Managing Member Irgens Development Partners, LLC 10700 W Research Drive #1 Milwaukee, WI 53226‐3457
Linda Isaacson Senior Vice President First American Title Insurance Company 633 Third Avenue 17th Floor New York, NY 10017
Robert Ivanhoe Attorney At Law Greenberg Traurig 200 Park Avenue New York, NY 10166
John Jaeger President DANAC Corporation 7501 Wisconsin Avenue Suite 1120 Bethesda, MD 20814
Patrick Jennings Principal Murray Hill Properties, LLC 277 Park Ave Fl 21 New York, NY 10172‐3005
Neal Johnson Analyst Varde Partners, Inc. 8500 Normandale Lake Blvd Suite 1500 Minneapolis, MN 55437
Anand Kapadia Ark Realty Capital George Elkins Mortgage Banking Company 12100 Wilshire Blvd Ste 520 Los Angeles, CA 90025‐7129
Craig Karim Reporter Wall Street Journal 1211 Avenue Of The Americas New York, NY 10036‐8701
David Kelley Kelley Financial Management 4375 Woodland Rd Traverse City, MI 49686‐9760
Gerald Kelly President Gerald Kelly Capital Corp. 4476 Main Street, Snyder Square Suite 204 Amhurst, NY 14226
Casey Kemper President Collegiate Asset Management Corp 500 5th Avenue Suite 1710 New York, NY 10110
Richard Kessler Chief Operating Officer Benenson Capital Partners, LLC 708 Third Avenue Suite 2800, 28th Floor New York, NY 10017
Alyce Kirk Business Development Manager Lessard Design, Inc. 8521 Leesburg Pike Ste 700 Vienna, VA 22182‐2490
Zev Klasewitz Vice President AIG Global Real Estate Investment Corp. 205 Third Avenue, 2N New York, NY 10003
Steven Kohn President and Principal Cushman & Wakefield, Equity, Debt & Structured Finance 1290 Avenue of the Americas, 8th floor New York, NY 10104
Ronald Kravit Senior Managing Director Cerberus Capital Management 875 3rd Ave New York, NY 10022‐6225
John Kukral President Northwood Investors 575 Fifth Avenue 23rd Floor New York, NY 10017
Alex Lacher Associate Reznick Capital Markets 200 Colonial Homes Dr. NW Apt. 504 Atlanta, GA 30309
William Lashbrook Senior Vice President PNC Real Estate Two Tower Center Boulevard 18th Floor East Brunswick, NJ 08816
Jack Lashenik American Structurepoint, Inc. 7260 Shadeland Station Indianapolis, IN 46256
Daniel Lauer Vice President Paramount Group, Inc. 1633 Broadway Ste 1801 New York, NY 10019‐6748
Kai‐yan Lee Head of Real Estate World Economic Forum 3 E 54Th St 18TH FLOOR New York, NY 10022‐3108
Ryan Leong SRM Development 111 N Post St Ste 200 Spokane, WA 99201‐4911
Deborah Levinson Principal Reznick Group, PC 420 Lexington Ave Ste 2310 New York, NY 10170‐0002
L. Robert Lieb Chairman Mountain Development Corp. 3 Garret Mountain Plaza Suite 204 Woodland Park, NJ 07424
Robert Lieber Executive Managing Director C‐III Capital Partners, LLC 717 Fifth Avenue 18th Flr New York, NY 10022
Todd Liker Managing Director Oaktree Capital Management, L.P. 1301 Avenue of the Americas 34th Floor New York, NY 10019
Rick Linton Heron's Forest Development Company P.O. Box 12358 Pensacola, FL 32591
Richard Lowe Editor IP Real Estate Pentagon House 52‐54 Southwark Street London, SE1 1UN
Regina Lubin Senior Vice President CW Capital 555 5th Ave., 4th Floor New York, NY 10017
David Maki Senior Vice President Heitman 191 N Wacker Dr Ste 2700 Chicago, IL 60606‐1881
Jorge Margain Subdirector de Bienes Raices Tresalia Capital Paseo de los Tamarindos 400‐B, 25th Floor Bosques de las Lomas Mexico D.F., 05120
Thomas Mathes Vice President Aegon USA Realty Advisors, Inc. 330 Madison Avenue 22nd Floor New York, NY 10017
George Matthews 20 River Terrace‐Apt. 7G New York, NY 10282
Rob McIver Vice President, Finance Athens Group 2200 E Camelback Rd Suite 220 Phoenix, AZ 85016
Peter McNally Managing Director BlackRock 40 East 52nd Street 6th Floor New York, NJ 10022
Christine McWalters CFO GDC 245 Saw Mill River Road Hawthorne, NY 10532
Michael Melaugh Partner Capital Markets Mill Creek Residential 884 North St Greenwich, CT 06831‐2844
Robert Mellman Senior Economist and Managing Director JP Morgan 300 Madison Ave 32ND FLOOR New York, NY 10017‐6232
Christopher Merrill Co‐Founder, President & CEO Harrison Street Real Estate Capital 71 S Wacker Dr Ste 3575 Chicago, IL 60606‐4610
Kevin Michals CrossProperties 1818 Market St, Ste 2920 Philadelphia, PA 19103
Meir Milgraum Director ‐ Acquisitions The Lightstone Group 460 Park Avenue 13th Floor New York, NY 10022
Peter Miller Shareholder Greenberg Traurig 200 Park Ave THE MET BUILDING New York, NY 10166‐0005
Tadd Miller CEO Milhaus Development 530 E Ohio St Ste F Indianapolis, IN 46204‐4600
Thomas Miller Managing Director Terra Capital Partners, LLC 805 Third Avenue 8th Floor New York, NY 10022
Thomas Mizo Senior Managing Director Holliday Fenoglio Fowler, L.P. 1999 Avenue Of The Stars Ste 1200 Los Angeles, CA 90067‐4630
Daniel Moore Vice President Hines Interest 499 Park Ave 12TH FLOOR New York, NY 10022‐1240
Anthony Morena REDD / Real Estate Design & Development 939 8Th Ave Ste 510 New York, NY 10019‐4264
Frawn Morgan Managing Director/Asset Mgnt and Development Services Le Plastrier Development Consulting 19800 MacArthur Blvd, Suite 1150 Irvine, CA 92612
Jennifer Morgan Real Estate Partner Kirkland & Ellis, LLP 601 Lexington Ave New York, NY 10022‐4611
David Morrow Executive Vice President Wilshire Enterprises, Inc. 100 Eagle Rock Avenue FL. 1 East Hanover, NJ 07936
Yerina Mugica Associate Director, Center for Market Innovation Natural Resources Defense Council New York, NY 10011
John Muscarelle President Jos. L. Muscarelle, Inc. 99 W Essex St Maywood, NJ 07607‐1019
Vicki Mutchler Vice President of Capital Transactions McShane Development Corporation 9550 W. Higgins Suite 200 Rosemont, IL 60018
Lee Neibart Senior Partner AREA Property Partners 60 Columbus Circle 20th Floor New York, NY 10023
Joseph Oglesby Chief Investment Officer Wells Real Estate Funds 6200 The Corners Parkway Suite 250 Atlanta, GA 30092
Lucy O'Laughlin Managing Partner O'Laughlin Capital Partners, LLC 635 West 42nd Street ‐ Suite 45G New York, NY 10036
Sean O'Shea Managing Principal Sienna Capital Partners LLC 3 W 57Th St 10TH FLOOR New York, NY 10019‐3407
Dino Paparelli Deutsche Bank 60 Wall Street 10th Floor New York, NY 10005
Joe Pascal Senior Sales Director CoStar Group, Inc. 33 Arch Street, Ste 3300 Boston, MA 02110
Gerald Pietroforte Managing Director Alvarez & Marsal 125 Park Avenue New York, NY 10017
Christopher Price Partner Goodwin Procter, LLP The New York Times Building 620 Eighth Avenue New York, NY 10018
William Rapaport Associate Paramount Group, Inc. 1633 Broadway Ste 1801 New York, NY 10019‐6748
Jordan Ray Managing Director ‐ Capital Markets Advisory Mission Capital Advisors 32 Avenue Of The Americas Ste 2100 New York, NY 10013‐2473
Mark Reiss GE Asset Management 1600 Summer St Stamford, CT 06905‐5125
Kevin Renna Goulston & Storrs, P.C. 400 Atlantic Avenue Boston, MA 02110
Jed Richardson VP ‐ Capital Markets MacFarlane Partners 201 Spear St 14TH FLOOR San Francisco, CA 94105‐1630
Christopher Rising President CEO Rising Realty Partners, LLC 555 South Flower St., Ste 3200 Los Angeles, CA 90071
Richard Roberts RedStone Equity Partners 200 Public Square Suite 1550 Cleveland, OH 44114
Shawn Robinson Investor / Developer East River Capital Group 3 Cindy Way Chappaqua, NY 10514‐2102
Alejandro Rodriguez Sr. Relationship Manager GE Capital Real Estate Antonio Dovali Jaime #70, Torre C, Piso 5| Col. Santa Fe Mexico, D.F., 01210
Steve Rossi SAMPSON MORRIS GROUP 2500 Eldo Road Monroeville, PA 15146
Niv Rotem Principal NMR Real Estate Group, LLC 175 W 12Th St Ste 17F New York, NY 10011‐8275
Wendy Rowden Managing Director Jonathan Rose Companies, LLC 551 Fifth Avenue 23rd Floor New York, NY 10176
David Rubin Senior Managing Director, Capital Markets MB Financial MB Financial 800 West Madison Chicago, IL 60607
Robert Russell Senior Managing Director Guggenheim Partners 135 E 57Th St Fl 14 New York, NY 10022‐2050
Daniel Salcedo Micelli Capital Advisors, LLC PO BOX 566314 Miami, FL 33256‐6314
Richard Saltzman President Colony Capital, LLC 660 Madison Avenue Suite 1600 New York, NY 10065
John Salustri ALM Real Estate Media Group 120 Broadway New York, NY 10271‐0002
Cherie Santos‐Wuest Principal Investment Officer Connecticut Retirement Plans and Trust Funds 55 Elm St Fl 6 Hartford, CT 06106‐1746
Julie Satow Reporter New York Times 620 8Th Ave New York, NY 10018‐1618
Grant Saunders Senior Vice President, Healthcare Finance KeyBank Real Estate Capital 4200 W Cypress St Ste 490 Tampa, FL 33607‐4168
Bradley Schafer Principal Schafer Richardson, Inc. 901 3rd Street N Suite 218 Minneapolis, MN 55401
Charles Schilke Associate Dean, Real Estate Georgetown University 3307 M St NW Ste 202 Washington, DC 20007‐3539
Barry Scribner Managing Director Jones Lang LaSalle 1801 K St Nw Ste 1000 Washington, DC 20006‐1303
David Scribner Professor Baruch College, CUNY 680 Fort Washington Ave Ste 3‐H New York, NY 10040‐3913
Trey Sedalik Atlantic Appraisal 1250 Fairmont Avenue Mount Pleasant, SC 29464
Brian Sedrish Managing Director Deutsche Bank 60 Wall St 10TH FLOOR New York, NY 10005‐2836
Victor Segrest Segrest Investments, LLC PO BOX 720620 Atlanta, GA 30358‐2620
Kambiz Shahbazi President KS Partners, LLC 150 East 58th Street Suite 2000 New York, NY 10155
Fielder Shurling Vice President ‐ Development and Acquisitions Regent Partners 3344 Peachtree Rd Ne Ste 1600 Atlanta, GA 30326‐4805
Joel Sklar Prinicipal Samuels and Associates 333 Newbury Street Boston, MA 02115
Antonio Small 20780 North Miami Avenue Miami, FL 33169
David Staton 244 5Th Ave Ste N224 New York, NY 10001‐7604
Ed Steffelin SVP ‐ Capital Markets Walton Global Investments Ltd. 4800 N Scottsdale Rd Ste 4000 Scottsdale, AZ 85251‐7696
Samuel Stephens Chief Investment Officer ZOM, Inc 2001 Summit Park Dr Ste 300 Orlando, FL 32810‐5907
Andrew Sternlieb Keystone Realty Capital, LLC 6 MCMORROW LANE POB 298 North Salem, NY 10560
Jeanne Stosser President SAS Builders, Inc. P.O. Box 10397 Blacksburg, VA 24062
Denis Sullivan Managing Director Pinea Properties 7505 Willowood Orland Park, IL 60462
John Sunter Development Executive Clark Realty Capital 4401 Wilson Blvd #600 Arlington, VA 22203
Patrick Szeto WEBCO Group, LLC 1489 Webster Street #218 San Francisco, CA 94115
Nathan Taft Acquisitions Jonathan Rose Companies, LLC 551 5th Avenue 23rd Floor New York, NY 10176
Paul Talbot Principal Newmark Grubb Knight Frank 125 Park Avenue New York, NY 10017
Gil Tenzer Partner Contrarian Capital Management, LLC 411 W Putnam Ave Ste 425 Greenwich, CT 06830‐6263
Sarah Teunis Associate Prudential Mortgage Capital 1330 Avenue Of The Americas New York, NY 10019‐5400
Jason Timothy Vice President Stephen Inc. 300 Crescent Ct Ste 600 Dallas, TX 75201‐1889
Thomas Toland VP Berkadia Commercial Mortgage LLC 477 Madison Ave Suite 530 New York, NY 10022‐5859
Anthony Tufariello Managing Director Fortress Investment Group 1345 Avenue of the Americas 46th Floor New York, NY 10105
David Tuggle Vice President Finiance HH Hunt 800 Hethwood Blvd Blacksburg, VA 24060‐4207
George Tyler CFO Ekistics 26 Whitfield Rd Baltimore, MD 21210
Dilan Urun Principal Les Partenaires Ottomans 77 Dow Pl Ste 1306 San Francisco, CA 94107‐4119
Erik Vander Kolk Publisher IP Real Estate 6 Landmark Sq Ste 400 Stamford, CT 06901‐2711
Carlos Vaz President & Founder CONTI Organization 5080 Spectrum Dr Ste 1050 Addison, TX 75001‐4648
Kenneth Walker President KGW Capital Corporation 345 East 69th St. Apt. PHB New York, NY 10021‐5583
Frank Walter President/Founding Partner Petrus Partners, Ltd. 1350 Avenue of the Americas Suite 3000 New York, NY 10019‐4801
Garrett Walton Developer Heron's Forest Development Company P.O. Box 12358 Pensacola, FL 32591
Scott Weiner NA Investments Apollo Global Real Estate 9 West 57th Street New York, NY 10019
Mark Wilsmann Managing Director MetLife 10 Park Ave, Box 1092 Morristown, NJ 07960‐4700
Jeremy Womack Associate Trinity Real Estate Finance 111 Congress Avenue Suite 1055 Austin, TX 78701
L. Lee Wong Director Buenavest Partners 1707 Post Oak Blvd Ste 200 Houston, TX 77056‐3801
Alex Yarmolinsky CFO Marcus & Millichap Company 777 S California Ave Palo Alto, CA 94304‐1102
Dennis Yeskey Managing Partner/Founder Yeskey Real Estate & Investments 91 Londonderry Dr Greenwich, CT 06830‐3509
Won Yoo President/Chief Executive Officer Ranpac, Inc. 27431 Enterprise Circle West Suite 201 Temecula, CA 92590
Yukio Yoshida President & CEO Mitsui Fudosan America, Inc. 1251 Avenue of the Americas New York, NY 10020
David Zobel Assistant Vice President Paramount Group, Inc. 1633 Broadway Ste 1801 New York, NY 10019‐6748
ULI Conference Staff Dean Schwanke, Executive Director, ULI Center for Capital Markets and Real Estate, and Senior Vice President Stephen R. Blank, Senior Resident Fellow, Finance Mary Beth Corrigan, Senior Vice President, Convenings David Howard, Executive Vice President, Development/ULI Foundation Carla Harrison, Director, Development Jessica Waymouth, Director, Development Rose Kim, Director, Special Events Sara Leitner, Associate, Development/ULI Foundation John Parkinson, Executive Director, ULI New York