eej1053 US Op Funds

12 Pages·2008·2.79 MB·English

by  Sasha Babarina

Lead Sponsor
For more information, please visit www.imn.org/usop/m
C O R P O R AT E
IMN WOULD LIKE TO THANK THE FOLLOWING CORPORATE
ANNUAL US REAL ESTATE OPPORTUNITY
LEAD SPONSOR
PLATINUM PLUS SPONSORS
PLATINUM SPONSORS
GOLD SPONSORS
S P O N S O R S
SPONSORS FOR THEIR GENEROUS SUPPORT OF THE NINTH
& PRIVATE FUND INVESTING FORUM
SILVER SPONSOR
BRONZE SPONSOR
DAY ONE: TUESDAY, MAY 27, 2008
9:00 Registration & Breakfast Courtesy Of: Panel Participants:
Steven Hason,Executive Director,Co-Head North American
Real EstateAPG INVESTMENTS US INC.
Charles F.Wu,Managing DirectorBAYNORTH CAPITAL,LLC
9:45 DAY ONE CHAIRMAN’S OPENING REMARKS &
Peter H.Schaff,North American Chief Executive Officer
WELCOME FROM IMN
LASALLE INVESTMENT MANAGEMENT
Craig Medwick,Regional Managing Partner,Americas Charles R.Purse,Managing Principal
CLIFFORD CHANCE LLP PARK HILL REAL ESTATE GROUP,LLC
10:00 IT’S THE ECONOMY,STUPID! Jeffrey B.Citrin,Managing Principal
SQUARE MILE CAPITAL MANAGEMENT LLC
Incredibly,only one year ago this session was titled:“Achieving
Jeffrey S.Quicksilver,Principal
attractive returns in a highly liquid market.”With macroeconomic
WALTON STREET CAPITAL,LLC
factors now wreaking havoc on commercial real estate markets,it
seems everyone is focused on the big picture.How are the credit 12:00 Refreshments Courtesy Of:
crunch,residential market turmoil,retail sales,consumer spending
and job growth all impacting commercial real estate? How much
weaker will the economy get in the next 12 months? When will the
economy get "normal" again? Be careful what you wish for:We've
all wanted the real estate capital markets linked to US and global
capital markets and guess what,we just got our wish.We are now
seeing the ugly side of capital markets.How severe are the overall
capital markets and what are the impacts on commercial real 12:15 LARGE FUND SPONSORS’ STRATEGY PLENARY:
estate? What do you see as the future for interest rates? NAVIGATING THE WORLD OF UNCERTAINTY
Session Leader: • With such radical changes occurring and deal flow way down,
can you be realistic without being too depressing about the year
Dennis Yeskey,National Director,Real Estate Capital Markets
ahead? Are opportunities in distressed one reason to be
DELOITTE,LLP
optimistic? • Where are the best opportunities in today's
Panel Participants:
environment? • What/when was your last deal? • How has your
John Jacobsson,Managing Partner strategy changed from last year at this time,and why? What is it
APOLLO REAL ESTATE ADVISORS LP likely to be one year from now? • Are you investing in debt?
Ethan Penner,Executive Managing Director • Where are you seeing distress? • What has been the role of
CB RICHARD ELLIS INVESTORS the credit crunch in shaping opportunities? • Which property
Russell Appel,PresidentPRAEDIUM GROUP,LLC types perform relatively better in periods of economic weakness?
Michael B.Cohen,Research Strategist
Session Leader:
PROPERTY & PORTFOLIO RESEARCH,INC.
Alvin Katz,PartnerMAYER BROWN LLP
Joseph Sitt,Chief Executive OfficerTHOR EQUITIES,LLC
Jeffrey M.Kaplan,Managing PrincipalWESTBROOK PARTNERS Panel Participants:
Keith F.Barket,Senior Managing DirectorANGELO,GORDON & CO.
11:00 STATE OF THE REAL ESTATE FUND BUSINESS
William A.Scully,Managing Director
A discussion of the real estate fund management business from
CERBERUS REAL ESTATE CAPITAL MANAGEMENT LLC
investor,sponsor and fund raiser perspectives
Thomas M.Shapiro,PresidentGOLDENTREE INSITE PARTNERS
• How is the fund business changing? Are economic terms Michael D.Coster,Managing DirectorLAZARD FRÈRES & CO.LLC
under pressure? • How has the current market affected the Arnold de Haan,PrincipalMEYER BERGMAN GROUP
Fund business? • Has leverage begun to shift back toward LP's Steven E.Orbuch,PresidentOCH-ZIFF REAL ESTATE
from GP's on economic and other key terms? • Has the J.Michael Fried,Founder & Chief Executive Officer
current deal market affected the fund raising process? How? PHOENIX REALTY GROUP,LLC
• How have operators responded to deal market conditions at
1:15 Luncheon
the fund operations level? • Have investor hot buttons
changed? • Which strategies are selling,which are not? Keynote Speaker:
Session Leader: Henry Cisneros,Chairman ofCITYVIEW,former Secretary of
theU.S.DEPARTMENT OF HOUSING & URBAN
Stephen G.Tomlinson,PartnerKIRKLAND & ELLIS LLP
DEVELOPMENTand four-term Mayor ofSAN ANTONIO
4l To Register For This Forum,Please Go To:www.imn.org/usop/m
CONCURRENT SESSIONS:CHOOSE A,B,C OR D
2:30 A 2:30 B 2:30 C 2:30 D
INVESTMENT TRENDS WITHIN THE ROUTES TO MARKET:PRIVATE MY CEO TOLD ME TO RAISE A FUND LEVEL FINANCERS:
EQUITY,SECONDARY MARKETS
REAL ESTATE SECTOR FUND:NOW WHAT? GAUGING THE IMPACT THAT THE
AND FUNDS-OF-FUNDS REAL
What should institutional advisors consider The mechanics and timing of raising a CREDIT CRUNCH HAS HAD ON
ESTATE INVESTING
when evaluating new managers in a fund -- what you need to know if you are SUBSCRIPTION FACILITIES
• Is there a strong secondary market
dynamic marketplace? an institution or a small management • What is the current market for
for real estate now? • Investing in
Session Leader: indirect real estate structures:What are team looking to raise a fund.What are subscription facilities for real estate
the key issues and obstacles? How do I funds? • How does the pricing compare
Sean Burton,President & Chief the current options? What are the tax
set my terms? How do I choose a with one year ago? • What happened
Operating OfficerCITYVIEW implications of each? • Liquidity and exit
structure? How long will this take? How do to the conduit market? • What is
Panel Participants: issues in a private equity platform
I capitalize on the opportunity I see today happening in the syndication market?
• Crossover between real estate and
Laurie Weir,Portfolio Manager private equity • Buying retailers in JV (can anyone say distressed assets?) if I • Has there been a change in risk
CALIFORNIA PUBLIC EMPLOYEES' with private equity firms and monetizing don't have a fund yet? analysis of investor creditworthiness?
RETIREMENT SYSTEM (Invited) the real estate • Buying non-traded Session Leader: Session Leader:
Robert Insolia,Partner REIT shares
Roger Singer,Partner Timothy E.Powers,Partner
GOODWIN PROCTER,LLP
Session Leader: CLIFFORD CHANCE LLP HAYNES AND BOONE,LLP
Nancy Lashine,Co-Founder & Managing
PartnerPARK MADISON PARTNERS Joseph Smith,Partner Panel Participants: Panel Participants:
DEWEY & LEBOEUF LLP
Dan Weinstein,Managing Director Krista Miniutti,Associate Counsel Ananda Reynolds,Vice President
Panel Participants:
WETHERLY CAPITAL GROUP AIG GLOBAL REAL ESTATE BANC OF AMERICA SECURITIES LLC
Stephen Smith,Principal & Chief Steven Meise,Managing Director Kent R.Richey,PartnerJONES DAY
Operating OfficerBRYANSTON BLACKROCK REALTY Brett M.Alexander,SeniorVice President
REALTY PARTNERS
Richard Catalano,Partner ROCKBRIDGE CAPITAL,LLC
Howard Fields,Managing Director,Real
CLIFFORD CHANCE LLP Robert L.Gilbert,Managing Director
Estate InvestmentsHRJ CAPITAL
Robert Dombi,Partner Ed DeDomenico,Managing Director STANDARD CHARTERED BANK
LANDMARK PARTNERS,INC. HFF,LP William J.Jandrisits,Director of Finance
Jeffrey Giller,Managing Principal & Jon Halpern,Executive Managing STARWOOD CAPITAL GROUP
Chief Investment Officer DirectorMARATHON ASSET Dee Dee Sklar,Managing Director,
LIQUID REALTY PARTNERS MANAGEMENT Capital MarketsWESTLB AG
Ronald M.Dickerman,President Juan Jimenez,DirectorMERRILL
MADISON INTERNATIONAL LYNCH & CO.
REALTY,LLC
Matthew A.Casper,Principal
PARK HILL REAL ESTATE GROUP,LLC
Alan G.Bear,Principal
PROBITAS PARTNERS
3:30 A 3:30 B 3:30 C 3:30 D
CROSS-BORDER INVESTING FROM VALUE-ADDED STRATEGIES: FAILING JOINT VENTURES:WHAT TRADITIONAL LENDERS:WHAT
THE LIMITED PARTNER REPOSITIONING AND ARE YOUR OPTIONS? ARE YOU FINANCING?
PERSPECTIVE REDEVELOPING • Falling out of love:Dealing with • What won’t you touch? • What are
• The shifting focus from the U.S.to • What impact have the changing debt distressed partners,troubled deals and you doing with underperforming
foreign markets:Is it follow the herd markets had on value added investing? the legal aspects of a partnership on properties pre-foreclosure? • What is
mentality,smart diversification,gut • Have return expectations changed? the rocks your short-term outlook for real estate?
feeling or something else? • What adjustments in underwriting or Session Leader: • Seller financing • Which types of
Session Leader: tsitmraitnegg imesa yd ibffeer rfeoqru eiraecdh? a•s sHeto wcla dsso? Andrew Levy,Partner & Co-Chair of fminaarnkceint?g •a rLee vaevraailgaeb le• iAn rteh ihse tdigghet funds,
Joshua Sternoff,Partner • Which locations and asset classes present Real Estate Practice GroupGIBSON,
insurance companies and other balance
PAUL,HASTINGS,JANOFSKY & the best turnaround opportunities? DUNN & CRUTCHER,LLP
sheet/specialty lenders competing in the
WALKER LLP Session Leader: Panel Participants: same space?
Panel Participants: David P.Seaman,Partner Kevin Davis,Partner Session Leader:
Scott D.Brown,Principal, PRICEWATERHOUSECOOPERS LLP APOLLO REAL ESTATE ADVISORS LP
Steven Lichtenfeld,Partner & Co-Chair
Head of Global Real Estate Panel Participants: Daniel Neidich,Chairman and Co-Chief
PROSKAUER ROSE,LLP
ENNIS KNUPP + ASSOCIATES Benjamin Friedman,President Executive OfficerDUNE CAPITAL
Susan Doyle,Real Estate Investment ABACUS CAPITAL GROUP LLC MANAGEMENT LP Panel Participants:
OfficerGE ASSET MANAGEMENT Philip Blumberg,Chairman & Sean Reynolds,Partner Patricia Goldstein,Senior Executive
INCORPORATED Chief Executive Officer MORRIS,MANNING & MARTIN,LLP Vice PresidentEMIGRANT REALTY
Jennifer Morgan,Partner BLUMBERG CAPITAL PARTNERS Eric Remensperger,Partner FINANCE,INC.
KIRKLAND & ELLIS LLP Jonathan Philips,Senior Director PROSKAUER ROSE,LLP Skip Wells,Managing Director
Douglas Lee,Managing Director CHEROKEE INVESTMENT Raymond C.Mikulich,Chairman GE REAL ESTATE
PARTNERS,LLC
UBS INVESTMENT BANK RIDGELINE CAPITAL GROUP LLC Parry Gosling,
Chad Carpenter,Chief Executive Officer
Joel D.Rubin,Partner WACHOVIA SECURITIES
EQUASTONE
Robert Savage,President SEYFARTH SHAW,LLP Dan Hartman,Senior Director,Investments
KTR CAPITAL PARTNERS WRIGHTWOOD CAPITAL
Kevin Staley,Principal & Co-Founder
THE MAGELLAN GROUP,INC.
Richard B.Kimball,Executive Vice
PresidentNAI GLOBAL
4:30 Refreshments Courtesy Of:
IMN Email:[email protected] Tel:[phone] Fax:[phone] l5
CONCURRENT SESSIONS:CHOOSE A,B,C OR D
4:45 A 4:45 B 4:45 C 4:45 D
SOVEREIGN WEALTH FUNDS & NICHE,LOCAL & SMALL FUND LEGAL & TAX ASPECTS OF HEDGE FUNDS
GOVERNMENT ENTITIES AS REAL INVESTMENT STRATEGIES PROJECT-LEVEL REAL ESTATE • How do you currently view the level
ESTATE INVESTORS:HOW ARE • Evaluating niche strategies:How does WORKOUTS,DEFAULTS & of distress and outlook for the overall
THEY IMPACTING THE MARKET? focusing on a very specialized segment FORECLOSURES economy,and real estate in particular?
• Sovereigns investing in the US: of the market give you an edge? • What • Documentation • Acquiring distressed • Are you waiting for the collapse of
Who are the main players and why? is your strategy and your rationale for properties/debt • Seller/buyer concerns commercial real estate industry or are
• Working with sovereign investors: pursuing that strategy? • Have you • Use of REITs in private funds you already finding deals? Where?
What has been your experience? found fundraising for a small fund or • Structuring issues • Disposition of • Which types of distressed investments
Session Leader: highly targeted strategy to be easier or REITs • State taxation/captive REIT are you targeting? Are you investing in
harder than the larger? • Single project issues • UBIT Exempt investors debt,equity or both? • Are you lending?
Timothy J.Trifilo,Partner funds • Investing in specific alternative • Pension funds:UBIT due to acquisition For what? • Real estate dedicated
PRICEWATERHOUSECOOPERS LLP sectors • Outlook for national
indebtedness • Operational issues hedge funds
Panel Participants: programs concentrating on a particular
Session Leader: Session Leader:
Schecky Schechner,Managing Director sector or niche,such as apartment
development,apartment acquisition Lary S.Wolf,Partner Timothy Kemper,Managing Principal
LEHMAN BROTHERS,INC.
rehab,workforce housing,etc. ROBERTS & HOLLAND LLP REZNICK GROUP,PC
Additional Panelists TBA
• Investing in infrastructure, Panel Participants: Panel Participants:
transportation and core capital assets
John A.Good,Partner Jeffrey ‘TJ’Heyman,Chief Investment
Session Leader: BASS,BERRY & SIMS PLC OfficerWOODBOURNE
Peter Fass,Partner David Moldenhauer,Partner INVESTMENT MANAGEMENT
PROSKAUER ROSE,LLP CLIFFORD CHANCE US LLP Additional Panelists TBA
Panel Participants: Marshall Brozost,Partner
DEWEY & LEBOEUF LLP
Vincent Pica,Managing Partner &
Charles Harrison,President
PresidentARC GLOBAL PARTNERS
REIT FUNDING,LLC
Mark Dunne,Managing Director
Donald Zief,Managing DirectorTHE
BOSTON CAPITAL REAL ESTATE
SCHONBRAUN MCCANN GROUP
PARTNERS,LLC
Chuck Dragicevich,PartnerCITYVIEW John P.Napoli,Partner
Kenneth Nitzberg,Chairman & SEYFARTH SHAW,LLP
Chief Executive Officer Lester M.Bliwise,Partner
DEVON SELF STORAGE SUTHERLAND ASBILL &
Jeffrey Hawkins,Executive Vice President BRENNAN,LLP
EQUASTONE
Stuart J.Boesky,Chief Executive Officer
PEMBROOK GROUP LLC
Jonathan Thomas,Partner
SAYBROOK CAPITAL,LLC
5:45 A 5:45 B 5:45 C 5:45 D
PENSION FUND ADVISORS URBAN CORE:ALWAYS IN FASHION? ENTITY-LEVEL WORKOUTS & REAL ESTATE INVESTMENT
• What are you telling your clients: • What kind of returns are investors BANKRUPTCY MANAGEMENT TECHNOLOGY
Increase or decrease real estate seeing from urban deals? • How bullish • Owners and operators with • What is the technology industry doing
allocation? Why? • How much are you are investors? • Affordable,workforce outstanding mortgage loans:What are today to provide tools and enable best
suggesting real estate vs.other and middle-market housing outlook the options? • Can maturing loans be practices in real estate investment
investments? • Land use entitlement political risks recapitalized? Extended? • Distressed management? • Examples of how
Session Leader: • Infill opportunities and regulatory homebuilding companies:What is the technology is helping to overcome the
hurdles • Investor entitlement risks upside of acquiring troubled challenges of the current market
David Kessler,Principal
• Contamination:Due diligence, homebuilders? • Public or private • Web-based technology facilitating the
REZNICK GROUP,PC protection from liability,environmental companies? ability to manage investments effectively
insurance • Purchase sale agreement Panel Participants: and efficiently across the globe in a
trends and importance in urban deals single database • Latest software
• Which urban centers are performing Gerald D.Pietroforte,Managing advances in both investment
better in the current environment? DirectorALVAREZ & MARSAL management as well as globalization
• How difficult is raising debt financing Jason Gross,Chief Executive Officer functionality • Enabling real estate
for urban redevelopment projects? THE CCR COMPANIES investment managers and advisors to
Lewis B.Freeman,Principal
Session Leader: manage portfolios with instant business
LEWIS B.FREEMAN & PARTNERS,INC.
Carl F.Schwartz,Partner & Chair, intelligence and real-time reporting
Dan Flanigan,Chair,Real Estate &
Real Estate Department Financial Services Department Session Leader:
HERRICK,FEINSTEIN LLP
POLSINELLI SHALTON FLANIGAN Karen K.Gillen,Vice President,Product
Panel Participants: SUELTHAUS,PC ManagerJPMORGAN ALTERNATIVE
Terry Wolfram,Senior Vice President INVESTMENT SERVICES
CHEROKEE INVESTMENT Panel Participants:
PARTNERS,LLC Kenneth M.Pierce,Managing Director
Richie Butler,Senior Vice President &
& Executive Vice PresidentDMLT,LLC
Southwest Regional ManagerCITYVIEW
Shane Trigg,Commercial Solutions
G.David Cheek,President
Team LeaderINTUIT REAL ESTATE
MERIDIAN GROUP
Keith Rosenthal,Founder & President SOLUTIONS
PHOENIX REALTY GROUP,LLC Richard Malpica,Vice President &
Fernando Villa,Partner General Manager,Eastern Region
PIRCHER,NICHOLS & MEEKS YARDI SYSTEMS,INC.
Neil L.Rubler,President & Chief Executive
OfficerVANTAGE PROPERTIES,LLC
6:45 Networking Cocktail Reception Courtesy Of: 7:45 Day One Concludes
6l To Register For This Forum,Please Go To:www.imn.org/usop/m
DAY TWO: WEDNESDAY, MAY 28, 2008
7:45 Closed-Door Limited Partner Investors’Roundtable Breakfast Scott Landress,Managing Principal & Chief Executive Officer
As the economy becomes increasingly turbulent,it is of great LIQUID REALTY PARTNERS
importance that Limited Partner Investors in Real Estate convene Brad Briner,Principal
MORGAN CREEK CAPITAL MANAGEMENT
confidentially to evaluate their knowledge,skills and performance.
Peter J.Pereira Gray,Head of Property Investment
Our Inaugural Breakfast Roundtable offers Limited Partner Investors
THE WELLCOME TRUST
a rare occasion to get together with their colleagues in a stress-free
atmosphere to candidly discuss the most pressing issues they have 9:45 EVALUATING THE CURRENT LEVEL OF DISTRESS
about the current market as well as ideas for increasing the • Which product types are experiencing the most stress?
returns of their programs in today’s challenging environment. • What is similar to the last down cycle? • What is not similar
to the last down cycle? • Which investors and lenders are
You must pre-register for this Roundtable.To do so,please email
holding problem deals? • Is the denial over or not? • Are there
Claire McKinlay at [email protected]
deals out there to be picked up? • How does a private equity
8:00 Main Forum Breakfast Courtesy Of: player capitalize on the downturn? • How will the current
turmoil in the homebuilding industry resolve into workouts and
restructurings? • Preferred equity investments in distress
markets • Valuing distressed properties • Re-pricing of risk in a
8:35 Day Two Chairman’s Opening Remarks & Day One Recap negative growth environment:How has risk and your tolerance
Charles R.Purse,Managing Principal to it changed with the changing economy?
PARK HILL REAL ESTATE GROUP,LLC
Session Leader:
8:45 INSTITUTIONAL INVESTORS’ PLENARY:WHAT ARE YOUR Gary Koster,PartnerERNST & YOUNG,LLP
EXPECTATIONS IN THE CHANGING ENVIRONMENT? Panel Participants:
• With the fall of the equity and bond markets are you
Martin Zieff,Managing PartnerALCION VENTURES
considering increasing real estate exposure? Decreasing?
Matthew Khoury,Managing Director
• What is the impact of the current economy on your
ANGELO,GORDON & CO.
investment decisions? • There is increased talk of investors not
Amachie K.Ackah,Managing Partner
re-upping with fund managers:What is the impact on the LP
CEDAR HILL REAL ESTATE PARTNERS
and the GP when this occurs? • Which specific markets appeal
Robert E.DeWitt,President & Chief Executive Officer
to institutional investors right now? • Will pension plan investors
GID INVESTMENT ADVISERS,LLC
have less risk tolerance going forward (in the current market)
P.J.Yeatman,Senior Managing Principal
and if so,how will that impact investments? Are you looking at
LUBERT-ADLER MANAGEMENT,INC.
distressed opportunities like condos? Apartments for rent?
Robert Sheridan,Manager
• Are you bullish on urban core investing? Why or why not?
ROBERT SHERIDAN & PARTNERS,LLC
Session Leader:
10:45 Refreshments Courtesy Of:
Charles R.Purse,Managing Principal
PARK HILL REAL ESTATE GROUP,LLC
Panel Participants:
Marc Weidner,Managing Director
FRANKLIN TEMPLETON/FIDUCIARY TRUST
IMN Email:[email protected] Tel:[phone] Fax:[phone] l7
CONCURRENT SESSIONS:CHOOSE A,B,C OR D
11:15 A 11:15 B 11:15 C 11:15 D
DISTRESSED DEBT:OPPORTUNITIES WITH EQUITY DEAL FLOW INDUSTRY BEST PRACTICES FOR EMERGING MARKETS
IN UNDER- AND NON- DOWN,ARE YOU INVESTING IN FUND & INTERNAL GP • Impact of weak US economy on
PERFORMING LOANS MEZZANINE/DEBT NOW? STRUCTURES overseas investing • How do you assess
• Distressed plays in the debt space:Is With so little equity investing,opportunity This panel will focus on current industry best the strength of local economies:What
this the new opportunistic real estate funds are increasingly considering raising practices in structuring funds and internal GP specifically do you look for? • Which
investment? Is it value-added? Is it a mezzanine and debt funds.Are debt funds entities that reduce risk,add GP flexibility markets do you still consider emerging?
separate investment strategy? • Defaults the new opportunistic investment? Why and increase the bottom line.This survey of Session Chair:
in CMBS and mezzanine loans:How can invest in equity when debt is so cheap? new developments will include (i) GP and
But how much do the funds know about officer compensation variations (including Kenneth Munkacy,Senior Managing
you capitalize? • Is investing in distressed
structuring debt deals? capital gain alternatives to fees and the DirectorGID INTERNATIONAL
debt worth the risk? • Is there presently
a secondary market for CMBS? CDOs? • What do you want to look for in proposed tax legislation taxing carried GROUP/GID INVESTMENT ADVISERS
• Distressed mortgages:Evaluating debt/mezzanine structures? • Due interests as ordinary income);(ii) emerging Panel Participants:
subprime residential loans • Securitized diligence and documentation in GP liability and officer exculpation standards; Howard J.Margolis,Managing Director
mezzanine investing • What structural (iii) waterfall variations;(iv) current UBIT
vs.non-securitized • Workouts & servicers issues are involved in mezzanine deals? standards required by tax-exempt investors; BLACK CREEK CAPITAL
Session Leader: • What do you need to know about and (v) expanded early warning and self Roberto de Abreu Pereira,Director
Michael Fishman,Shareholder inter-creditor agreements? help mechanisms used in Fund JVs. ETOILE
GREENBERG TRAURIG,LLP Session Leader: Session Leader: Mark Huntley,Managing Director
HERITAGE INTERNATIONAL FUND
Panel Participants: Robert Wieser,Executive Director, Sandy Presant,National Chairman, MANAGERS LTD.
Michael Nash,Senior Managing Director Capital MarketsWESTLB AG Real Estate Fund Practice Group Brian L.Newman,Managing Director
DLA PIPER US LLP
BLACKSTONE REAL ESTATE Panel Participants: MADISON DEARBORN PARTNERS
Panel Participants:
ADVISORS Mark DePucchio,Managing Director Josef Preschel,Founder &
Bryan Carr,Managing Director,Finance GE REAL ESTATE Bradley Cohen,President & Chief Managing DirectorPENINSULA
CENTERLINE CAPITAL GROUP Minta Kay,PartnerGOODWIN Executive OfficerCOHEN ASSET INVESTMENTS GROUP,INC.
Gil Tenzer,PartnerCONTRARIAN PROCTER,LLP MANAGEMENT,INC. Michael Teich,Principal
Joseph Smith,Partner
CAPITAL MANAGEMENT William P.Bowman,Senior Vice REAL ESTATE OPTIONS LLC
DEWEY & LEBOEUF LLP
Salman Khan,Head of Middle President,Real Estate
Stephen M.Gordon,Principal & General
Market Loan Purchases HARTFORD INVESTMENT
CounselHARRISON STREET REAL
SILVER POINT CAPITAL,LP MANAGEMENTCOMPANY
ESTATE CAPITAL,LLC
Craig Solomon,Managing Principal Christopher Sameth,Principal Andrea J.Schwartzman,Partner
SQUARE MILE CAPITAL INVESTCORP REAL ESTATE GROUP MAYER BROWN LLP
MANAGEMENT,LLC Jay Weaver,PrincipalWALTON Gregory Nero,General Counsel
STREET CAPITAL,LLC STERLING AMERICAN PROPERTY,INC.
Michael Ashner,Chairman & Steve Jasa,Vice President,Investment
Chief Executive Officer ManagementWESTERN NATIONAL
WINTHROP REALTY TRUST REALTY ADVISORS
12:15 A 12:15 B 12:15 C 12:15 D
THE NON-TRADED REIT STRATEGIES FOR RAISING FUNDS STRUCTURING JOINT VENTURE EUROPE PROPERTY UPDATE:
PHENOMENON IN THE CURRENT ENVIRONMENT PARTNERSHIPS WHERE IS THE DISTRESS?
Learn why non-traded REITs raised • Best practices • What is the most • What should an investor look for in • Evaluating the current outlook for the
almost $12 billion in 2007 and have efficient use of your time? • How many an operating partner and what should economy:What has been the impact of
continued to attract eye-popping levels new funds are being raised? • What is an operating partner look for in an the American credit-crunch on your
of capital despite the downturn in the the projected size of new funds? • Are investor? • Under what circumstances deals? What do you see the impact
economy and the real estate markets new funds using placement agents to can you replace the managing member? being long-term? • Where (location,
generally.Should institutional and private reach investors? • What happens when a party can't sector) are the best deals in Europe
fund sponsors consider launching non- Session Leader: come up with their share of capital today? • What type of deals are you
traded REITs? How are these retail contributions? • What are the basic pursuing?
Henrik Jones,Real Assets Investing
products different from the traditional HALL CAPITAL PARTNERS LLC economics of JV's in the market place Panel Participants:
private funds? Should institutional today? • Joint ventures with REITs vs.
investors buy into these funds? What Panel Participants: pension funds:What are the advantages Julian Newiss,Chairman
CATALYST CAPITAL,LLP
does it take to raise capital from retail Addison Braendel,Principal and disadvantages of each? • What are
Anthony Stewart,Partner
investors? How do sponsors make BAKER & MCKENZIE,LLP the various exit strategies and liquidity
CLIFFORD CHANCE LLP
money in this channel? W.Michael Crawford,Partner options for partners in JV structures?
Christian Schulte Eistrup,Managing
Session Leader: C.P.EATON PARTNERS LLC • Waterfall hurdles • Clawbacks DirectorCORESTATE CAPITAL AGI
Franz Colloredo-Mansfeld,Managing
Rosemarie A.Thurston,Practice Group Session Leader:
PartnerCABOT PROPERTIES,INC.
Leader,REITs and Real Estate Funds Mark Minton,PartnerJONES DAY
Stuart N.Goldstein,Partner
ALSTON & BIRD LLP
CADWALADER,WICKERSHAM Panel Participants:
Panel Participants: & TAFT LLP Ness M.Cohen,Partner
Gerald J.Reihsen,III,Executive Vice Alan Pardee,Managing Director, CLIFFORD CHANCE LLP
PresidentBEHRINGER HARVARD Chief Operating Officer Jesse A.Criz,PartnerDLA PIPER LLP
A Representative of MERRILL LYNCH & CO.,INC. Christopher B.Price,Partner
BMO CAPITAL MARKETS CORP. James-Keith Brown,Executive Managing GOODWIN PROCTER LLP
George A.Pandaleon,President Director & Head of Investor Relations Jeffrey J.Temple,Partner
INLAND INSTITUTIONAL CAPITAL OCH-ZIFF CAPITAL MANAGEMENT MORRISON & FOERSTER,LLP
PARTNERS GROUP Eugene J.M.Leone,Partner
Keith Allaire,Managing Director Jeffrey A.Scott,Head of Real Estate PIRCHER,NICHOLS & MEEKS
ROBERT A.STANGER & CO.,INC. Private EquityWACHOVIA SECURITIES Jim Lytle,Associate Vice President
RANCON GROUP
David A.Rines,Partner
THOMPSON HINE LLP
8l To Register For This Forum,Please Go To:www.imn.org/usop/m
1:15 Luncheon
CONCURRENT SESSIONS:CHOOSE A,B,C OR D
2:15 A 2:15 B 2:15 C 2:15 D
RESIDENTIAL DISTRESS:HOW CAN WHO HAS ACTUALLY SOLD A WORKING OUT DEFAULTS IN ASIA:EXAMINING REAL ESTATE
YOU CAPITALIZE ON A DOWN BUILDING IN THE LAST 3-4 MEZZANINE LOANS MARKETS THAT ARE AWAKE WHILE
MARKET? MONTHS? • What are your basic options when YOU ARE ASLEEP
Residential market turmoil,not only did A closer look at current market trends in faced with a mezzanine default? • What • Update on Asian real estate markets:
it not straighten out (as some thought it negotiating the purchase and sale of could be done to avoid default? • What What’s new in the region? • New local
would),but is seeping into commercial properties that weren’t pre-arranged protections are really provided by the regulations • India appears to be
markets • How much will values drop: before the credit crunch "bad boy" guaranty? • When is it time evolving quickly:How are you keeping
15%? 20%? More? • Latest homeowner • What were the debt ratios? • Size? to call in a special servicer? • What up? • Is Asia feeling the gloom and
equity data:A good indication of • How conservative was the underwriting? remedies are available? • UCC doom of the US? Why or why not?
continued distress? • When will the • Are there any common threads foreclosure vs.a consensual turnover of • What do local fund operators think of
housing market hit bottom? • What between the handful of deals that control • Restructuring of loan the prospects for the economy over
types of opportunities are being actually got done? • Is it a buyer's or structure:What to ask for? the next year?
created by weakness in the housing seller's market? • How is the liquidity Session Leader: Session Leader:
market? • Are you stuck with land? crunch affecting the purchase and sale Mark Fawer,Partner & Chairman of the Nathaniel Marrs,Partner
Session Leader: of properties? • The top 10 issues Real Estate DepartmentDREIER LLP KIRKLAND & ELLIS LLP
Scott Farb,Managing Principal negotiated in purchase and sale Panel Participants: Panel Participants:
REZNICK GROUP,PC transactions • Strategies in negotiating
purchase and sale transactions • How Debbie L.Miede,Senior Vice President, Husodo Angkosubroto,President
Panel Participants: do you come out ahead of the pack in Levered Finance GroupCAPMARK GUNUNG SEWU / FARPOINT
Karen Brunhofer,Managing Director bidding for properties? INVESTMENTS LP Vimal J.Singh,Executive Vice President
JANKO GROUP Brad Muth,PartnerCONCERT LEYLAND EQUITIES / GOLDEN TULIP
Jon Thielen,Managing Director Session Leader: REALTY PARTNERS Parry Singh,Managing Director
NEW CONDOS ONLINE Robert J.Ivanhoe,Chair,National Real Keith B.Stein,Managing Director RED FORT CAPITAL,LLC
Martin C.Caverly,Principal Estate PracticeGREENBERG HARBINGER CAPITAL PARTNERS Suchad Chiaranussati,Managing
O'CONNOR CAPITAL PARTNERS TRAURIG,LLP REAL ESTATE DirectorSCG CAPITAL PARTNERS
Barry Gross,President Panel Participants: Frank Small,Managing Director LIMITED,REAL ESTATE CAPITAL
STRATEGIC LAND ADVISORS Jeffrey H.Title,PrincipalGUGGENHEIM JER PARTNERS ASIA PARTNERS
Ricardo Koenigsberger,Managing REAL ESTATE LLC Joan N.Hayden,Vice President & Chetan K.Dave,Chief Executive Officer
Director,Real EstateXE CAPITAL David R.Brown,President & Chief Corporate CounselPRUDENTIAL & Managing DirectorSUN APOLLO
MANAGEMENT,LLC Executive OfficerORIX REAL ESTATE REAL ESTATE INVESTORS REAL ESTATE ADVISORS
CAPITAL,INC.
Thomas J.Crocker,Chief Executive Officer
CROCKER PARTNERS LLC
Jeff H.Feinstein,President & Vice Chairman
THE SCHUSTER GROUP,INC.
3:00 Refreshments Courtesy Of:
3:15 A 3:15 B 3:15 C 3:15 D
HOTEL & LEISURE PROPERTIES ASSESSING LOCAL MARKET DISTRESSED REAL ESTATE:HOW ADOPTING IFRS:BENEFITS &
• Is there distress in the market yet? STRENGTHS & WEAKNESSES:WHAT WILL CURRENT DEAL CHALLENGES FOR REAL ESTATE
• Is mixed-use the way to go? • What ARE YOUR TEA LEAVES? STRUCTURES AFFECT FUNDS
types of financing are available for What factors do you look at when RESTRUCTURINGS? • Introduction and overview of
acquisitions? • Evaluating international deciding the relative strength of a local • Opportunity funds having equity and International Financial Reporting
opportunities • Impact of the condo hotel market? Is the market bottoming out? debt positions in the same transactions Standards (IFRS) • Current status of
market bust • Vegas:Recession proof? Poised for an uptick? Or will it remain • Impact of prevalence of mezzanine IFRS globally and US developments
Session Leader: fairly constant and if so for how long? debt • Conflicts between mezzanine • Benefits and challenges of adopting
Jeffrey A.Horwitz,Partner Panel Participants: debt and senior debt • Impact of IFRS • First-time adoption requirements
multiple tranches of debt • Are and timeline • Conversion impact
PROSKAUER ROSE Linda S.Koffman,Partner
intercreditor agreements sufficient to • Assessment and planning • Comparison
Panel Participants: BRYAN CAVE LLP allocate rights? • How is the borrower of certain real estate US Generally
Jim Costello,PrincipalCBRE TORTO
Matthew Gillio,Director in a different position during this cycle as Accepted Accounting Principles
WHEATON RESEARCH
GILLIO/WORLD HOTELS,GWH compared to prior cycles? • Applicable (GAAP) policies and IFRS • Next steps
Larry Souza,Managing Director,
Chris Woronka,Vice President Index ServicesCHARLES SCHWAB changes in bankruptcy law • Restructuring Session Leader:
DEUTSCHE BANK EQUITY of multi-national debt
INVESTMENT MANAGEMENT Aamir Husain,PartnerKPMG
RESEARCH Marcus Buerosse,Chief Operations Session Leader:
Christopher Barker,Partner
OfficerHEARTHSTONE ADVISORS Jay Neveloff,Partner
GOODWIN PROCTER,LLP
Brad Hunter,DirectorMETROSTUDY KRAMER LEVIN NAFTALIS &
Eric R.Landau,Partner,Real Estate
Tarak Patolia,Chief Investment Officer FRANKEL,LLP
DepartmentPAUL,HASTINGS,
JANOFSKY & WALKER LLP STERLING AMERICAN PROPERTY,INC. Panel Participants:
Sanford S.Herrick,Managing Director
HUDSON REALTY CAPITAL LLC
Derek Smith,Partner
PAUL,HASTINGS,JANOFSKY &
WALKER LLP
IMN Email:[email protected] Tel:[phone] Fax:[phone] l9
CONCURRENT SESSIONS:CHOOSE A,B,C OR D
4:00 A 4:00 B 4:00 C 4:00 D
BROKEN HIGH-RISE CONDO GREEN INVESTMENT STRATEGIES: STRUCTURING-SPECIFIC ISSUES NEW YORK CITY:INVULNERABLE
DEALS CAN THEY BE PROFITABLE? WHEN INVESTING ACROSS TO CURRENT ECONOMIC WOES?
• When is the right time to buy? How • LEED certification • Complying with BORDERS • With office and apartment rents
to finance the acquisition • Workouts of new standards • Trends in sustainable • What general issues need to be continuing to steadily climb and deal
condos with conveyed units • Can the building design • New EU zone regulations considered when structuring such flow still robust,is New York City the
property be converted to rental? • Best Panel Participants: funds? Which issues are location- best place to put your money right
practices in work out programs specific? • What fund structures are now? • Where are the signs of
Leanne Tobias,Principal
Session Leader: MALACHITE LLC commonly used? • Know your market: slowdown? • East-side,West-side,
Gaining an intimate understanding of Downtown or Up:Where are the best
Robert Sonnenblick,Chairman Emeritus Mark R.Schuster,
local laws,regulations and norms investment opportunities in NYC right
SONNENBLICK-DEL RIO Founder & Chief Executive Officer
DEVELOPMENT,INC. THE SCHUSTER GROUP Session Leader: now? • Will the condo market survive?
Panel Participants: Raj Tanden,Partner Session Leader:
PROSKAUER ROSE,LLP Stephen L.Rabinowitz,Shareholder
John Bielefeldt,Principal
CROWN REALTY ADVISORS Panel Participants: GREENBERG TRAURIG,LLP
Philip J.Spiegelman,Principal Sarah Harris,Associate Panel Participants:
INTERNATIONAL REALTY BAKER & MCKENZIE,LLP Joseph M.Zuber,Chief Investment
SERVICES LLC Marius de Groot,Vice President, OfficerCITY INVESTMENT FUND LP
Sue Hawkes,Chief Executive Officer Business DevelopmentCITCO Additional Panelists TBA
VELOCITY MARKETING PRIVATE EQUITY AND REAL ESTATE
STRUCTURES
Brad McPhail,Principal,International Tax
KPMG
Angela R.Lang,Partner
MAYER BROWN LLP
4:45 Wine Tasting on Broadway Networking Reception Courtesy Of:
5:45 IMN’s Ninth Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes
MEDIA PARTNERS
IMN WOULD LIKE TO THANK THE FOLLOWING MEDIA PARTNERS FOR THEIR GENEROUS SUPPORT
OF THE NINTH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM
10l To Register For This Forum,Please Go To:www.imn.org/usop/m