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LAST UPDATED: Thursday, February 4, 2010 7:15 Registration Continental Breakfast 7:35-8:20 PRE-SYMPOSIUM WORKSHOP: FIRST TIME BUYERS GUIDE TO DISTRESSED REAL ESTATE INVESTING Where to Find Deals Due Diligence & Construction Defect Issues Valuation Government Update Keys to Success Property vs. Loans Asset Quirks Business & Legal Issues Session Chair: Carol Faber, Shareholder, AKERMAN SENTERFITT [ BIO ] Panel Participants: Charles Schwartz, Partner, AVANTI PROPERTIES GROUP [ BIO ] Mark Fontanilla, Managing Director, CAPITAL FUSION PARTNERS [ BIO ] Anthony Casareale, Attorney , GREENBERG TRAURIG, LLP [ BIO ] Gerald Guterman, Senior Principal Partner, GUTERMAN PARTNERS, LLC [ BIO ] Christopher Kallivokas, Chairman & CEO, RER FINANCIAL GROUP INVESTMENT CORP [ BIO ]
8:25 OPENING REMARKS FROM IMN 8:30 THE MACROECONOMIC IMPACT ON DISTRESSED REAL ESTATE INVESTING Housing Outlook Impact of Tax Credits Bank CRE Loan Portfolios are Weakening as Increased Vacancies Combine with Lower Rental Rates: Will this Increase the Deal Flow? Forces Bringing about Change in Ownership vs. Market Forces that are Preventing Deals What does the Lower Dollar Mean for Investors and the Economy? Why didnt CRE Transaction Volume Increase in Last Year? Will it Increase this Year? At what Level will Cap Rates Stabilize? Identifying the First Buyers who will Clear the Market Explaining Banks Aversion to Making CRE Loans When will Absorption Turn Positive? Construction and Development Outlook Are International Buyers Coming in Larger Numbers or are they Playing the Waiting Game? Session Chair: Robert Sheridan, President, ROBERT SHERIDAN & PARTNERS, LLC [ BIO ] Panel Participants: Jonathan Fascitelli, Managing Principal, BLUE ATLANTIC CAPITAL LLC [ BIO ] Edmund Terry, Managing Director, HILCO REAL ESTATE, LLC [ BIO ] Jay T Clark, Principal, SOUTHEAST CAPITAL COMPANIES [ BIO ]
9:15 IS NOW AN OPTIMAL TIME TO INVEST IN DISTRESSED? Where are the Best Opportunities: Locations and Sectors? Where is the Fastest Recovery Likely to be? How Much Below Replacement Cost are you Looking for? Changing the Mix or Total Repositioning? What does Financing Look Like in 2010? Loans & REO Equity Fundraising & Joint Ventures for Distressed Deals Session Chair: Jay A. Neveloff, Partner, KRAMER LEVIN NAFTALIS & FRANKEL, LLP [ BIO ] Panel Participants: Andrew Borsanyi, Principal, THE CONCORD GROUP [ BIO ] Edward Kobel, President, DEBARTOLO DEVELOPMENT [ BIO ] Ricardo Dunin, President, FLAGLER GROUP [ BIO ] Joshua Goldenberg, Vice President, HUDSON REALTY CAPITAL, LLC [ BIO ] Scott Schwartz, Senior Managing Director, Co - Head Real Estate , MARATHON ASSET MANAGEMENT [ BIO ]
10:00 Refreshments Courtesy Of:  Concurrent Sessions: Please Choose A or B 10:25A BUYING LOANS FROM BANKS OR THE FDIC Will More Loan Product be Coming up with Increasing Number of Bank Takeovers by the FDIC? Structured Loan Sales and FDIC Loss Sharing Whole Loan Sales Will there be More Loans Available from the FDIC? How will that Impact Pricing & Structure? What are the Hindrances When Buying Loans Performing vs. Non-Performing Loans Payment Schedules Any Commercial Product Changes in Incentives Session Chair: Tom Galli, Shareholder, GREENBERG TRAURIG LLP [ BIO ] Panel Participants: Cathy Vann, CEO, ASSET REVITALIZATION SOLUTIONS [ BIO ] Michael Szwajkowski, President, CAPITALSOURCE [ BIO ] John Bielefeldt, Partner, CROWN CAPITAL GROUP LLC [ BIO ] Paul Safran, , ROETZEL & ANDRESS [ BIO ] Plato Ghinos, Senior Vice President Development, SHANER HOTEL GROUP [ BIO ]
10:25B DUE DILIGENCE & VALUATION UPDATE Evaluating Physical Property vs. Paper Supplys Impact on Pricing Due Diligence Process and Timeline vs. Performing Properties Value and Effectiveness of Representations and Warranties Estimating the Cost and Time Required to Improve Asset Performance & Resolve Outstanding Liabilities REO vs. Owner/Operator Sales Mezzanine Loan Evaluation Streamlining Due Diligence Research Tips for Various Property Types Valuing Comparables Determining Liquidation Value Session Chair: Randall Tuller, Principal and Managing Director, THE SITUS COMPANIES [ BIO ] Panel Participants: Fernando Levy Hara, Principal, G&D - DEVELOPERS [ BIO ] Eric Kerwood, Managing Director, FTI - CORPORATE FINANCE [ BIO ] Joseph L. Springsteen, Principal, POPLAR CAPITAL, LLC [ BIO ] Bob Dorfman, Senior Vice President, RELATED GROUP [ BIO ] Peter Ginsberg, Managing Director, CENTERBRIDGE PARTNERS [ BIO ]
11:10A FINANCING DISTRESSED COMMERCIAL PROPERTIES: WHO IS OPEN FOR BUSINESS? Refinancing Loans: What does it Take? Equity & Mezzanine Funding Availability: What are the Terms? Distressed Sectors & Geographies: The Gos and No Gos Acquisition Loans Available? Financing Debt Is Seller Financing Available? First Mortgage & White Knight Funding Session Chair: Jay Rollins, Principal, JCR CAPITAL [ BIO ] Panel Participants: Mitchell Gould, Executive Vice President, BRT REALTY TRUST [ BIO ] Neville L. Rhone, Senior Director Acquisitions, CANYON CAPITAL REALTY ADVISORS [ BIO ] Michael Szwajkowski, President, CAPITALSOURCE [ BIO ] David Blatt, Managing Partner, DBP CAPITAL LLC [ BIO ] Brett D. Forman, President, FORMAN CAPITAL, LLC [ BIO ]
11:10B BUYING A CONDO BUILDING: WHAT ARE YOUR CURRENT OPTIONS? Dues & Association Issues Condo Approval Issues At What Price does it Pay to Convert to Rental? Apartment to Condo and Reversion Financing Fractured Deals Session Chair: Chad M. Carpenter, Chairman and CEO, REVEN CAPITAL, LLC [ BIO ] Panel Participants: Jennifer Bales Drake, Shareholder, BECKER & POLIAKOFF, P.A. [ BIO ] Daniel Epstein, CEO/Chairman , CONAM GROUP OF COS [ BIO ] Alex Walker, Partner, PROSPECT CAPITAL GROUP [ BIO ] Jeff Spear, President & Founder, THE SPEAR GROUP [ BIO ] James D Geleerd, President & Chief Executive Officer , TERRAPIN PROPERTIES, LLC [ BIO ]
11:55A TRIPLE NET LEASES, SALES/LEASEBACKS, 1031 EXCHANGES & TICS Reduce Loan vs. Extend When to Roll Back Rents National Tenant vs. Mom & Pop TIC vs. DST Workouts Dark Value UPREIT Structure Capital Gain Taxes Acting in Concert without Becoming a Partner Sponsor Recourse Session Chair: Matt M. Gillio, CEO/President, GILLIO DEVELOPMENT, INC. [ BIO ] Panel Participants: Pamela Anselmo, Attorney, BECKER & POLIAKOFF, P.A. [ BIO ] Frank Borman, President, FC BORMAN PROPERTIES, LLC [ BIO ] John D. Murphy III, President, MURPHY CAPITAL [ BIO ]
11:55B LOTS, BROKEN SUBDIVISIONS & COMMUNITY DEVELOPMENT DISTRICTS Valuing the Undeveloped Part of the Master Planned Community Land Use Issues to be Aware of Approvals, Loss of Entitlements/Permits/Approvals and getting them Reinstated Is there Financing for this Market Joint Ventures Today vs. the Beginning of the Cycle: How are they Playing Out? Raw vs. Entitled Land Forecasting Future Unit Absorption, Lot Pricing and Unit Pricing Re-Branding and Re-Pricing the Project to Hit the Market? Session Chair: Frank J Carmel, Managing Shareholder, CARMEL & CARMEL, P.C. [ BIO ] Panel Participants: Jim Harvey, President , KOLTER LAND PARTNERS [ BIO ] Brad Hunter, Chief Economist and National Director of Consulting Partner - Real Estate, METROSTUDY [ BIO ] Al DiNicola, President, CROWN REALTY ADVISORS LLC [ BIO ] Mike Moser, East Region President , STARWOOD LAND VENTURES, LLC [ BIO ] Bob Waun, Managing Director, VACATION FINANCE/AMERICOR MORTGAGE [ BIO ]
12:40A COMMERCIAL PROPERTIES: ALTERNATIVE USE/REPOSITIONING/EXIT STRATEGIES Why should I think of an Exit When I cant Even Find the Entrance? What Exits are Open Today? What Exits do you Expect to be Opened in 12-18 Months? Asset Class Specifics & Which Asset Currently have the Most Exit Flexibility? Current vs. Exit Cap Rates Exit Strategy for Distressed Debt Purchases: Re-Sale/Loan-to-Own/Re-Securitize/Hold to Maturity? Are Commercial Condos Dead as an Alternative? Highly Creative Solutions for the Ill-Conceived Project Squeezing Out More Income from Good Projects Session Chair: Grace N. Manne, Shareholder, BECKER & POLIAKOFF, P.A. [ BIO ] Panel Participants: Marc Weil, Senior Associate, AVENUE CAPITAL GROUP [ BIO ] David Garfinkle, Managing Director, BISCAYNE ATLANTIC, LLC [ BIO ] Timothy Jones, President, ROBERT MARTIN COMPANY [ BIO ] Jeremy K. Teicher, Executive Vice President, THE TEICHER ORGANIZATION/JARMISON GROUP [ BIO ] Brian Pearl, Director, TERRA GROUP [ BIO ] 12:40B SMALL DEVELOPMENTS, BULK BUYING CONDOS AND SINGLE FAMILY UNITS Impact of End Financing Exit Strategies Who are the Buyers? Are Non-U.S. an Option? Consumer Strength Competition for Product Session Chair: Arnaud Karsenti, Managing Principal, 13TH FLOOR INVESTMENTS [ BIO ] Panel Participants: David Teitelbaum BARBARA BAKER, President, ANNA MARIA ISLAND RESORTS [ BIO ] Brian M. Stolar, President and CEO, THE PINNACLE COMPANIES, LLC [ BIO ] Michael Flight, Principal , TUNGSTEN REALTY ADVISORS [ BIO ]
1:25 Luncheon 2:25A THE SPECIAL SERVICERS ROUNDTABLE Extensions & Loan Sales A/B Loans Remedies & Loan Modifications Roadmap to a Workout When to Transfer from Servicer to Master Servicer Special Servicer Sales Impact of New Regulations Strategies Used to Maximize Recovery Selling or Holding Properties? How do you Sell Properties? Workout & Buyer Experiences How are you Dealing with Florida Loans? Replacement Procedure Session Chair: Jerry Hudspeth, Managing Director, ADVANCED LOAN SERVICING LLC [ BIO ] Panel Participants: Joel Kaul, Managing Director, MOUNTAIN SPECIAL SERVICING, LLC [ BIO ] CJ Follini, Managing Principal, NOYACK MEDICAL PARTNERS LLC [ BIO ] Toni Meyer-Walker, Senior Vice President, TRIMONT REAL ESTATE ADVISORS, INC. [ BIO ]
2:25B INVESTING IN DISTRESSED MULTIFAMILY RENTALS: IS IT TIME TO CAPITALIZE ON QUALITY ASSETS? Working with the Banks: What is being Sold and Why? Local Private Buyers Asset Management Issues Subsidized Housing Where are Default Rates Going? Impact of Houses and Condos for Rent Multifamily Liquidity What Markets Seem to be Experiencing the Most Distress in Multifamily? What Factors/Events are Contributing to this Decline? Winning & Losing Bids Business/Operational/Legal Condo Conversion Issues Session Chair: John Steele, Partner, ROETZEL & ANDRESS [ BIO ] Panel Participants: Kevin Davis, Partner, AREA PROPERTY PARTNERS [ BIO ] Carlos Vaz, President & Founder , CONTI ORGANIZATION [ BIO ] Michael Larsen, Director of Acquisitions, DEBARTOLO DEVELOPMENT LLC [ BIO ] Michael S Brodsky, Founder & CEO, THE GOLDSTAR GROUP [ BIO ]
3:10A ACQUISITION OF DISTRESSED HOTELS AND THEIR FINANCING Evaluating South Florida Distressed Hotel Opportunities Condo Hotel & Mixed-Use Alternatives What are the Brands doing About Distressed Properties? A Survey of Product Types and Locations Distressed Resorts vs. Urban Hotels Session Chair: Scott Farb, Managing Principal, REZNICK GROUP, P.C. [ BIO ] Panel Participants: John Lancet, Associate Managing Director, HVS GLOBAL HOSPITALITY SERVICES [ BIO ] Brian A. Py, Vice President of Development and Finance, THE KESSLER COLLECTION [ BIO ] David J. Schwartz, Managing Principal, THE MANAGEMENT CONSORTIUM, INC. [ BIO ] Bob Sonnenblick, Chairman, SONNENBLICK-DEL RIO [ BIO ] Mark Keiser, Vice President-Development, ST. REGIS AND THE LUXURY COLLECTION [ BIO ]
3:10B FINDING DEALS/SELLER STRATEGIES Sale vs. Distressed Sale Use of Auctions as a Strategy to Sell Distressed Assets Current Pricing Bank Seller Strategies: Who & how Much Unit Sale Successes Brokers: How Much are they Charging? Seller Financing Selling Different Asset Types Portfolio vs. Single Property Sale Who is Buying? Session Chair: Geoff W. Disston, Principal, PROSPECT PROPERTY GROUP [ BIO ] Panel Participants: Jon Gollinger, East Coast CEO & Co-Founder, ACCELERATED MARKETING PARTNERS [ BIO ] James Guajardo, Managing Partner, AZAUCTIONBIDDER.COM [ BIO ] Gary T Saykaly, President, C5 ADVISORS, LLC [ BIO ] Mike Huszti, President, HLI PROPERTIES [ BIO ] Michael Klinger, Managing Member, SABER REAL ESTATE CAPITAL PARTNERS [ BIO ]
4:10 Refreshments Courtesy Of: Becker & Poliakoff, Capital Source & Carmel & Carmel CONCLUDING THURSDAY GENERAL SESSIONS 4:30 RESTRUCTURING VS. FORECLOSURE VS. EXTEND & PRETEND How Long does it Take to Foreclose and Other Local Laws to Consider Return Expectations Liability Property vs. Note Holder Assessing the Equity & Reserves Remaining Importance of the Sponsor Walk Away Vs. Invest Carrying Vacant Properties Bankruptcy: What Happens & What are the Actual Implications? Out Of The Money & Negative Equity: Options & Control Issues We Can Work it Out: Lender/Borrower Workout Business Issues Multi-Tranche Workouts Session Chair: Phillip Cohen, President, MANSFIELD EQUITIES [ BIO ] Panel Participants: Ron Kriss, Distressed Property Practice Chair, AKERMAN SENTERFITT [ BIO ] Adam N. Pollock, General Counsel/Receiver, BISCAYNE ATLANTIC, LLC [ BIO ] Lawrence Bizjak, Managing Director, GARRISON INVESTMENT GROUP [ BIO ] Michael Fleischer, Managing Partner, LINKS CAPITAL PARTNERS [ BIO ] Paul M. Fried, Managing Director, TRAXI LLC [ BIO ]
5:15 PRIVATE EQUITY: IS THE MODEL CHANGING? What are you Buying? What wouldnt you Touch with a 10-Foot Poll: A Comparison of Asset Types & Geographies; Is Florida Currently on or off of your Radar? Are you Putting More Equity in a Deal? Paper or Physical Properties: Which way are you Going? Session Chair: Jeffrey Cannon, Director of Real Estate Services , GREENSPOON MARDER, P.A. [ BIO ] Panel Participants: David Brillembourg, Chairman & CEO, BRILLA GROUP, INC. [ BIO ] John Nikolich, Managing Director & Founder , FLINT CREEK PARTNERS, LLC [ BIO ] Peter Collins, Managing Principal, FORGE CAPITAL PARTNERS [ BIO ] Mark Lippmann, Director, PRAEDIUM GROUP, LLC [ BIO ] Christopher Fraley, Managing Director, ROCKWOOD CAPITAL [ BIO ] Tarak Patolia, Chief Investment Officer, STERLING AMERICAN PROPERTY, INC. [ BIO ]
6:15 Networking Reception 7:15 Day One Concludes LAST UPDATED: Friday, February 5, 2010 8:00 Continental Breakfast 8:30 FINANCING RESIDENTIAL & MULTIFAMILY PROPERTIES Working with Freddie vs. Fannie in 2010: What Should be Expected? Financing Condos Morphing into Rentals Structures All Cash Deals: What to Expect Reversion Financing Private Capital, Opportunity Funds & Balance Sheet Lenders Small Deals Recaps & New Acquisitions Is Mezzanine or Equity Available Roadblocks to Navigate FHA/HUD Financing Session Chair: Richie L Butler, Partner and Senior Vice President-National Development, CITYVIEW [ BIO ] Panel Participants: Charles J. Foschini, Vice Chairman, CBRE [ BIO ] Sharron P.A. Levine, Vice President & Deputy General Counsel, FANNIE MAE [ BIO ] Michael Katz, Co-Chief Executive Officer, STERLING AMERICAN PROPERTY, INC. [ BIO ]
9:15 NOTE VS. PROPERTY: A COMPARISON OF THE ADVANTAGES AND DISADVANTAGES OF BOTH APPROACHES TO GETTING AT THE UNDERLYING PROPERTY Comparing Due Diligence Methods Loans Backed by an Entity vs. Loans Backed by Real Estate Representations and Warranties Necessary Underlying Legal & Tax Issues Session Chair: Julian Wise, Partner, SCHULTE ROTH & ZABEL LLP [ BIO ] Panel Participants: Luis Gonzalez, President, CENTRUST DEVELOPMENT GROUP [ BIO ] Steven Sandler, Chief Executive Officer, CROSSWIND CAPITAL, LLC [ BIO ] Spencer Garfield, Managing Director, HUDSON REALTY CAPITAL, LLC [ BIO ] Steven Witkoff, Principal, THE WITKOFF GROUP [ BIO ] 10:00 WALK AWAY, SELL OR INVEST: WHICH WAY TO GO? Is there White Knight Financing Available? How Much does it Cost? What Kind of Returns do you Expect on Add on Investments? Extend vs. Pay Down The Economics of Carrying Vacant/Occupied Properties Impact of Current Pricing Buying out the Senior to Protect your Investment Is Joint Venture $$ Available? How much can you Lose? Working Out the Loan Session Chair: Daniel P. Fowler, CEO, CONNAUGHT REAL ESTATE FINANCE, LLC [ BIO ] Panel Participants: Mark Rafuse, Managing Principal & Chief Development Officer, NOBLE INVESTMENT GROUP [ BIO ] David Valger, Director, RCG LONGVIEW [ BIO ] David Teitelbaum BARBARA BAKER, President, ANNA MARIA ISLAND RESORTS [ BIO ] Michael Schor, Vice President & Counsel, THE TREELINE COMPANIES [ BIO ]
10:45 Refreshments Courtesy Of: Becker & Poliakoff, Capital Source & Carmel & Carmel 11:00 SECONDARY MARKET OPPORTUNITIES IN LOANS: IS THE QUALITY & DEAL FLOW IMPROVING? Sale of Interests in Loans (Tranches or Participations) What Structures Impede Loan Resolution? Would you buy those Structures? Supply/Demand Dynamics Success Stories Working with Special Servicers Pricing Impact of Government Programs Mezzanine Loans & CMBS Distressed Construction Loans Session Chair: Howard Fife, Principal, WESTPORT CAPITAL PARTNERS, LLC [ BIO ] Panel Participants: Jon Abbett, Director, CAPITALSOURCE [ BIO ] Jon Kessler, Director, FMS BONDS, INC. [ BIO ] Chris T Ward, Managing Principal, MAGNOLIA FLORIDA [ BIO ] 11:45 SOUTH FLORIDA FOCUS Are there Signs of Stabilization in the Florida Condo and Apartment Markets? Local & State Laws to be Aware of Impact of Corus Sale Is there Financing Available Locally? Occupancy Rates Comparing & Contrasting Markets: Where is the Turnaround Nearest? How Long does it take to do a Foreclosure? Outward Migration from Florida: Blip or Trend? State of Local Economies: Are Jobs Starting to come Back? Florida: Leading or Lagging the National Market? Session Chair: Jack McCabe, CEO, MCCABE RESEARCH AND CONSULTING [ BIO ] Panel Participants: Craig A. Werley, Senior Principal, FOCUS REAL ESTATE ADVISORS, LLC [ BIO ] William Holly, President, HOLLY REAL ESTATE [ BIO ] Sam Levin, Owner, THE LEVIN CO. Jordan S. Kavana, Director, TRANSCENDENT INVESTMENTS MANAGEMENT [ BIO ]
12:30 THE BANKERS WORKOUT PANEL This panel will discuss the banker perspective on issues such as workouts, foreclosures, extend and pretend and refinancing. Session Chair: Marcus Buerosse, Restructurings & Property Operations, CERES REAL ESTATE PARTNERS, LLC [ BIO ] Panel Participants: Gary Eidelstein, Managing Director , ASSET RECOVERY GROUP, LLC Alan Blankstein, Vice President, Special Assets Group, COMERICA BANK [ BIO ] Joel Goldmacher, Director of Bank Services & REO , GREAT FLORIDA BANK [ BIO ]
1:15 The Symposium On Distressed Commercial & Residential Real Estate Concludes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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