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Print Date: Thursday, September 2, 2010 | Print this page
LAST UPDATED: Thursday, September 10 2009
Symposium Day One: Tuesday, September 15, 2009
7:30 - 9:00 - Registration...Breakfast Courtesy Of:
8:25 Welcome from IMN
8:30 AN OVERVIEW AND SURVEY OF CURRENT OPPORTUNITIES IN DISTRESSED RESIDENTIAL MARKETS
* Geographic and Product Type Evaluation Going Forward * Paper, Capital Provider or Equity? * Are you Investing in Unfinished Construction Projects? * Project Size Considerations * Repositioning Case Studies * Opportunities in Residential Properties Within Mixed-Use AND Condo Hotels * Distressed Multifamily Rental Assessment * Is it Time to Buy Land? * Urban, Suburban, Country; the Hills, the Beach? * Single Family Community Investments * Condo to Rental Conversions * Homebuilder Market * Current Valuation
Session Chair:
Robert Sheridan, Principal ROBERT SHERIDAN & PARTNERS, LLC
Panel Participants:
Anthony Botte, Senior Vice President HEARTHSTONE ADVISORS
Brad Hunter, Chief Economist -Real Estate METROSTUDY
Jeff Barcy, CEO RIDGEBACK PARTNERS
Marc Perrin, Managing Director STARWOOD CAPITAL GROUP GLOBAL, LLC
Martin Caverly, Partner 2120 PARTNERS
9:30 GOVERNMENT, TARP & TALF UPDATE, INCLUDING PURCHASING ASSETS FROM THE FDIC (1)
* What are the Latest TARP & TALF Developments? * FDIC Legacy Loan Program Update * Homeowner Assistance Programs: Are they Helping? * Is there any Assistance that Developers in Deals can Expect? * How will Banks, Mezzanine Lenders and Service Providers Benefit from the Current Menu of Government Programs? * Will TARP Stimulate a True “Mark-to-Market” and a Deal Flow of Non-Performing Loans and REO? When? * Current TARP and Other Government Programs vs. Earlier RTC Bailouts * Is TALF CMBS Working? * Evaluating the Homebuyer Tax Credit Program * Buying Asset vs. Buying Debt * FDIC Partnerships: How do they Work? * Treasury Incentives * Due Diligence on FDIC Loans * Can you earn a Management Fee from FDIC Properties? * Who is Responsible for Carrying Costs? Completion Costs? * Bidding Procedure * Whole Loan Note Structures
Session Chair:
Jesse Sharf, Partner, GIBSON, DUNN & CRUTCHER LLP
Panel Participants:
Richard Hollowell, Managing Director ALVAREZ & MARSAL
Sean McVity, Managing Partner AZ-GARNET LOAN SALE ADVISORS
Nitin K. Chexal, MARATHON ASSET MANAGEMENT
Ronnie Gul, Vice President MESA WEST CAPITAL
Ron D'Vari, Chief Executive Officer NEW OAK CAPITAL LLC
10:15Refreshments Courtesy of:
Concurrent Sessions: Please Select Either 'A' or 'B'
10:40A BUYING LOANS & REO FROM A BANK
* Bid-Ask Experiences: Are they Changing? * What is the Exact Process? * Is Seller Financing Available? * Single Asset vs. Portfolio Deals * How are Brokers Marketing Such Deals? * Pricing: What is the Going Rate? * REO Negotiations
Session Chair:
Bruce Prigoff, Partner COX, CASTLE & NICHOLSON, LLP
Panel Participants:
John R. Williams, Managing Partner-Capital Markets CARMEL PARTNERS, INC.
Michael Cain, Managing Director of Asset Sales and Advisory DOUGLAS WILSON COMPANIES
Jeff Dritley, Managing Partner KEARNY STREET REAL ESTATE CO.
Allan Low, Partner LUCE FORWARD
Charles P. Toppino, Senior Principal SQUARE MILE CAPITAL MANAGEMENT LLC
10:40B JOINT VENTURE STRUCTURING FOR DISTRESSED DEALS
* Evaluating the Latest Joint Venture Structures * Joint Ventures With Borrowers vs. Owners * Terms & Waterfalls * Financial/Land Owner Joint Ventures * Acquisition Joint Ventures * Inactive Joint Ventures: Why? * Expertise & Strategy * Is it Easier for a Joint Venture to get Funding vs. a Single Entity? * Finance/Operator Structures * Botched Joint Ventures: Why didn’t the Marriage Work? * Recap Strategies
Session Chair:
Anant Patel, Partner GREEN HASSON & JANKS LLP
Panel Participants:
Elizabeth Beckwith, Director of Capital Markets ALLIANCE RESIDENTIAL CO.
Michael Fleischer, Managing Partner LINKS CAPITAL PARTNERS
Kev Zoryan, Executive Director MORGAN STANLEY
Jack R. Ehrman, Principal, Director- Acquisitions POST INVESTMENT GROUP, LLC
11:40A BUYING DISTRESSED & NON-PERFORMING PAPER: WHAT ARE YOUR DRIVERS?
* Banks Financing their Disposals: What are the Terms?* What Kind of 3rd-Party Finance is Available? * Evaluating the Role of Cap Rates * Experiences with Loan Brokers * Exit Strategies ‘09 * Notes vs. Securitized Paper * Loss-Adjusted Returns * Volatility of Paper * Agency vs. Non-Agency Paper * Stressing the Bonds’ Cash Flows and the Risk/Return * Would you Buy Construction Loans? * Estoppels: Can you Get One Signed? * Tranche Warfare: What have been your Experiences? * Is Loan-to-Own your Strategy?
Session Chair:
Robert Quinn, Vice President-Real Estate Funds NEW YORK LIFE INVESTMENTS
Panel Participants:
Michael Szwajkowski, President CAPITAL SOURCE
Michael Halperin, Senior Vice President CONTRARIAN CAPITAL MANAGEMENT, LLC
Steven Persky, Managing Partner DALTON INVESTMENTS
Lawrence Bizjak, Managing Director GARRISON INVESTMENTS
Rudy Orman, Vice President MARATHON ASSET MANAGEMENT
11:40B BANKRUPTCY: WHAT HAPPENS & WHAT ARE THE ACTUAL IMPLICATIONS? (1)
* Is Bankruptcy Necessary? Does it Achieve the Desired Result? * What is the Purpose of a Bankruptcy? * Options for Improving your Position Within the Capital Stack During Bankruptcy * Pre-packaged Bankruptcy in the Context of Real Estate * Tranche Warfare and the Role of Mezz and Equity * Entity-Level Bankruptcies and Cross-Collateral Issues * Issues Arising When Emergence from Bankruptcy * Financial Restructuring vs. Liquidation: Deciding Which way to go? * When does Equity Lose Control? * Foreclosure Issues * Operating During Bankruptcy * Can the Borrower and Secured Lender Agree to use Bankruptcy as a Tool to Effectuate an Orderly Liquidation? * State Law Considerations * Market for DIP & Other Bankruptcy/Post-Bankruptcy Finance * Carveouts * Debtor's Tax Implications Arising from Foreclosure, a Discounted Payoff, Workout or Purchase of its own Debt * Utilizing Bad Boy Clauses
Session Chair:
Randy Orlik, Partner COX, CASTLE & NICHOLSON, LLP
Panel Participants:
Andrew B. Eckstein, Partner BLANK ROME LLP
Robert L. Eisenbach, Partner, COOLEY GODWARD KRONISH LLP
Nick Mosich, Managing Partner ION CAPITAL PARTNERS
Gregg Bloomberg, Tax Principal, Engagement Team Leader, REZNICK GROUP
David Teitelbaum, Owner TEITELBAUM DEVELOPERS
12:25A ENTITLED LAND & RESIDENTIAL DEVELOPMENT: IS THE BOTTOM NEAR?
* Current Valuations * Buy Strategies * Finished vs. Unfinished Developments * How are the Government Programs Playing Out? * What Markets are you Investing in? * Association & Successor Developer Issues * What is on your Due Diligence Check List? * Saving Par: Working Out the Golf Part of the Community * Markets with Tight Land Supply: Where are they? * Monitoring Competitive Lot Supplies * Entity Level Homebuilder Investment * Special District Issues to Consider * Routes To Market: Debt Vs. Equity
Session Chair:
William A. Shopoff, Chairman of the Board, President & CEO SHOPOFF PROPERTIES TRUST
Panel Participants:
John C. Condas, Partner ALLEN MATKINS
Dennis Cisterna, Principal AMERICAN PACIFIC DEVELOPMENT LLC
Alex Zikakis, President CAPSTONE ADVISORS INC.
Richard M. Gollis, Founder & Principal THE CONCORD GROUP
Barry Gross, President DEVELOPERS RESEARCH
Don Eversoll, Principal THE EPH GROUP
12:25B BULK BUYING OPPORTUNITIES: SINGLE FAMILY HOUSES & CONDO UNITS
* Converting Formerly-Owned Homes into Cash Flowing Rental Properties * Asset Management Tricks of the Trade * REO Bulk Purchases: Are they Out there? Where can you Find them? * Cash Flow & Appreciation Possibilities * What is your Geographic Focus: Why? * Cost of Carry and Holding Period Sufficient for Market Recovery: What Time Horizon are you Modeling for? * Rehab Expense Reality * Local Foreclosure Regulations * Renting: Short-term or Long-Term Strategy? * When do you have to Worry About Successor Developer Laws? * Acquisition & Exit Strategies * Dealing with HOA Issues * Bulk Discount Availability * Overseas Investor * HUD Issues Under RESPA * Rental Market vs. For-Sale Exit * Buying Units in a Condo Hotel Project * Buying the Whole Building vs. Buying Multiple Units
Session Chair:
Kyle Kazan, President BEACH FRONT PROPERTY MANAGEMENT
Panel Participants:
Michael Szwajkowski, President of the Structured Finance Business CAPITAL SOURCE
Jarrett Zielinski, Executive Vice President CBI GROUP
Nancy Scull, Partner LUCE, FORWARD, HAMILTON & SCRIPPS LLP
Matthew Cooleen, HUDSONCROSS FINANCIAL
Robert Sheridan, Principal ROBERT SHERIDAN & PARTNERS, LLC
Charles Hill, Managing Director STRATEGIC REALTY CAPITAL LLC;
1:25 OPTIONAL LUNCHEON ROUNDTABLES
NOTE: Luncheon is served, as usual, for those not participating in the Roundtables
LOCAL MARKET OPPORTUNITY ROUNDTABLES
As a value-add element, we are pleased to offer optional luncheon discussion tables. These optional discussion tables offer an informal setting to discuss local market conditions e.g. buyers, sellers, supply/demand dynamics, local economic strength, units coming on line and other key factors.
ARIZONA - Carey Doyle, Senior Vice President GUIBERSON VENTURES INVESTMENT GROUP
FLORIDA- David Teitelbaum, Owner TEITELBAUM DEVELOPERS
LAS VEGAS- David Kang, President PRECISION PRIVATE EQUITY, INC.
LOS ANGELES/ORANGE COUNTY- Kyle Kazan, President BEACH FRONT PROPERTY MANAGEMENT
NORTHERN CALIFORNIA/PACIFIC NORTHWEST- John Helmick, CEO GORILLA CAPITAL
SAN DIEGO & INLAND EMPIRE AREA- Chevis Hosea, Vice President of Development KSL LA COSTA RESORT & SPA
TEXAS - Martin Bronstein, Principal, THE SITUS COMPANIES
2:25A OPPORTUNITIES FOR INVESTING IN HALF-BUILT PROJECTS
* What is the Current Haircut? * What are the Risks When Taking Over Such a Project? * What Stage of Completion do you Look for to Invest? * Where are you Looking? What Type of Property Would you Consider? * What to do if there is any Developer Equity Left? * Finishing a Project Under Receivership * Completion Finance: Terms & Availability
Session Chair:
Bob Sonnenblick, Chairman SONNENBLICK-DEL RIO
Panel Participants:
Bryan Fortay, Executive Vice President BROADLANDS FINANCIAL GROUP, LLC
Richie L. Butler, Partner and Senior Vice President-National Development CITYVIEW
Douglas Wilson, Chairman/CEO DOUGLAS WILSON COMPANIES
Gregor Watson, Managing Partner MCKINLEY PARTNERS
2:25B BUYING A PROJECT OUT OF RECEIVERSHIP/BANKRUPTCY/FORECLOSURE (1)
* Time, Expense & Headaches * Did you Take into Account the Upfront Price into the Loan? * Buying the Asset Before vs. During Bankruptcy * Getting a Sale Approved by Bankruptcy Court * Title Issues * Buying the Note Going through the Bankruptcy/Foreclosure Process then Taking Title * Unexpected Legal Issues
Session Chair:
Jess R. Bressi, Partner LUCE, FORWARD, HAMILTON & SCRIPPS LLP
Panel Participants:
James D. Prendergast, FIRST AMERICAN TITLE INSURANCE COMPANY
Peter Collins, Managing Principal FORGE CAPITAL PARTNERS
Lewis B Freeman, Principal, LEWIS B. FREEMAN & PARTNERS, INC.
Carola Lueder, Broker PROPERTIES USA
3:10A DISTRESSED MULTIFAMILY RENTAL OPPORTUNITIES (1p)
* Where are the Distressed Rental Properties? * Why are these Projects in Distress? * Buying Stalled Multifamily Projects * Acquiring Notes vs. Assets * Exit Plan * Outlook for Distressed Multifamily vs. Other Residential Product Types * Role of Freddie & Fannie Going Forward and Possible Market Impact * Taking Out New Debt Using Agency Debt * Distressed Alternative Multifamily Assets Including Student Housing, Senior Housing & Low Income/Work Force Housing * Evaluating the Agency Finance Market for Distressed Residential Properties
Session Chair:
Benjamin Friedman, President ABACUS CAPITAL GROUP, LLC
Panel Participants:
Rich Ross, Director of Western Region Acquisitions GID INVESTMENT ADVISORS
Stephen Braun, Senior Vice President J.I. KISLAK, INC.
Ron Vergnolle, Principal SCIENS REAL ESTATE MANAGEMENT
Eddie Lorin, Managing Director STRATEGIC REALTY CAPITAL LLC
Brian B. Landrum, Principal WALTON STREET CAPITAL, L.L.C.
3:10B WHAT ARE LENDERS AND BORROWERS DOING PRE-FORECLOSURE?: PROJECT LEVEL WORKOUTS & RESTRUCTURING(1)
* Do Developers have Any Equity Left? Mezz? * Personal Guarantees and Bankruptcy * Improving your Position * Aligning Interests * Impact of Property Value * What are the Creditor’s Goals in a Workout? * Buying Out the Senior * Unanimous Consent Issues
Session Chair:
Thomas D. O'Connor, Partner, COOLEY GODWARD KRONISH LLP
Panel Participants:
Matt Wanderer, Principal ALTERRA CAPITAL GROUP
William S. Small, Partner BLANK ROME LLP
Randy Bramel, Partner BRIDGEPORT INVESTMENT COMPANY, INC
Adam Weissburg, Partner COX, CASTLE & NICHOLSON, LLP
Mark D. Lester, President LANDCO
3:55 Refreshments Courtesy of:
General Sessions Resume
4:15 REAL ESTATE/HEDGE FUND PLENARY: WHAT IS YOUR STRATEGY & PLAN TO EXECUTE? (panel not open to new speakers)
* How are you Deploying Capital? * Are you Looking at Loans or Equity? * What Makes a Deal Attractive in this Reality? * What Types of Ventures are you Currently Backing? * Exit Strategies * Return Criteria * Expected Market Losses vs. Your Expectations: How to Take Advantage of the Arbitrage * Holding Period Expectations
Session Chair :
Scott Farb, Managing Principal REZNICK GROUP
Panel Participants :
Joel R. Fogel, Principal ARCHER CAPITAL MANAGEMENT
Philip Mader, Managing Director BLACKROCK
Keith Rosenthal, PHOENIX REALTY GROUP
David S. Parsky, Director -West Coast Investments CITI PROPERTY INVESTORS
Robert Murray, Director PRAEDIUM GROUP, LLC
Sean Armstrong, Principal WESTPORT CAPITAL
5:15 AFTER THE DISTRESSED PURCHASE: THE GOOD, BAD, UGLY & REALLY SURPRISING WAR STORIES OF STUFF THAT REALLY HAPPENED
This session of veterans who have been through many distressed property battles will detail what they have seen that others shouldn’t have to see and successful strategies to prevent these occurrences.
Session Chair :
William W. Geary, Jr., President CARLSBERG MANAGEMENT COMPANY
Panel Participants:
Sol Rabin, President GRIFFIN INVESTMENTS
Mark Weinstein, President MJW INVESTMENTS
Mike Robinson, President, CROWN REALTY ADVISORS
Norman Radow, President THE RADCO COMPANIES
Christopher Grey, Managing Partner THIRD WAVE PARTNERS, LLC
6:00 Networking Reception
7:00 Day One Concludes
LAST UPDATED: Thursday, September 10 2009
Symposium Day Two: Wednesday, September 16, 2009
7:45 Continental Breakfast Courtesy Of:
8:25 BUYING LOANS & PROPERTIES FROM AN AUCTION
* Auction Options * Loan vs. Property Auctions * On-Line Auction Systems * Title Issues * Purchase Terms * When do Banks Take haircut from the Minimum Bid? * Legwork & Research Necessary to be Successful in this Market * Auction Prices: A Bargain?
Session Chair:
Michael Lesser, Managing Director EASTDIL SECURED
Panel Participants:
Robert Cavanagh, CREDIT SUISSE
Ron Lubin, Managing Director HILCO REAL ESTATE DEBT MANAGEMENT LLC
Ziv Cohen, Senior Vice President-Land Investments RESMARK EQUITY PARTNERS, LLC;
Norman Scheel, Principal, THE HOFFMAN COMPANY
9:10 DISTRESSED & UNDERWATER PROPERTIES: WALK AWAY OR INVEST?
* Swapping Debt for Equity * Options if you have a lot of Equity in the Deal * Is there White Knight Financing Available? What are the Terms? * Which Exits can Handle the Traffic Today?
* When are Banks Foreclosing? * Refi Options * Restructuring Underwater Loans * Carrying Vacant & Half Built Properties: What Are the Economics? What Are the Options? * Foreclosure Exit Options: Can you Retain the Equity? * Forced Sale vs. Soft Restructuring * When are Auctions the Best Option?
Session Chair:
Michael McLean, Vice President CENTRUM PROPERTIES
Panel Participants:
Allan Sternberg, Associate ANGELO, GORDON & CO., L.P.
Dan Fowler, CEO CONNAUGHT REAL ESTATE FINANCE, LLC
Polina Chapiro, Partner GREEN HASSON & JANKS LLP
David Valger, Director RCG LONGVIEW
9:55 ALTERNATIVE USE & REPOSITIONING STRATEGIES: CHANGING THE PROJECT TO SOMETHING COMPLETELY DIFFERENT
* What are your Options When the Project is no Longer Economically Viable? * What Works as a Rental? * Expected Returns After Repositioning * Targeting Different Submarkets Like Seniors and Students * * Can you Finance a Repositioning Today?
Session Chair:
Lewis Goodkin, President GOODKIN CONSULTING
Panel Participants:
Suzanne E. Skov, Associate ALLEN MATKINS
Gashar Dixon, Chief Acquisition Officer ANGLESTONE INC.
Salvatore Provenza, Principal CWP ADVISORS
Tim Sullivan, President SULLIVAN GROUP REAL ESTATE ADVISORS
James Hibbert, Senior Manager, REZNICK GROUP
10:40 Refreshments Courtesy of:
11:00 BUSINESS, OPERATIONAL & LEGAL CONDO INVESTMENT STRATEGIES
* Issues When Units are Sold * Converting to a Rental: What do you Need to do? * State Laws to be Aware of *What are the HOA Issues to be Aware of? * Condo Regime Termination Concerns * Liability as to Association Assessments & Reserves * Successor Developer Questions * Tax Issues of Fractured Condos * Control Complexities * Tax Allocation Issues * Risk Mitigation/Assignment of Developer Liability * HOA Foreclosure
Session Chair:
Carey Doyle, Senior Vice President, GUIBERSON VENTURES INVESTMENT GROUP
Panel Participants:
Jeffrey Masters, Partner COX, CASTLE & NICHOLSON, LLP
Alan Pollack, Managing Member PROVIDENCE MANAGEMENT COMPANY, LLC
Jeff Spear, President & Founder THE SPEAR GROUP
James D. “Jake” Geleerd, President & CEO TERRAPIN PROPERTIES
11:45 FINANCING YOUR ACQUISITIONS IN TODAY’S ENVIRONMENT
* Future Performance Expectations to get your Loans Approved * Loans to those who Acquire Loans * Role of Personal Guarantee * Hard Money Market Terms * Alternative Capital Sources Including Foreign & Sovereign Debt * Evaluating the Agency Finance Market for Distressed Residential Properties
Session Chair:
John Lustgarten, Vice President LOWE ENTERPRISES INVESTORS, LLC
Panel Participants:
Michael Szwajkowski, President CAPITAL SOURCE
Stephan Kachani, Vice President, Sales & Marketing, LONE OAK FUND, LLC
Phillip Cohen, President MANSFIELD EQUITIES
12:30 THE VERY LATEST ECONOMIC, CONSUMER & RESIDENTIAL OUTLOOK: A NATIONAL AND LOCAL MARKET PERSPECTIVE (16)
* What are the Current Challenges of the Residential Real Estate Markets? * Will the Latest Economic Stimuli, TARP & TALF Versions Help the Real Estate Economy? Are they Really Starting to Unlock the Credit Markets? Is the Housing and Economic Recovery Act Actually Stabilizing Communities? * Changing Dynamics of Housing Demand * Foreclosures: On the Way Up or Down? What does the Direction Mean? * Regional Snapshots * Where are Default Rates Heading * Vs. Economic Downturn of the ‘80’s * When are we Going to get Out of this? * Are we Through the Subprime Crisis? * Will the Negative Price Pressure Continue? * When Should the Deal Flow Open Up? * Role of the HUD * Metrics, Numbers & Activity * What are the Signs of a Market Bottom? Pricing? Sale Acceleration?
Absorption Rate? * Measuring the Shadow Market * Factoring in Employment & Population Trends * Metropolitan Areas with Highest Foreclosure Ratings: What are the Macroeconomic Similarities? Differences?
Session Chair:
Gary H. London, President THE LONDON GROUP REALTY ADVISORS
Panel Participants:
Matthew Anderson, Partner FORESIGHT ANALYTICS LLC
John Helmick, CEO GORILLA CAPITAL
Alan Nevin, Director of Economic Research MARKETPOINTE REALTY ADVISORS
Daniel B. Amdur, CEO MOVING STATION, LLC, PROMISOR ASSET RECOVERY SERVICES
1:15 IMN's 2nd Western Symposium On Distressed Residential Real Estate Concludes
LAST UPDATED: Thursday, September 10 2009
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7:30 - 9:00 - Registration...Breakfast Courtesy Of:
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8:25 Welcome from IMN
8:30 AN OVERVIEW AND SURVEY OF CURRENT OPPORTUNITIES IN DISTRESSED RESIDENTIAL MARKETS
* Geographic and Product Type Evaluation Going Forward * Paper, Capital Provider or Equity? * Are you Investing in Unfinished Construction Projects? * Project Size Considerations * Repositioning Case Studies * Opportunities in Residential Properties Within Mixed-Use AND Condo Hotels * Distressed Multifamily Rental Assessment * Is it Time to Buy Land? * Urban, Suburban, Country; the Hills, the Beach? * Single Family Community Investments * Condo to Rental Conversions * Homebuilder Market * Current Valuation
Session Chair:
Robert Sheridan, Principal ROBERT SHERIDAN & PARTNERS, LLC
Panel Participants:
Anthony Botte, Senior Vice President HEARTHSTONE ADVISORS
Brad Hunter, Chief Economist -Real Estate METROSTUDY
Jeff Barcy, CEO RIDGEBACK PARTNERS
Marc Perrin, Managing Director STARWOOD CAPITAL GROUP GLOBAL, LLC
Martin Caverly, Partner 2120 PARTNERS
9:30 GOVERNMENT, TARP & TALF UPDATE, INCLUDING PURCHASING ASSETS FROM THE FDIC (1)
* What are the Latest TARP & TALF Developments? * FDIC Legacy Loan Program Update * Homeowner Assistance Programs: Are they Helping? * Is there any Assistance that Developers in Deals can Expect? * How will Banks, Mezzanine Lenders and Service Providers Benefit from the Current Menu of Government Programs? * Will TARP Stimulate a True “Mark-to-Market” and a Deal Flow of Non-Performing Loans and REO? When? * Current TARP and Other Government Programs vs. Earlier RTC Bailouts * Is TALF CMBS Working? * Evaluating the Homebuyer Tax Credit Program * Buying Asset vs. Buying Debt * FDIC Partnerships: How do they Work? * Treasury Incentives * Due Diligence on FDIC Loans * Can you earn a Management Fee from FDIC Properties? * Who is Responsible for Carrying Costs? Completion Costs? * Bidding Procedure * Whole Loan Note Structures
Session Chair:
Jesse Sharf, Partner, GIBSON, DUNN & CRUTCHER LLP
Panel Participants:
Richard Hollowell, Managing Director ALVAREZ & MARSAL
Sean McVity, Managing Partner AZ-GARNET LOAN SALE ADVISORS
Nitin K. Chexal, MARATHON ASSET MANAGEMENT
Ronnie Gul, Vice President MESA WEST CAPITAL
Ron D'Vari, Chief Executive Officer NEW OAK CAPITAL LLC
10:15Refreshments Courtesy of:
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10:40A BUYING LOANS & REO FROM A BANK
* Bid-Ask Experiences: Are they Changing? * What is the Exact Process? * Is Seller Financing Available? * Single Asset vs. Portfolio Deals * How are Brokers Marketing Such Deals? * Pricing: What is the Going Rate? * REO Negotiations
Session Chair:
Bruce Prigoff, Partner COX, CASTLE & NICHOLSON, LLP
Panel Participants:
John R. Williams, Managing Partner-Capital Markets CARMEL PARTNERS, INC.
Michael Cain, Managing Director of Asset Sales and Advisory DOUGLAS WILSON COMPANIES
Jeff Dritley, Managing Partner KEARNY STREET REAL ESTATE CO.
Allan Low, Partner LUCE FORWARD
Charles P. Toppino, Senior Principal SQUARE MILE CAPITAL MANAGEMENT LLC
10:40B JOINT VENTURE STRUCTURING FOR DISTRESSED DEALS
* Evaluating the Latest Joint Venture Structures * Joint Ventures With Borrowers vs. Owners * Terms & Waterfalls * Financial/Land Owner Joint Ventures * Acquisition Joint Ventures * Inactive Joint Ventures: Why? * Expertise & Strategy * Is it Easier for a Joint Venture to get Funding vs. a Single Entity? * Finance/Operator Structures * Botched Joint Ventures: Why didn’t the Marriage Work? * Recap Strategies
Session Chair:
Anant Patel, Partner GREEN HASSON & JANKS LLP
Panel Participants:
Elizabeth Beckwith, Director of Capital Markets ALLIANCE RESIDENTIAL CO.
Michael Fleischer, Managing Partner LINKS CAPITAL PARTNERS
Kev Zoryan, Executive Director MORGAN STANLEY
Jack R. Ehrman, Principal, Director- Acquisitions POST INVESTMENT GROUP, LLC
11:40A BUYING DISTRESSED & NON-PERFORMING PAPER: WHAT ARE YOUR DRIVERS?
* Banks Financing their Disposals: What are the Terms?* What Kind of 3rd-Party Finance is Available? * Evaluating the Role of Cap Rates * Experiences with Loan Brokers * Exit Strategies ‘09 * Notes vs. Securitized Paper * Loss-Adjusted Returns * Volatility of Paper * Agency vs. Non-Agency Paper * Stressing the Bonds’ Cash Flows and the Risk/Return * Would you Buy Construction Loans? * Estoppels: Can you Get One Signed? * Tranche Warfare: What have been your Experiences? * Is Loan-to-Own your Strategy?
Session Chair:
Robert Quinn, Vice President-Real Estate Funds NEW YORK LIFE INVESTMENTS
Panel Participants:
Michael Szwajkowski, President CAPITAL SOURCE
Michael Halperin, Senior Vice President CONTRARIAN CAPITAL MANAGEMENT, LLC
Steven Persky, Managing Partner DALTON INVESTMENTS
Lawrence Bizjak, Managing Director GARRISON INVESTMENTS
Rudy Orman, Vice President MARATHON ASSET MANAGEMENT
11:40B BANKRUPTCY: WHAT HAPPENS & WHAT ARE THE ACTUAL IMPLICATIONS? (1)
* Is Bankruptcy Necessary? Does it Achieve the Desired Result? * What is the Purpose of a Bankruptcy? * Options for Improving your Position Within the Capital Stack During Bankruptcy * Pre-packaged Bankruptcy in the Context of Real Estate * Tranche Warfare and the Role of Mezz and Equity * Entity-Level Bankruptcies and Cross-Collateral Issues * Issues Arising When Emergence from Bankruptcy * Financial Restructuring vs. Liquidation: Deciding Which way to go? * When does Equity Lose Control? * Foreclosure Issues * Operating During Bankruptcy * Can the Borrower and Secured Lender Agree to use Bankruptcy as a Tool to Effectuate an Orderly Liquidation? * State Law Considerations * Market for DIP & Other Bankruptcy/Post-Bankruptcy Finance * Carveouts * Debtor's Tax Implications Arising from Foreclosure, a Discounted Payoff, Workout or Purchase of its own Debt * Utilizing Bad Boy Clauses
Session Chair:
Randy Orlik, Partner COX, CASTLE & NICHOLSON, LLP
Panel Participants:
Andrew B. Eckstein, Partner BLANK ROME LLP
Robert L. Eisenbach, Partner, COOLEY GODWARD KRONISH LLP
Nick Mosich, Managing Partner ION CAPITAL PARTNERS
Gregg Bloomberg, Tax Principal, Engagement Team Leader, REZNICK GROUP
David Teitelbaum, Owner TEITELBAUM DEVELOPERS
12:25A ENTITLED LAND & RESIDENTIAL DEVELOPMENT: IS THE BOTTOM NEAR?
* Current Valuations * Buy Strategies * Finished vs. Unfinished Developments * How are the Government Programs Playing Out? * What Markets are you Investing in? * Association & Successor Developer Issues * What is on your Due Diligence Check List? * Saving Par: Working Out the Golf Part of the Community * Markets with Tight Land Supply: Where are they? * Monitoring Competitive Lot Supplies * Entity Level Homebuilder Investment * Special District Issues to Consider * Routes To Market: Debt Vs. Equity
Session Chair:
William A. Shopoff, Chairman of the Board, President & CEO SHOPOFF PROPERTIES TRUST
Panel Participants:
John C. Condas, Partner ALLEN MATKINS
Dennis Cisterna, Principal AMERICAN PACIFIC DEVELOPMENT LLC
Alex Zikakis, President CAPSTONE ADVISORS INC.
Richard M. Gollis, Founder & Principal THE CONCORD GROUP
Barry Gross, President DEVELOPERS RESEARCH
Don Eversoll, Principal THE EPH GROUP
12:25B BULK BUYING OPPORTUNITIES: SINGLE FAMILY HOUSES & CONDO UNITS
* Converting Formerly-Owned Homes into Cash Flowing Rental Properties * Asset Management Tricks of the Trade * REO Bulk Purchases: Are they Out there? Where can you Find them? * Cash Flow & Appreciation Possibilities * What is your Geographic Focus: Why? * Cost of Carry and Holding Period Sufficient for Market Recovery: What Time Horizon are you Modeling for? * Rehab Expense Reality * Local Foreclosure Regulations * Renting: Short-term or Long-Term Strategy? * When do you have to Worry About Successor Developer Laws? * Acquisition & Exit Strategies * Dealing with HOA Issues * Bulk Discount Availability * Overseas Investor * HUD Issues Under RESPA * Rental Market vs. For-Sale Exit * Buying Units in a Condo Hotel Project * Buying the Whole Building vs. Buying Multiple Units
Session Chair:
Kyle Kazan, President BEACH FRONT PROPERTY MANAGEMENT
Panel Participants:
Michael Szwajkowski, President of the Structured Finance Business CAPITAL SOURCE
Jarrett Zielinski, Executive Vice President CBI GROUP
Nancy Scull, Partner LUCE, FORWARD, HAMILTON & SCRIPPS LLP
Matthew Cooleen, HUDSONCROSS FINANCIAL
Robert Sheridan, Principal ROBERT SHERIDAN & PARTNERS, LLC
Charles Hill, Managing Director STRATEGIC REALTY CAPITAL LLC;
1:25 OPTIONAL LUNCHEON ROUNDTABLES
NOTE: Luncheon is served, as usual, for those not participating in the Roundtables
LOCAL MARKET OPPORTUNITY ROUNDTABLES
As a value-add element, we are pleased to offer optional luncheon discussion tables. These optional discussion tables offer an informal setting to discuss local market conditions e.g. buyers, sellers, supply/demand dynamics, local economic strength, units coming on line and other key factors.
ARIZONA - Carey Doyle, Senior Vice President GUIBERSON VENTURES INVESTMENT GROUP
FLORIDA- David Teitelbaum, Owner TEITELBAUM DEVELOPERS
LAS VEGAS- David Kang, President PRECISION PRIVATE EQUITY, INC.
LOS ANGELES/ORANGE COUNTY- Kyle Kazan, President BEACH FRONT PROPERTY MANAGEMENT
NORTHERN CALIFORNIA/PACIFIC NORTHWEST- John Helmick, CEO GORILLA CAPITAL
SAN DIEGO & INLAND EMPIRE AREA- Chevis Hosea, Vice President of Development KSL LA COSTA RESORT & SPA
TEXAS - Martin Bronstein, Principal, THE SITUS COMPANIES
2:25A OPPORTUNITIES FOR INVESTING IN HALF-BUILT PROJECTS
* What is the Current Haircut? * What are the Risks When Taking Over Such a Project? * What Stage of Completion do you Look for to Invest? * Where are you Looking? What Type of Property Would you Consider? * What to do if there is any Developer Equity Left? * Finishing a Project Under Receivership * Completion Finance: Terms & Availability
Session Chair:
Bob Sonnenblick, Chairman SONNENBLICK-DEL RIO
Panel Participants:
Bryan Fortay, Executive Vice President BROADLANDS FINANCIAL GROUP, LLC
Richie L. Butler, Partner and Senior Vice President-National Development CITYVIEW
Douglas Wilson, Chairman/CEO DOUGLAS WILSON COMPANIES
Gregor Watson, Managing Partner MCKINLEY PARTNERS
2:25B BUYING A PROJECT OUT OF RECEIVERSHIP/BANKRUPTCY/FORECLOSURE (1)
* Time, Expense & Headaches * Did you Take into Account the Upfront Price into the Loan? * Buying the Asset Before vs. During Bankruptcy * Getting a Sale Approved by Bankruptcy Court * Title Issues * Buying the Note Going through the Bankruptcy/Foreclosure Process then Taking Title * Unexpected Legal Issues
Session Chair:
Jess R. Bressi, Partner LUCE, FORWARD, HAMILTON & SCRIPPS LLP
Panel Participants:
James D. Prendergast, FIRST AMERICAN TITLE INSURANCE COMPANY
Peter Collins, Managing Principal FORGE CAPITAL PARTNERS
Lewis B Freeman, Principal, LEWIS B. FREEMAN & PARTNERS, INC.
Carola Lueder, Broker PROPERTIES USA
3:10A DISTRESSED MULTIFAMILY RENTAL OPPORTUNITIES (1p)
* Where are the Distressed Rental Properties? * Why are these Projects in Distress? * Buying Stalled Multifamily Projects * Acquiring Notes vs. Assets * Exit Plan * Outlook for Distressed Multifamily vs. Other Residential Product Types * Role of Freddie & Fannie Going Forward and Possible Market Impact * Taking Out New Debt Using Agency Debt * Distressed Alternative Multifamily Assets Including Student Housing, Senior Housing & Low Income/Work Force Housing * Evaluating the Agency Finance Market for Distressed Residential Properties
Session Chair:
Benjamin Friedman, President ABACUS CAPITAL GROUP, LLC
Panel Participants:
Rich Ross, Director of Western Region Acquisitions GID INVESTMENT ADVISORS
Stephen Braun, Senior Vice President J.I. KISLAK, INC.
Ron Vergnolle, Principal SCIENS REAL ESTATE MANAGEMENT
Eddie Lorin, Managing Director STRATEGIC REALTY CAPITAL LLC
Brian B. Landrum, Principal WALTON STREET CAPITAL, L.L.C.
3:10B WHAT ARE LENDERS AND BORROWERS DOING PRE-FORECLOSURE?: PROJECT LEVEL WORKOUTS & RESTRUCTURING(1)
* Do Developers have Any Equity Left? Mezz? * Personal Guarantees and Bankruptcy * Improving your Position * Aligning Interests * Impact of Property Value * What are the Creditor’s Goals in a Workout? * Buying Out the Senior * Unanimous Consent Issues
Session Chair:
Thomas D. O'Connor, Partner, COOLEY GODWARD KRONISH LLP
Panel Participants:
Matt Wanderer, Principal ALTERRA CAPITAL GROUP
William S. Small, Partner BLANK ROME LLP
Randy Bramel, Partner BRIDGEPORT INVESTMENT COMPANY, INC
Adam Weissburg, Partner COX, CASTLE & NICHOLSON, LLP
Mark D. Lester, President LANDCO
3:55 Refreshments Courtesy of:
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4:15 REAL ESTATE/HEDGE FUND PLENARY: WHAT IS YOUR STRATEGY & PLAN TO EXECUTE? (panel not open to new speakers)
* How are you Deploying Capital? * Are you Looking at Loans or Equity? * What Makes a Deal Attractive in this Reality? * What Types of Ventures are you Currently Backing? * Exit Strategies * Return Criteria * Expected Market Losses vs. Your Expectations: How to Take Advantage of the Arbitrage * Holding Period Expectations
Session Chair :
Scott Farb, Managing Principal REZNICK GROUP
Panel Participants :
Joel R. Fogel, Principal ARCHER CAPITAL MANAGEMENT
Philip Mader, Managing Director BLACKROCK
Keith Rosenthal, PHOENIX REALTY GROUP
David S. Parsky, Director -West Coast Investments CITI PROPERTY INVESTORS
Robert Murray, Director PRAEDIUM GROUP, LLC
Sean Armstrong, Principal WESTPORT CAPITAL
5:15 AFTER THE DISTRESSED PURCHASE: THE GOOD, BAD, UGLY & REALLY SURPRISING WAR STORIES OF STUFF THAT REALLY HAPPENED
This session of veterans who have been through many distressed property battles will detail what they have seen that others shouldn’t have to see and successful strategies to prevent these occurrences.
Session Chair :
William W. Geary, Jr., President CARLSBERG MANAGEMENT COMPANY
Panel Participants:
Sol Rabin, President GRIFFIN INVESTMENTS
Mark Weinstein, President MJW INVESTMENTS
Mike Robinson, President, CROWN REALTY ADVISORS
Norman Radow, President THE RADCO COMPANIES
Christopher Grey, Managing Partner THIRD WAVE PARTNERS, LLC
6:00 Networking Reception
7:00 Day One Concludes
LAST UPDATED: Thursday, September 10 2009
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7:45 Continental Breakfast Courtesy Of:
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8:25 BUYING LOANS & PROPERTIES FROM AN AUCTION
* Auction Options * Loan vs. Property Auctions * On-Line Auction Systems * Title Issues * Purchase Terms * When do Banks Take haircut from the Minimum Bid? * Legwork & Research Necessary to be Successful in this Market * Auction Prices: A Bargain?
Session Chair:
Michael Lesser, Managing Director EASTDIL SECURED
Panel Participants:
Robert Cavanagh, CREDIT SUISSE
Ron Lubin, Managing Director HILCO REAL ESTATE DEBT MANAGEMENT LLC
Ziv Cohen, Senior Vice President-Land Investments RESMARK EQUITY PARTNERS, LLC;
Norman Scheel, Principal, THE HOFFMAN COMPANY
9:10 DISTRESSED & UNDERWATER PROPERTIES: WALK AWAY OR INVEST?
* Swapping Debt for Equity * Options if you have a lot of Equity in the Deal * Is there White Knight Financing Available? What are the Terms? * Which Exits can Handle the Traffic Today?
* When are Banks Foreclosing? * Refi Options * Restructuring Underwater Loans * Carrying Vacant & Half Built Properties: What Are the Economics? What Are the Options? * Foreclosure Exit Options: Can you Retain the Equity? * Forced Sale vs. Soft Restructuring * When are Auctions the Best Option?
Session Chair:
Michael McLean, Vice President CENTRUM PROPERTIES
Panel Participants:
Allan Sternberg, Associate ANGELO, GORDON & CO., L.P.
Dan Fowler, CEO CONNAUGHT REAL ESTATE FINANCE, LLC
Polina Chapiro, Partner GREEN HASSON & JANKS LLP
David Valger, Director RCG LONGVIEW
9:55 ALTERNATIVE USE & REPOSITIONING STRATEGIES: CHANGING THE PROJECT TO SOMETHING COMPLETELY DIFFERENT
* What are your Options When the Project is no Longer Economically Viable? * What Works as a Rental? * Expected Returns After Repositioning * Targeting Different Submarkets Like Seniors and Students * * Can you Finance a Repositioning Today?
Session Chair:
Lewis Goodkin, President GOODKIN CONSULTING
Panel Participants:
Suzanne E. Skov, Associate ALLEN MATKINS
Gashar Dixon, Chief Acquisition Officer ANGLESTONE INC.
Salvatore Provenza, Principal CWP ADVISORS
Tim Sullivan, President SULLIVAN GROUP REAL ESTATE ADVISORS
James Hibbert, Senior Manager, REZNICK GROUP
10:40 Refreshments Courtesy of:
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11:00 BUSINESS, OPERATIONAL & LEGAL CONDO INVESTMENT STRATEGIES
* Issues When Units are Sold * Converting to a Rental: What do you Need to do? * State Laws to be Aware of *What are the HOA Issues to be Aware of? * Condo Regime Termination Concerns * Liability as to Association Assessments & Reserves * Successor Developer Questions * Tax Issues of Fractured Condos * Control Complexities * Tax Allocation Issues * Risk Mitigation/Assignment of Developer Liability * HOA Foreclosure
Session Chair:
Carey Doyle, Senior Vice President, GUIBERSON VENTURES INVESTMENT GROUP
Panel Participants:
Jeffrey Masters, Partner COX, CASTLE & NICHOLSON, LLP
Alan Pollack, Managing Member PROVIDENCE MANAGEMENT COMPANY, LLC
Jeff Spear, President & Founder THE SPEAR GROUP
James D. “Jake” Geleerd, President & CEO TERRAPIN PROPERTIES
11:45 FINANCING YOUR ACQUISITIONS IN TODAY’S ENVIRONMENT
* Future Performance Expectations to get your Loans Approved * Loans to those who Acquire Loans * Role of Personal Guarantee * Hard Money Market Terms * Alternative Capital Sources Including Foreign & Sovereign Debt * Evaluating the Agency Finance Market for Distressed Residential Properties
Session Chair:
John Lustgarten, Vice President LOWE ENTERPRISES INVESTORS, LLC
Panel Participants:
Michael Szwajkowski, President CAPITAL SOURCE
Stephan Kachani, Vice President, Sales & Marketing, LONE OAK FUND, LLC
Phillip Cohen, President MANSFIELD EQUITIES
12:30 THE VERY LATEST ECONOMIC, CONSUMER & RESIDENTIAL OUTLOOK: A NATIONAL AND LOCAL MARKET PERSPECTIVE (16)
* What are the Current Challenges of the Residential Real Estate Markets? * Will the Latest Economic Stimuli, TARP & TALF Versions Help the Real Estate Economy? Are they Really Starting to Unlock the Credit Markets? Is the Housing and Economic Recovery Act Actually Stabilizing Communities? * Changing Dynamics of Housing Demand * Foreclosures: On the Way Up or Down? What does the Direction Mean? * Regional Snapshots * Where are Default Rates Heading * Vs. Economic Downturn of the ‘80’s * When are we Going to get Out of this? * Are we Through the Subprime Crisis? * Will the Negative Price Pressure Continue? * When Should the Deal Flow Open Up? * Role of the HUD * Metrics, Numbers & Activity * What are the Signs of a Market Bottom? Pricing? Sale Acceleration?
Absorption Rate? * Measuring the Shadow Market * Factoring in Employment & Population Trends * Metropolitan Areas with Highest Foreclosure Ratings: What are the Macroeconomic Similarities? Differences?
Session Chair:
Gary H. London, President THE LONDON GROUP REALTY ADVISORS
Panel Participants:
Matthew Anderson, Partner FORESIGHT ANALYTICS LLC
John Helmick, CEO GORILLA CAPITAL
Alan Nevin, Director of Economic Research MARKETPOINTE REALTY ADVISORS
Daniel B. Amdur, CEO MOVING STATION, LLC, PROMISOR ASSET RECOVERY SERVICES
1:15 IMN's 2nd Western Symposium On Distressed Residential Real Estate Concludes