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2009 Executive Education Programs, Summer > Real Estate Development
Distressed Real Estate: Examining Debt and Equity Structures to Mitigate Losses and Identify Opportunities
07/22/2009 9:00 am - 07/23/2009 5:00 pm
Tuition $2000.00
AIA/CES units: 16 AIA/CES HSW units: No AIA/CES SD units: No
ASLA HSW units: No
In the wake of the near collapse of the financial system, real estate markets are experiencing massive deleveraging, deterioration of fundamentals and significant diminution of asset values. These factors, combined with a systemic lack of debt capital in an industry highly dependent on leverage, have created a level of distress that impacts owners, lenders and investors alike.
This multifaceted two-day program will involve industry leaders and case studies taught by faculty from Harvard and other prominent higher education institutions to offer real-world tools for use in today's market. Among the questions that will be answered for borrowers, investors, developers, and lenders are: how were CMBS and other debt vehicles tranched and how can they be deconstructed; how can borrowers work with their lenders to restructure problem loans or assets; what legal aspects need to be considered in any restructuring process; what is the potential impact of governmental policies and actions; where are the opportunities in the market and how should they be assessed; and where will the smart real estate capital be invested.
Participants will:
(1) learn the intricacies of how equity and debt were tranched and sold; who the critical constituents are in the restructuring process and how their respective interests may or may not align; and, given the potential outcomes of restructuring--recapitalization, bankruptcy, foreclosure, etc.--how best to deal with each scenario.
(2) develop an approach to implementing strategies for potentially troubled assets, including restructuring as well as ways to create value through innovative asset management.
(3) examine the laws regarding the restructuring process.
(4) understand the impact government policies and actions will have on the commercial real estate market.
(5) review the areas where opportunity may lie: Who are likely players to capitalize on the severe distress, where can quality yields be harvested, which asset classes hold promise, and what skill sets will be important?
(6) discover who will continue to invest in commercial real estate by reviewing investment criteria and motivations. How much capital will continue to flow into this sector based on asset allocation models?
Academic Leader(s)
Kagan, Joshua
Joshua Kagan is managing principal of WestRidge Realty Advisors (WRRA), Westport, CT, a boutique investment manager and proven operator of retail real estate assets. Prior to forming WestRidge in 2005, he was chief investment officer for AmCap Incorporated, a private real estate firm with retail, office and residential properties nationwide. During his career, Joshua has acquired and developed in excess of $650MM and financed over $400MM of commercial real estate. Joshua started his real estate career in the leasing and asset management of neighborhood and community shopping centers. An alumnus of the Harvard Graduate School of Design (GSD), Joshua completed the school's Advanced Management Development Program in Real Estate. In addition, he holds an M.B.A. from the University of Denver and did his undergraduate work with a concentration in philosophy at the University of Michigan. He is active in numerous professional organizations, including the Urban Land Institute (council vice-chair), International Council of Shopping Centers (SCLS designation) and Real Estate Finance Association. Additionally, Joshua sits on the alumni steering committee for Harvard University's Real Estate Academic Initiative; is an advisor and instructor for the GSD Office of Executive Education; and speaks regularly at industry events.
Joshua Kagan is managing principal of WestRidge Realty Advisors (WRRA), Westport, CT, a boutique investment manager and proven operator of retail real estate assets. Prior to forming WestRidge in 2005, he was chief investment officer for AmCap Incorporated, a private real estate firm with retail, office and residential properties nationwide. During his career, Joshua has acquired and developed in excess of $650MM and financed over $400MM of commercial real estate. Joshua started his real estate career in the leasing and asset management of neighborhood and community shopping centers. An alumnus of the Harvard Graduate School of Design (GSD), Joshua completed the school's Advanced Management Development Program in Real Estate. In addition, he holds an M.B.A. from the University of Denver and did his undergraduate work with a concentration in philosophy at the University of Michigan. He is active in numerous professional organizations, including the Urban Land Institute (council vice-chair), International Council of Shopping Centers (SCLS designation) and Real Estate Finance Association. Additionally, Joshua sits on the alumni steering committee for Harvard University's Real Estate Academic Initiative; is an advisor and instructor for the GSD Office of Executive Education; and speaks regularly at industry events.
Kessler, Richard
Richard A. Kessler is chief operating officer at Benenson Capital Partners, LLC, New York. With broad experience in all areas of real estate acquisition, disposition, development, leasing, and management--as well as extensive finance and capital markets expertise--Mr. Kessler is an integral member of the Benenson Capital Partners (BCP) management team. He has worked for the Benenson family since 1977 and during his three decades with the company, has worked in a variety of areas including development, finance, and acquisition. He was named chief financial officer and managing director in 1989 and was appointed chief operating officer in 1998. During his tenure with the Benenson family, he has been responsible for completing over $2 billion of real estate transactions. As chief operating officer and a member of Benenson Capital Partners, LLC's investment committee, Mr. Kessler serves as the senior officer responsible for developing the company's strategic direction and is in overall charge of its day to day operations. In addition to his executive management responsibilities, he is a key leader in developing, evaluating, and pursuing the company's investment, development, joint venture, and financing opportunities. Mr. Kessler completed the Advanced Management Development Program (AMDP) at the Harvard Graduate School of Design; holds a degree in real estate finance and investment analysis from New York University; and received his undergraduate degree in finance and accounting from Boston University. Mr. Kessler will be chairman of the Urban Land Institute New York District Council beginning in 2010. He is a member of the executive committee and co-chairman of the membership committee of the Urban Land Institute. He is on the international advisory board of the Real Estate Academic Initiative at Harvard University; was co-chairman of the 2008 Harvard Alumni Real Estate Conference; he is a co-chairman of the AMDP alumni advisory committee at the Harvard Graduate School of Design. Mr. Kessler is a faculty member of the Masters' Degree in Real Estate Development and Investment Program at New York University and co-chairman of its Capital Markets Conference from 2005 through 2009. He is a member of the Real Estate Round Table, Young Men's/Women's Real Estate Association, New York Real Estate Board, and the New York University Real Estate Round Table. Mr. Kessler is also a member of the board of directors of the School of American Ballet and served as co-chairman of its corporate advisory board. He is a trustee of Phipps Houses.
Richard A. Kessler is chief operating officer at Benenson Capital Partners, LLC, New York. With broad experience in all areas of real estate acquisition, disposition, development, leasing, and management--as well as extensive finance and capital markets expertise--Mr. Kessler is an integral member of the Benenson Capital Partners (BCP) management team. He has worked for the Benenson family since 1977 and during his three decades with the company, has worked in a variety of areas including development, finance, and acquisition. He was named chief financial officer and managing director in 1989 and was appointed chief operating officer in 1998. During his tenure with the Benenson family, he has been responsible for completing over $2 billion of real estate transactions. As chief operating officer and a member of Benenson Capital Partners, LLC's investment committee, Mr. Kessler serves as the senior officer responsible for developing the company's strategic direction and is in overall charge of its day to day operations. In addition to his executive management responsibilities, he is a key leader in developing, evaluating, and pursuing the company's investment, development, joint venture, and financing opportunities. Mr. Kessler completed the Advanced Management Development Program (AMDP) at the Harvard Graduate School of Design; holds a degree in real estate finance and investment analysis from New York University; and received his undergraduate degree in finance and accounting from Boston University. Mr. Kessler will be chairman of the Urban Land Institute New York District Council beginning in 2010. He is a member of the executive committee and co-chairman of the membership committee of the Urban Land Institute. He is on the international advisory board of the Real Estate Academic Initiative at Harvard University; was co-chairman of the 2008 Harvard Alumni Real Estate Conference; he is a co-chairman of the AMDP alumni advisory committee at the Harvard Graduate School of Design. Mr. Kessler is a faculty member of the Masters' Degree in Real Estate Development and Investment Program at New York University and co-chairman of its Capital Markets Conference from 2005 through 2009. He is a member of the Real Estate Round Table, Young Men's/Women's Real Estate Association, New York Real Estate Board, and the New York University Real Estate Round Table. Mr. Kessler is also a member of the board of directors of the School of American Ballet and served as co-chairman of its corporate advisory board. He is a trustee of Phipps Houses.
Instructor(s)
Adkinson, J. Daniel
Dan Adkinson serves as a managing director of NewStar Financial, Inc., Darien, CT, and head of its commercial real estate lending division. He also serves on the firm's management committee. Mr. Adkinson has more than 20 years' experience in the origination, underwriting, management and workout of portfolios of senior and subordinated real estate debt investments. For the past decade he has been a portfolio manager at JP Morgan Fleming Asset Management working in both the Fixed Income and Real Estate Investment Groups. Most recently, Mr. Adkinson was the Director of Debt Capital Markets for the Real Estate Investment Group responsible for building an investment business in high yield real estate debt and providing liability management for the group's real estate funds and accounts totaling over $16 billion in net asset value. Mr. Adkinson has served as a member of the board of directors of ARCap REIT, Inc and a member of the board of managers of ARCap Investors, L.L.C., a leading investor in high yield commercial mortgage-backed securities. He is an adjunct professor at the Graduate School of Business of Columbia University and at the Fuqua School of Business at Duke University where he is a recipient of the Excellence in Teaching award. Mr. Adkinson is a graduate of Williams College.
Dan Adkinson serves as a managing director of NewStar Financial, Inc., Darien, CT, and head of its commercial real estate lending division. He also serves on the firm's management committee. Mr. Adkinson has more than 20 years' experience in the origination, underwriting, management and workout of portfolios of senior and subordinated real estate debt investments. For the past decade he has been a portfolio manager at JP Morgan Fleming Asset Management working in both the Fixed Income and Real Estate Investment Groups. Most recently, Mr. Adkinson was the Director of Debt Capital Markets for the Real Estate Investment Group responsible for building an investment business in high yield real estate debt and providing liability management for the group's real estate funds and accounts totaling over $16 billion in net asset value. Mr. Adkinson has served as a member of the board of directors of ARCap REIT, Inc and a member of the board of managers of ARCap Investors, L.L.C., a leading investor in high yield commercial mortgage-backed securities. He is an adjunct professor at the Graduate School of Business of Columbia University and at the Fuqua School of Business at Duke University where he is a recipient of the Excellence in Teaching award. Mr. Adkinson is a graduate of Williams College.
Blumenthal, Robert S.
Robert S. Blumenthal, managing director, Deutsche Bank AG, New York, NY.
Robert S. Blumenthal, managing director, Deutsche Bank AG, New York, NY.
Buckley, Cia
Cia Buckley, partner, Dune Capital Management LP, New York, NY.
Cia Buckley, partner, Dune Capital Management LP, New York, NY.
Chromow, Sheri P.
Ms. Chromow is a partner in the real estate practice at Katten Muchin Rosenman LLP, New York, NY. Her practice, which is international in scope, includes financings of all varieties, including structured, syndicated, securitized and construction; joint ventures and partnerships, including the establishment of public and private REITs and funds; and acquisitions and dispositions of assets. Ms. Chromow has worked extensively on hotel development, management, and financing projects. She has also significant experience in workouts, enforcements and restructurings. Ms. Chromow's clients include WestLB AG, HSH Nordbank AG, ING Real Estate Finance (USA) LLC, Wachovia Bank, Emigrant Bank, Textron Financial Corporation, The Bank of Nova Scotia and Westdeutsche Immobilienbank. She also advises The Prescott Group, LLC, Makar Property, Citigroup and The Clarett Group. In 2007, Ms. Chromow was named a finalist for the Lawdragon 500 Leading Lawyers in America. Ms. Chromow has lectured at Practising Law Institute, New York County Bar Association, Urban Land Institute (ULI), Association of Foreign Investors in Real Estate (AFIRE), and Columbia University, Real Estate Masters Program. Ms. Chromow attended Barnard College and received her B.A. in 1968 and earned her J.D. from New York University School of Law in 1971. She is admitted to practice in New York.
Ms. Chromow is a partner in the real estate practice at Katten Muchin Rosenman LLP, New York, NY. Her practice, which is international in scope, includes financings of all varieties, including structured, syndicated, securitized and construction; joint ventures and partnerships, including the establishment of public and private REITs and funds; and acquisitions and dispositions of assets. Ms. Chromow has worked extensively on hotel development, management, and financing projects. She has also significant experience in workouts, enforcements and restructurings. Ms. Chromow's clients include WestLB AG, HSH Nordbank AG, ING Real Estate Finance (USA) LLC, Wachovia Bank, Emigrant Bank, Textron Financial Corporation, The Bank of Nova Scotia and Westdeutsche Immobilienbank. She also advises The Prescott Group, LLC, Makar Property, Citigroup and The Clarett Group. In 2007, Ms. Chromow was named a finalist for the Lawdragon 500 Leading Lawyers in America. Ms. Chromow has lectured at Practising Law Institute, New York County Bar Association, Urban Land Institute (ULI), Association of Foreign Investors in Real Estate (AFIRE), and Columbia University, Real Estate Masters Program. Ms. Chromow attended Barnard College and received her B.A. in 1968 and earned her J.D. from New York University School of Law in 1971. She is admitted to practice in New York.
Davis, Jonathan G.
Jonathan G. Davis founded the Davis Company in 1976. In the early-1990s, Davis was one of the first firms in New England to reenter the post-crash investment market, acquiring for itself and its investors a significant portfolio of stabilized commercial and retail properties at significant discounts to replacement cost and mismanaged or poorly maintained assets which presented unique value-add opportunities. By the mid-1990s real estate recovery, the Company once again shifted a portion of its focus to ground-up development opportunities and successfully constructed and leased over 1.5 million square feet of first class office and medical space in Greater Boston and Fairfield County, CT. A number of these projects were completed with institutional joint venture partners. Over the last ten years, the Company's activities have grown to include large scale multi-phased suburban office developments, special use projects including the Boston Design Center and complex mixed-use developments with a particular focus on medical uses, such as Charles River Plaza. As in past real estate cycles, Davis continues to be aggressive in identifying leading edge projects in a variety of markets, and is once again adjusting its investment strategy to meet the challenges and the opportunities that the market presents. The Company is seeking acquisition, value-added renovation and new construction opportunities in all property types, focusing on office, medical office, biotech, retail, industrial and residential properties. Today, Mr. Davis continues to play a central role in the identification and evaluation of new opportunities, capital raising and management of the existing portfolio. He graduated Magna Cum Laude from Brandeis University. Mr Davis is a member of various non-profit boards, including Brandeis University, Boys and Girls Clubs of Boston, Combined Jewish Philanthropies of Greater Boston, and the National Association of Industrial and Office Properties (NAIOP).
Jonathan G. Davis founded the Davis Company in 1976. In the early-1990s, Davis was one of the first firms in New England to reenter the post-crash investment market, acquiring for itself and its investors a significant portfolio of stabilized commercial and retail properties at significant discounts to replacement cost and mismanaged or poorly maintained assets which presented unique value-add opportunities. By the mid-1990s real estate recovery, the Company once again shifted a portion of its focus to ground-up development opportunities and successfully constructed and leased over 1.5 million square feet of first class office and medical space in Greater Boston and Fairfield County, CT. A number of these projects were completed with institutional joint venture partners. Over the last ten years, the Company's activities have grown to include large scale multi-phased suburban office developments, special use projects including the Boston Design Center and complex mixed-use developments with a particular focus on medical uses, such as Charles River Plaza. As in past real estate cycles, Davis continues to be aggressive in identifying leading edge projects in a variety of markets, and is once again adjusting its investment strategy to meet the challenges and the opportunities that the market presents. The Company is seeking acquisition, value-added renovation and new construction opportunities in all property types, focusing on office, medical office, biotech, retail, industrial and residential properties. Today, Mr. Davis continues to play a central role in the identification and evaluation of new opportunities, capital raising and management of the existing portfolio. He graduated Magna Cum Laude from Brandeis University. Mr Davis is a member of various non-profit boards, including Brandeis University, Boys and Girls Clubs of Boston, Combined Jewish Philanthropies of Greater Boston, and the National Association of Industrial and Office Properties (NAIOP).
Douglas, Camille
Camille Douglas, principal, MainStreet Capital Partners, New York, NY, is a senior executive in the real estate industry with over 30 years' experience developing and executing real estate financial strategy, including acquisitions, dispositions, recapitalizations, debt and equity financings, partnerships and restructurings, both domestic and global. Her work has also included pioneering work on commercial mortgage back securities, major project and corporate real estate restructurings, including the privatization of Canary Wharf Group in 2004; and private equity investment in international and emerging markets, with a particular focus on the UK as well as in Brazil since 2006. Since 1999, she has been a principal of MainStreet Capital Partners, specializing in transaction oriented real estate investment advisory services. Her clients have included leading real estate companies around the world: the Canary Wharf Group and Westbrook Partners in London, Cyrela Commercial Properties in Brazil, Cadillac Fairview and IPC US Income Commercial REIT in Canada, and the LeFrak Organization, Boston Properties, Boston Consulting Group, and Yale and Brown Universities in the United States. Ms. Douglas received her Master of Urban Planning degree from the Graduate School of Design at Harvard University in 1977. During her studies at Harvard University, she served as a teaching assistant to Harvard Business School Professor William Poorvu and studied at both the Harvard Business School and Harvard Law School. Ms. Douglas received a B.A. from Smith College in 1973, and also studied as an exchange student at Williams College. In addition, she has studied land use and environmental law at the University of British Columbia School of Law and Albany Law School respectively.
Camille Douglas, principal, MainStreet Capital Partners, New York, NY, is a senior executive in the real estate industry with over 30 years' experience developing and executing real estate financial strategy, including acquisitions, dispositions, recapitalizations, debt and equity financings, partnerships and restructurings, both domestic and global. Her work has also included pioneering work on commercial mortgage back securities, major project and corporate real estate restructurings, including the privatization of Canary Wharf Group in 2004; and private equity investment in international and emerging markets, with a particular focus on the UK as well as in Brazil since 2006. Since 1999, she has been a principal of MainStreet Capital Partners, specializing in transaction oriented real estate investment advisory services. Her clients have included leading real estate companies around the world: the Canary Wharf Group and Westbrook Partners in London, Cyrela Commercial Properties in Brazil, Cadillac Fairview and IPC US Income Commercial REIT in Canada, and the LeFrak Organization, Boston Properties, Boston Consulting Group, and Yale and Brown Universities in the United States. Ms. Douglas received her Master of Urban Planning degree from the Graduate School of Design at Harvard University in 1977. During her studies at Harvard University, she served as a teaching assistant to Harvard Business School Professor William Poorvu and studied at both the Harvard Business School and Harvard Law School. Ms. Douglas received a B.A. from Smith College in 1973, and also studied as an exchange student at Williams College. In addition, she has studied land use and environmental law at the University of British Columbia School of Law and Albany Law School respectively.
Geanakos, Jonathan G.
Jonathan Geanakos is a managing director in Houlihan Lokey's New York office, in corporate finance, and is co-head of its real estate, lodging and leisure group. In this capacity, he oversees all real estate asset sales and financing activity globally for the firm. With over two decades of real estate experience involving transactions exceeding $6 billion in value, he has advised institutional, corporate, and other real estate owners and investors in structuring and executing asset sales, corporate financings, sale leasebacks, note sales, and other capital market transactions throughout the U.S. In addition, he assists select clients in establishing portfolio or asset level investment objectives, including acquisition, recapitalization, and repositioning strategies. Mr. Geanakos received a B.S. in management from the University of Massachusetts at Lowell and an M.B.A. from the F.W. Olin School of Business, Babson College. He is a member of the Industrial & Office Dev. Council (Red Flight) of the Urban Land Institute and was recognized in 2006, 2005, and 2004 as Real Estate New York's New York Brokerage All-Star. He is a licensed real estate broker in the states of New York and Connecticut, and is a member of the Real Estate Board of New York. He is registered with FINRA (formerly the NASD) as a General Securities Representative (Series 7 and 63).
Jonathan Geanakos is a managing director in Houlihan Lokey's New York office, in corporate finance, and is co-head of its real estate, lodging and leisure group. In this capacity, he oversees all real estate asset sales and financing activity globally for the firm. With over two decades of real estate experience involving transactions exceeding $6 billion in value, he has advised institutional, corporate, and other real estate owners and investors in structuring and executing asset sales, corporate financings, sale leasebacks, note sales, and other capital market transactions throughout the U.S. In addition, he assists select clients in establishing portfolio or asset level investment objectives, including acquisition, recapitalization, and repositioning strategies. Mr. Geanakos received a B.S. in management from the University of Massachusetts at Lowell and an M.B.A. from the F.W. Olin School of Business, Babson College. He is a member of the Industrial & Office Dev. Council (Red Flight) of the Urban Land Institute and was recognized in 2006, 2005, and 2004 as Real Estate New York's New York Brokerage All-Star. He is a licensed real estate broker in the states of New York and Connecticut, and is a member of the Real Estate Board of New York. He is registered with FINRA (formerly the NASD) as a General Securities Representative (Series 7 and 63).
Gilson, Stuart C.
Stuart Gilson is the Steven R. Fenster professor of business administration at the Harvard Business School. He is an expert in corporate restructuring and bankruptcy, business valuation, credit analysis, and corporate finance. He has written on a broad range of topics, including corporate bankruptcy and debt workouts, tracking stock, equity spin-offs, corporate downsizing, bank mergers, and employee buyouts. His current research focuses on techniques for valuing bankrupt and distressed companies, and on strategies for investing in distressed company securities. He has also studied how bankrupt firms choose new capital structures, and how they hire, fire, and compensate their senior managers and directors. Mr. Gilson's research has been published by leading academic and practitioner journals, including the Journal of Finance, the Review of Financial Studies, Harvard Business Review, the Journal of Financial Economics, Financial Analysts Journal, and the Journal of Applied Corporate Finance. A collection of his case studies has been published in the book Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups (John-Wiley & Sons, 2001). Mr. Gilson's research has been cited in a number of national news and business periodicals, including The Wall Street Journal, The New York Times, Institutional Investor, Business Week, The Economist, and U.S. News and World Report. He has been interviewed about bankruptcy issues by National Public Radio. In 1996 he won the prestigious Graham and Dodd Award for his article ???Investing in Distressed Situations: A Market Survey.??? He has been named one of the nation's outstanding bankruptcy academics by Turnarounds & Workouts magazine, and is listed in Who's Who in Economics. Mr. Gilson has served as a consultant on bankruptcy and corporate finance-related matters for a variety of companies and organizations. He serves as a litigation expert on corporate bankruptcy and valuation. He has served on the Advisory Boards of several for-profit and non-profit organizations, including the Turnaround Management Association. He is an associate editor of financial management at The Journal of Corporate Finance, and is co-chair of the supervisory academic committee of the Journal of Restructuring Finance. Mr. Gilson has taught M.B.A. and executive courses in corporate restructuring, valuation, corporate finance, financial analysis, and mergers and acquisitions. At Harvard Business School he teaches courses on finance and corporate restructuring in the School's M.B.A. program. He also chairs a number of senior executive education programs at Harvard. Mr. Gilson holds a B.A. in economics from the University of Manitoba, a Master's in economics from the University of British Columbia, and a Master's of Science and Ph.D. in finance from the University of Rochester. Prior to joining the Harvard faculty he was a professor of finance at the University of Texas at Austin.
Stuart Gilson is the Steven R. Fenster professor of business administration at the Harvard Business School. He is an expert in corporate restructuring and bankruptcy, business valuation, credit analysis, and corporate finance. He has written on a broad range of topics, including corporate bankruptcy and debt workouts, tracking stock, equity spin-offs, corporate downsizing, bank mergers, and employee buyouts. His current research focuses on techniques for valuing bankrupt and distressed companies, and on strategies for investing in distressed company securities. He has also studied how bankrupt firms choose new capital structures, and how they hire, fire, and compensate their senior managers and directors. Mr. Gilson's research has been published by leading academic and practitioner journals, including the Journal of Finance, the Review of Financial Studies, Harvard Business Review, the Journal of Financial Economics, Financial Analysts Journal, and the Journal of Applied Corporate Finance. A collection of his case studies has been published in the book Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups (John-Wiley & Sons, 2001). Mr. Gilson's research has been cited in a number of national news and business periodicals, including The Wall Street Journal, The New York Times, Institutional Investor, Business Week, The Economist, and U.S. News and World Report. He has been interviewed about bankruptcy issues by National Public Radio. In 1996 he won the prestigious Graham and Dodd Award for his article ???Investing in Distressed Situations: A Market Survey.??? He has been named one of the nation's outstanding bankruptcy academics by Turnarounds & Workouts magazine, and is listed in Who's Who in Economics. Mr. Gilson has served as a consultant on bankruptcy and corporate finance-related matters for a variety of companies and organizations. He serves as a litigation expert on corporate bankruptcy and valuation. He has served on the Advisory Boards of several for-profit and non-profit organizations, including the Turnaround Management Association. He is an associate editor of financial management at The Journal of Corporate Finance, and is co-chair of the supervisory academic committee of the Journal of Restructuring Finance. Mr. Gilson has taught M.B.A. and executive courses in corporate restructuring, valuation, corporate finance, financial analysis, and mergers and acquisitions. At Harvard Business School he teaches courses on finance and corporate restructuring in the School's M.B.A. program. He also chairs a number of senior executive education programs at Harvard. Mr. Gilson holds a B.A. in economics from the University of Manitoba, a Master's in economics from the University of British Columbia, and a Master's of Science and Ph.D. in finance from the University of Rochester. Prior to joining the Harvard faculty he was a professor of finance at the University of Texas at Austin.
Herman, Steven M.
Steven Herman, partner, Cadwalader, Wickersham & Taft LLP, New York, NY, concentrates his practice in the areas of real estate finance, development, joint ventures, acquisitions, dispositions, commercial leasing, restructurings, workouts, and commercial mortgage securitizations. His work ranges from single- and multiple-asset negotiated and auction transactions to highly structured transactions that span all segments of the marketplace, including office, hotel, retail, multifamily, mixed-use, healthcare, and industrial facilities. Mr. Herman's clients include investment banks, commercial banks, developers, investors, partners, lenders, owners, fund managers, borrowers, tenants, landlords, issuers, and underwriters. He has authored articles in New York Law Journal, The Bankruptcy Strategist, and New York Law Journal. Mr. Herman has been recognized as a leading lawyer in the IFLR1000. Mr. Herman received his J.D. from Brooklyn Law School and his B.A., with high honors, from Hobart College. He is admitted to practice in the states of New York and New Jersey.
Steven Herman, partner, Cadwalader, Wickersham & Taft LLP, New York, NY, concentrates his practice in the areas of real estate finance, development, joint ventures, acquisitions, dispositions, commercial leasing, restructurings, workouts, and commercial mortgage securitizations. His work ranges from single- and multiple-asset negotiated and auction transactions to highly structured transactions that span all segments of the marketplace, including office, hotel, retail, multifamily, mixed-use, healthcare, and industrial facilities. Mr. Herman's clients include investment banks, commercial banks, developers, investors, partners, lenders, owners, fund managers, borrowers, tenants, landlords, issuers, and underwriters. He has authored articles in New York Law Journal, The Bankruptcy Strategist, and New York Law Journal. Mr. Herman has been recognized as a leading lawyer in the IFLR1000. Mr. Herman received his J.D. from Brooklyn Law School and his B.A., with high honors, from Hobart College. He is admitted to practice in the states of New York and New Jersey.
Hoit, Gentry Ashmore
Gentry Ashmore Hoit holds tow positions. She is a senior partner at Rubenstein partners, a Philadelphia-based fund established to invest in real estate office assets in the Eastern United States. Gentry is responsible for leading the firm's acquisition efforts in Manhattan, the greater New York metropolitan area, and will assist with acquisition efforts in other markets on a case by case basis. Her primary focus is on identifying acquisition opportunities in the borough of Manhattan and establishing and maintaining strategic relationships with potential operating and other partners throughout the region. Gentry Ashmore Hoit is also a partner at Atlantic Assets Group LLC, a real estate investment firm based in New York. Atlantic Assets Group is dedicated to equity investments in redevelopment projects and urban infill opportunities. Prior to Atlantic Assets Group, Ms. Hoit was a managing director at Shorenstein Properties LLC. Based in the New York office, Ms. Hoit covered East Coast office acquisitions for Shorenstein. Ms. Hoit acquired, during her thirteen year tenure with the firm, over $3.5 billion of real estate in cities including New York, Washington, Chicago, Boston, Miami, Atlanta, Charlotte, and Nashville. Before Shorenstein, Ms. Hoit was with Hines in New York and New Jersey working on land use and office development. Ms. Hoit holds a B.A. from Georgetown University and an M.B.A. from Columbia University. She is a member of WX and a full member of ULI. Ms Hoit is also a trustee and member of the Investment Committee at Kent Place School in Summit, NJ, and is a trustee of The Peck School in Morristown, NJ. She has been a guest lecturer at Columbia, Yale, and University of Pennsylvania and has co-authored a number of business school case studies. She is a former trustee and co-chairman of the board of the George F. Baker Scholarship Program at Georgetown University.
Gentry Ashmore Hoit holds tow positions. She is a senior partner at Rubenstein partners, a Philadelphia-based fund established to invest in real estate office assets in the Eastern United States. Gentry is responsible for leading the firm's acquisition efforts in Manhattan, the greater New York metropolitan area, and will assist with acquisition efforts in other markets on a case by case basis. Her primary focus is on identifying acquisition opportunities in the borough of Manhattan and establishing and maintaining strategic relationships with potential operating and other partners throughout the region. Gentry Ashmore Hoit is also a partner at Atlantic Assets Group LLC, a real estate investment firm based in New York. Atlantic Assets Group is dedicated to equity investments in redevelopment projects and urban infill opportunities. Prior to Atlantic Assets Group, Ms. Hoit was a managing director at Shorenstein Properties LLC. Based in the New York office, Ms. Hoit covered East Coast office acquisitions for Shorenstein. Ms. Hoit acquired, during her thirteen year tenure with the firm, over $3.5 billion of real estate in cities including New York, Washington, Chicago, Boston, Miami, Atlanta, Charlotte, and Nashville. Before Shorenstein, Ms. Hoit was with Hines in New York and New Jersey working on land use and office development. Ms. Hoit holds a B.A. from Georgetown University and an M.B.A. from Columbia University. She is a member of WX and a full member of ULI. Ms Hoit is also a trustee and member of the Investment Committee at Kent Place School in Summit, NJ, and is a trustee of The Peck School in Morristown, NJ. She has been a guest lecturer at Columbia, Yale, and University of Pennsylvania and has co-authored a number of business school case studies. She is a former trustee and co-chairman of the board of the George F. Baker Scholarship Program at Georgetown University.
Korologos, Constantine
Constantine Korologos is with the Real Estate Consulting practice of Deloitte Financial Advisory Services LLP (Deloitte FAS) and is also a managing director, with Series 7 and 63 registrations, for Deloitte Corporate Finance LLC, the FINRA member subsidiary of Deloitte FAS. He has over 25 years of real estate experience and is a specialist in Deloitte's real estate and related capital markets' industry segments. He currently is focused on buy and sell side diligence for distressed real estate backed notes and asset transactions, debt workout and restructure, valuation, and real estate litigation support. Prior to his current position, Constantine was a managing director and head of Real Estate Rating Agency Execution with Wachovia Securities, and a managing director/principal with Bear Stearns & Co. where he managed the ratings process for CMBS and was involved in loan origination, credit, underwriting, and bond distribution. Other related experience included roles with GE Real Estate as a director in their Capital Markets Group, Moody's Investors Service as a vice president and senior analyst in their Commercial Mortgage Backed Securities group, and with Equitable Real Estate Investment Management as chief appraiser and asset manager for the New York Region. Constantine is an adjunct professor of real estate with NYU's Master's Degree Program in Real Estate. He has been a teacher for over nine years, and has served as an expert witness in real estate valuation cases, has spoken on numerous industry panels, and continues to guest lecture with several professional organizations. Constantine graduated from New York University Stern School of Business with an M.B.A. in Finance.
Constantine Korologos is with the Real Estate Consulting practice of Deloitte Financial Advisory Services LLP (Deloitte FAS) and is also a managing director, with Series 7 and 63 registrations, for Deloitte Corporate Finance LLC, the FINRA member subsidiary of Deloitte FAS. He has over 25 years of real estate experience and is a specialist in Deloitte's real estate and related capital markets' industry segments. He currently is focused on buy and sell side diligence for distressed real estate backed notes and asset transactions, debt workout and restructure, valuation, and real estate litigation support. Prior to his current position, Constantine was a managing director and head of Real Estate Rating Agency Execution with Wachovia Securities, and a managing director/principal with Bear Stearns & Co. where he managed the ratings process for CMBS and was involved in loan origination, credit, underwriting, and bond distribution. Other related experience included roles with GE Real Estate as a director in their Capital Markets Group, Moody's Investors Service as a vice president and senior analyst in their Commercial Mortgage Backed Securities group, and with Equitable Real Estate Investment Management as chief appraiser and asset manager for the New York Region. Constantine is an adjunct professor of real estate with NYU's Master's Degree Program in Real Estate. He has been a teacher for over nine years, and has served as an expert witness in real estate valuation cases, has spoken on numerous industry panels, and continues to guest lecture with several professional organizations. Constantine graduated from New York University Stern School of Business with an M.B.A. in Finance.
Locker, Keith
Keith Locker is chief executive officer and president of Inlet Capital Management, LLC, New York, NY. In addition, Mr. Locker is president of Global Capital Resources LLC and president of GCR Advisors Inc. Mr. Locker was previously a managing director in the real estate investment banking group at Deutsche Bank Securities, Inc. Prior to joining Deutsche Bank in 2000, Mr. Locker was senior managing director at Bear, Stearns & Co. Inc., responsible for real estate investment banking. Mr. Locker is a member of Glenborough Realty Trust's board of directors, director of IVP Securities, LLC, trustee of the National Jewish Center, ex-associate board member of NAREIT and assistant chair of the Urban Land Institute. He is also a member of the International Council of Shopping Centers, Wharton Zell Real Estate Center, Fisher Center for Real Estate and numerous philanthropic and community organizations. In addition, he is a frequent lecturer in real estate at New York University.
Keith Locker is chief executive officer and president of Inlet Capital Management, LLC, New York, NY. In addition, Mr. Locker is president of Global Capital Resources LLC and president of GCR Advisors Inc. Mr. Locker was previously a managing director in the real estate investment banking group at Deutsche Bank Securities, Inc. Prior to joining Deutsche Bank in 2000, Mr. Locker was senior managing director at Bear, Stearns & Co. Inc., responsible for real estate investment banking. Mr. Locker is a member of Glenborough Realty Trust's board of directors, director of IVP Securities, LLC, trustee of the National Jewish Center, ex-associate board member of NAREIT and assistant chair of the Urban Land Institute. He is also a member of the International Council of Shopping Centers, Wharton Zell Real Estate Center, Fisher Center for Real Estate and numerous philanthropic and community organizations. In addition, he is a frequent lecturer in real estate at New York University.
O'Shea, Kevin
Kevin O'Shea is head of the U.S. real estate practice and managing partner of Allen & Overy's New York office. He specializes in commercial real estate finance, equity investments and private equity fund formation and investment. Kevin's practice includes large mortgage loans, structured finance, securitization, mezzanine (including "true" mezzanine, preferred equity and A/B note) financing, restructurings, and opportunistic joint ventures and investments. Kevin's practice is capital markets focused and he regularly represents private equity funds, hedge funds, investments bank, pension fund advisors and other sophisticated real estate investors on their most complex real estate transactions. Kevin's practice also increasingly focuses on cross-border debt and equity transactions involving the U.S., Europe and Asia where Kevin can use his strong capital markets experience and Allen & Overy's global presence to facilitate transactions for U.S. clients abroad and for non-U.S. clients in the United States by reconciling different legal, tax and cultural aspects and delivering a legal product that meets both local requirements and client demands.
Kevin O'Shea is head of the U.S. real estate practice and managing partner of Allen & Overy's New York office. He specializes in commercial real estate finance, equity investments and private equity fund formation and investment. Kevin's practice includes large mortgage loans, structured finance, securitization, mezzanine (including "true" mezzanine, preferred equity and A/B note) financing, restructurings, and opportunistic joint ventures and investments. Kevin's practice is capital markets focused and he regularly represents private equity funds, hedge funds, investments bank, pension fund advisors and other sophisticated real estate investors on their most complex real estate transactions. Kevin's practice also increasingly focuses on cross-border debt and equity transactions involving the U.S., Europe and Asia where Kevin can use his strong capital markets experience and Allen & Overy's global presence to facilitate transactions for U.S. clients abroad and for non-U.S. clients in the United States by reconciling different legal, tax and cultural aspects and delivering a legal product that meets both local requirements and client demands.
Pearlman, Stephen J.
Mr. Pearlman is a director in Houlihan Lokey's corporate finance business and is a member of the real estate, lodging and leisure group, involved in real estate asset sales and financing activity globally for the firm. With over 25 years of real estate experience in the financing and sale of commercial real estate, Mr. Pearlman has been involved in over $7 billion of transactions advising institutional, corporate, as well as other real estate owners and investors in the structuring and execution of asset sales, note sales, sale leasebacks, financing, and other capital markets transactions. His responsibilities included the disposition of investment properties, the sale of loan portfolios, and the debt origination on behalf of institutional, corporate, and private owners of real estate. Mr. Pearlman has served as a member of the Real Estate Board of New York; Young Mortgage Bankers Association; ICSC; ULI; Board of Trustees, Congregation Rodeph Sholom; Board of Governors, Poly Prep Country Day School; and Chairman of Board, Rodeph Sholom School. Mr. Pearlman is an adjunct professor in New York University's Master of Science in Real Estate Program. He received his B.A. in history and political science from Alfred University and his M.B.A. in finance from Bernard Baruch College. He is registered with FINRA (formerly the NASD) as a General Securities Representative (Series 7 and 63).
Mr. Pearlman is a director in Houlihan Lokey's corporate finance business and is a member of the real estate, lodging and leisure group, involved in real estate asset sales and financing activity globally for the firm. With over 25 years of real estate experience in the financing and sale of commercial real estate, Mr. Pearlman has been involved in over $7 billion of transactions advising institutional, corporate, as well as other real estate owners and investors in the structuring and execution of asset sales, note sales, sale leasebacks, financing, and other capital markets transactions. His responsibilities included the disposition of investment properties, the sale of loan portfolios, and the debt origination on behalf of institutional, corporate, and private owners of real estate. Mr. Pearlman has served as a member of the Real Estate Board of New York; Young Mortgage Bankers Association; ICSC; ULI; Board of Trustees, Congregation Rodeph Sholom; Board of Governors, Poly Prep Country Day School; and Chairman of Board, Rodeph Sholom School. Mr. Pearlman is an adjunct professor in New York University's Master of Science in Real Estate Program. He received his B.A. in history and political science from Alfred University and his M.B.A. in finance from Bernard Baruch College. He is registered with FINRA (formerly the NASD) as a General Securities Representative (Series 7 and 63).
Podvin, Scott L.
Scott L. Podvin, managing director and general counsel of the Podvin Development Group, Orlando, FL, is responsible for the acquisition, due diligence, planning, design, financial analysis, construction, property management, condominium association management, and sales and marketing of residential and hospitality projects throughout the U.S. For 15 years, Podvin, as an attorney, represented both publicly traded and privately held real estate developers of planned unit developments, condominiums, homesite subdivisions, golf, yacht and private residence clubs, and multi-site and single-site timeshare projects. Podvin is a real estate developer; licensed attorney; mortgage broker; real estate broker; licensed property manager; title insurer; and broadband telecommunications company owner. Podvin graduated from: Harvard University Graduate School of Design's Advanced Development Management Program in Real Estate; University of Miami School of Law's LL.M., Master of Laws in Real Property Development program; Tulane University; and, most recently, from the Swiss Finance Academy's Investment Banking Wall Street Training program in Verbier, Switzerland. Podvin is a member of the ULI, ARDA, NAIOP, and AAGO.
Scott L. Podvin, managing director and general counsel of the Podvin Development Group, Orlando, FL, is responsible for the acquisition, due diligence, planning, design, financial analysis, construction, property management, condominium association management, and sales and marketing of residential and hospitality projects throughout the U.S. For 15 years, Podvin, as an attorney, represented both publicly traded and privately held real estate developers of planned unit developments, condominiums, homesite subdivisions, golf, yacht and private residence clubs, and multi-site and single-site timeshare projects. Podvin is a real estate developer; licensed attorney; mortgage broker; real estate broker; licensed property manager; title insurer; and broadband telecommunications company owner. Podvin graduated from: Harvard University Graduate School of Design's Advanced Development Management Program in Real Estate; University of Miami School of Law's LL.M., Master of Laws in Real Property Development program; Tulane University; and, most recently, from the Swiss Finance Academy's Investment Banking Wall Street Training program in Verbier, Switzerland. Podvin is a member of the ULI, ARDA, NAIOP, and AAGO.
Rodgers, Clifton E.
Clifton "Chip" Rodgers, senior vice president, The Real Estate Roundtable, Washington, DC.
Clifton "Chip" Rodgers, senior vice president, The Real Estate Roundtable, Washington, DC.
Rubin, Eric S.
Eric Rubin is an associate at Normandy Real Estate Partners, LLC, Morristown NJ, and assists in underwriting and closing acquisitions and financings. Prior to joining Normandy, he was a director within the Investment Sales Division at GVA Williams in New Jersey. His responsibilities included the underwriting and valuation of office, industrial and retail properties, coordinating the marketing of investment properties, performing financial due diligence, crafting detailed offering memoranda, along with conducting property tours. Mr. Rubin received a Bachelor of Business Administration degree from the School of Business at George Washington University. In addition, Mr. Rubin obtained his Certificate in Real Estate Finance & Investments within the New York University School of Continuing and Professional Studies.
Eric Rubin is an associate at Normandy Real Estate Partners, LLC, Morristown NJ, and assists in underwriting and closing acquisitions and financings. Prior to joining Normandy, he was a director within the Investment Sales Division at GVA Williams in New Jersey. His responsibilities included the underwriting and valuation of office, industrial and retail properties, coordinating the marketing of investment properties, performing financial due diligence, crafting detailed offering memoranda, along with conducting property tours. Mr. Rubin received a Bachelor of Business Administration degree from the School of Business at George Washington University. In addition, Mr. Rubin obtained his Certificate in Real Estate Finance & Investments within the New York University School of Continuing and Professional Studies.
Segel, Arthur I.
Arthur Segel is a professor of management practice in the finance department at Harvard Business School where has been writing cases and teaching the Real Property Asset Management course since 1996. He is a graduate of Harvard College (1973) and Stanford University's Graduate School of Business (1975). Mr. Segel was the founder and owner of TA Associates Realty, an institutional real estate advisory firm with almost $8 billion under management. The firm specializes in commercial and multi-family real estate with over 75 million square feet in over thirty markets in the United States and Canada. Prior to TA Associates Realty in 1982, Mr. Segel worked as a vice president at Boston Properties and as deputy for finance and administration at Massport under Governor Michael S. Dukakis. Mr. Segel is a member of the Urban Land Institute, NAIOP, and is an officer, board member, or overseer for numerous charities.
Arthur Segel is a professor of management practice in the finance department at Harvard Business School where has been writing cases and teaching the Real Property Asset Management course since 1996. He is a graduate of Harvard College (1973) and Stanford University's Graduate School of Business (1975). Mr. Segel was the founder and owner of TA Associates Realty, an institutional real estate advisory firm with almost $8 billion under management. The firm specializes in commercial and multi-family real estate with over 75 million square feet in over thirty markets in the United States and Canada. Prior to TA Associates Realty in 1982, Mr. Segel worked as a vice president at Boston Properties and as deputy for finance and administration at Massport under Governor Michael S. Dukakis. Mr. Segel is a member of the Urban Land Institute, NAIOP, and is an officer, board member, or overseer for numerous charities.
Welsh, David T.
David Welsh is a managing principal and founder of Normandy Real Estate Partners, Morristown, NJ. Prior to forming Normandy in 2002, Mr. Welsh worked at Morgan Stanley, where he managed the United States debt financing activities for the Morgan Stanley Real Estate Funds (MSREF). Prior to Morgan Stanley, Mr. Welsh worked at Gale & Wentworth, a nationally recognized investment and development firm that assembled a multi-billion dollar property portfolio, where he directed acquisitions. Mr. Welsh has over 14 years of expertise in the real estate industry, including overseeing all aspects of corporate operations and management, acquisitions, development, financing and asset management. Mr. Welsh is a Phi Beta Kappa graduate of Pennsylvania State University and a member of its Real Estate Advisory Board, and earned a Master's degree in real estate finance from New York University, where he also was an adjunct professor. He devotes time to a number of professional and civic activities, including serving on the board of managers for Family Service of Morris County.
David Welsh is a managing principal and founder of Normandy Real Estate Partners, Morristown, NJ. Prior to forming Normandy in 2002, Mr. Welsh worked at Morgan Stanley, where he managed the United States debt financing activities for the Morgan Stanley Real Estate Funds (MSREF). Prior to Morgan Stanley, Mr. Welsh worked at Gale & Wentworth, a nationally recognized investment and development firm that assembled a multi-billion dollar property portfolio, where he directed acquisitions. Mr. Welsh has over 14 years of expertise in the real estate industry, including overseeing all aspects of corporate operations and management, acquisitions, development, financing and asset management. Mr. Welsh is a Phi Beta Kappa graduate of Pennsylvania State University and a member of its Real Estate Advisory Board, and earned a Master's degree in real estate finance from New York University, where he also was an adjunct professor. He devotes time to a number of professional and civic activities, including serving on the board of managers for Family Service of Morris County.
Guest Speaker(s)
Plimpton, Samuel
Samuel Plimpton is a managing director of The Baupost Group, LLC, Boston, MA, and serves as co-head of the firm's private investment area, which includes real estate. Baupost was established in 1982, is a Registered Investment Advisor, and currently manages over $16 billion of equity capital on a discretionary basis. The firm is an experienced investor in a wide range of securities and asset classes, including domestic and foreign stocks and bonds, securities and trade claims of companies in financial distress; performing and non-performing bank loans, real estate-related debt and equity, privately negotiated investments, and other illiquid investments. Baupost has invested in most property types, in North America, Western Europe, Latin America, and Asia. Prior to joining Baupost, Sam was a partner in independent real estate ventures. He held a research appointment in real estate at the Harvard Business School, received both M.B.A. and M.Arch degrees from Harvard University, and a B.A. from Stanford University.
Samuel Plimpton is a managing director of The Baupost Group, LLC, Boston, MA, and serves as co-head of the firm's private investment area, which includes real estate. Baupost was established in 1982, is a Registered Investment Advisor, and currently manages over $16 billion of equity capital on a discretionary basis. The firm is an experienced investor in a wide range of securities and asset classes, including domestic and foreign stocks and bonds, securities and trade claims of companies in financial distress; performing and non-performing bank loans, real estate-related debt and equity, privately negotiated investments, and other illiquid investments. Baupost has invested in most property types, in North America, Western Europe, Latin America, and Asia. Prior to joining Baupost, Sam was a partner in independent real estate ventures. He held a research appointment in real estate at the Harvard Business School, received both M.B.A. and M.Arch degrees from Harvard University, and a B.A. from Stanford University.
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