The Future of Real Estate Mezzanine Financing Amidst COVID -19: Part 2

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ABOUT THE VIRTUAL EVENT

iGlobal Live is pleased to present the latest in our virtual event series 'The Future of Real Estate Mezzanine Financing Amidst Covid-19 - Part 2'.

Key topics include:

  • How much money has each of your funds already raised for Mezzanine investments over the last year or so?
  • How much money do you have left to spend on Mezzanine investments today?
  • Are you re-routing any of these funds into distressed acquisitions, from Covid-19 "exploded deals"?
  • What are your preferred real estate product types (residential/industrial)? What product types won't you touch (retail/hotel)?
  • What are your preferred regions for investment? Has the choice between urban and suburban been affected by Covid-19?
  • What yields should you be seeking on your Mezzanine money today (both current/short term and over-all long-term IRR)?
  • What has your deal flow/closings looked like since the start of Covid-19?How has this shaped projections for 2020 on your Mezzanine volume? Are you expecting heavy competition or not any more?
  • How high up the capital stack can your Mezzanine go? Has Covid-19 impacted this?
  • With "senior" lending severely hampered, will/can you take down the entire cap stack yourselves and then sell off the senior after closing? How big of a deal can you swallow?
  • Can you see any ability to raise new Mezzanine funds in today's world?

This event recording is available to watch on-demand. 

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Panelist

Mr. Robert Sonnenblick, Chairman of Sonnenblick Development, LLC, is a graduate of the Wharton School of Finance of the University of Pennsylvania with more than 30 years of experience in various aspects of real estate development and real estate finance.

bob sonnenblick

Bob Sonnenblick

Chairman
Sonnenblick Development

 

From 1981 to 1991 Mr. Sonnenblick was the driving force and power behind Sonnenblick-Goldman Corporation of California. Mr. Sonnenblick completed over $1.5 Billion of commercial real estate transactions on the West Coast, and as a result is regarded as one of the West Coast's leaders in the field of commercial real estate finance.

Among the more notable projects for which Mr. Sonnenblick personally structured the financing for are The Beaudry Center, Los Angeles, California ($197 million), the Ritz Carlton Hotel, Pasadena, California ($97 million), One Waterfront Plaza, Honolulu, Hawaii ($100 million), and the Los Angeles World Trade Center, Los Angeles, California ($55 million).

Panelist

Mike Fishbein is a Managing Director responsible for transaction origination, underwriting, financial analysis and portfolio management.

Mike Fishbein

Mike Fishbein

 

Managing Director
Terra Capital Partners

Mr. Fishbein has over 15 years’ experience in the financing, asset management and disposition of commercial real estate. Prior to joining Terra in 2013, Mr. Fishbein was a Vice President at GreensLedge Capital Markets where he focused on raising capital for distressed and special situation recapitalizations. Previously, he was at Natixis Real Estate Capital, where he was responsible for underwriting, structuring and securitizing commercial mortgages, as well as special situations portfolio management. Mr. Fishbein’s career also includes experience evaluating debt and equity investments at PCCP, LLC and he began his career as an analyst in the CMBS group at Fitch Ratings. Mr. Fishbein received his Bachelor of Arts degree with Honors in Economics from Colgate University and an MBA degree from Northwestern University’s Kellogg School of Management.

Panelist

Dan Jacobson joined AEW in 2013 to specialize in high yield debt and preferred equity investments for the firm’s Direct Investment Group.

Daniel Jacobson

Daniel Jacobson

Director
AEW

Mr. Jacobson has over 17 years of commercial real estate investment experience investing in direct equity, JV equity and structured debt investments across all product types domestically.

Prior to joining AEW, Mr. Jacobson acted as a principal investor at CrossHarbor Capital, an institutional commercial real estate fund manager. At CrossHarbor, Mr. Jacobson invested on behalf of the firm’s fully discretionary institutional fund in opportunistic equity and high-margin debt opportunities across all asset classes, primarily in the United States and Bermuda.

Prior to CrossHarbor Capital, Mr. Jacobson worked at Merrill Lynch where he originated primarily mezzanine debt and preferred equity in commercial real estate assets across the United States. Mr. Jacobson is a graduate of Cornell University (B.A.) and the MIT Sloan School of Management with a major in Real Estate (M.B.A.).

Panelist

Tom Rugg joined Deutsche Bank in July 2011 and serves as a Managing Director in the Commercial Real Estate Group, managing the high yield loan distribution platform for b-notes, mezzanine debt, and whole loans, as well as the Warehouse Finance business within Commercial Real Estate. 

Tom Rugg

Tom Rugg

Managing Director
Deutsche Bank Securities

Additionally, Mr. Rugg is a member of the investment committee overseeing balance sheet lending activities in commercial real estate. Before joining Deutsche, he was an integral part of the CMBS large loan team at Wells Fargo Bank. 

Prior to that, Mr. Rugg had similar roles at Wachovia Securities where he focused on large loan activity, mezzanine and b-notes, whole loans, and CMBS floating rate structure and syndication. Since joining Deutsche Bank, the bank has demonstrated leadership in issuance, innovation and product mix within the CMBS and single borrower space, including an active book of mezzanine loans and b-notes for syndication. Deutsche Bank is a global leader in U.S. CMBS issuance reflecting a number of landmark transactions by Deutsche Bank’s CMBS team in the conduit space, single borrower space, and the single asset space. Mr. Rugg received a B.A. degree in Economics from Vanderbilt University.

Panelist

Doug Lyons is a Managing Principal of Pearlmark, with responsibility for the firm's capital markets and debt investment activities.

Douglas Lyons

Douglas Lyons

Managing Principal
Pearlmark

He is also a member of the firm's Investment and Management Committees. Prior to joining the firm in 1996, Mr. Lyons was Vice President of Equity Institutional Investors, Inc. where he was responsible for merchant banking activities. Previously, he worked in the New York Real Estate Capital Markets groups for Bankers Trust Company and Merrill Lynch & Co.

Mr. Lyons earned a BA from Amherst College and a MBA from Harvard University. He is a member and Trustee of the Urban Land Institute (ULI) and a member of the Pension Real Estate Association (PREA).

In addition Mr. Lyons is currently or has been a Trustee and member of several non-profit boards, including the Loomis Chaffee School, Lycee Francais de Chicago and St. James Cathedral.

Panelist

Daniel Ottensoser is a Managing Director in the Portfolio Oversight Group.

Danitl Ottensoser

Daniel Ottensoser

Managing Director, Portfolio Oversight

CIM

He is responsible for overseeing portfolio construction and asset allocation for CIM Real Estate Finance Trust, Inc. (CMFT) including handling first mortgage and mezzanine loans on real estate assets, single-tenant credit lease assets, broadly syndicated corporate loans and CMBS securities.

Prior to joining CIM, Mr. Ottensoser was a Partner and Managing Director at H/2 Capital Partners. He earned a Bachelor of Arts degree from The City University of New York, Queens College and a Juris Doctor degree from the Columbia University School of Law.

Host

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Anna Ivanova 

Managing Director
iGlobal Forum

 

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