June 9, 2026
The Union League ClubNew YorkAgenda Topics
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The return of the capital stack: state of the mezz economy & the new middle ground
- What impact are interest rates and tariffs having on CRE investment and operations generally? How do you expect this to develop over the coming year?
- What do you see as your most likely sources of capital over the next six months?
- How is inflation affecting liquidity? What do you think needs to happen to unlock liquidity in the marketplace?
- Mezz debt & market today, what are you seeing?
- Are certain assets more susceptible to liquidity challenges?
- What impact on CRE lending and investment have we seen recently with banks generally?
- What macroeconomic factors are having the biggest impact on asset pricing?
- How do you think the current global landscape will affect the global real estate market?
- Which regulatory developments do you expect will make the biggest waves for CRE?
- Which asset classes and markets will face the biggest headwinds in the coming year, and which are primed for growth? Are you seeing any asset bubbles?
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AI/technology & underwriting innovation
- AIdriven underwriting and risk scoring
- Digitizing intercreditor negotiations
- Techenabled monitoring of borrower performance, how are you using the different platforms for your business?
- More CRE data available for lenders/borrowers, does AI help with your mezz financing strategies? How are you more efficient?
- What other ways are you using AI on your day to day?
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The bankruptcy cycle: risks, rights, & real recoveries
- How are higher rates and refinancing gaps pushing mezz positions into stress?
- Which asset classes are being affected the most?
- Are market conditions mainly driving bankruptcies or something else?
- What rights do mezz lenders have?
- Have bankruptcies gone up in the last 12 months? What are you seeing?
- Case studies from recent issues
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Future of mezzanine financing & high yield debt origination trends
- What sort of activity can we expect to see in the coming months? Who is providing it?
- Which markets and sectors are successfully getting mezzanine debt?
- What are the refi and sale markets looking like today?
- Blending different debt structures: mezz, pref equity, bridge, PACE, gap capital, construction loans, synthetic senior stacks etc.
- Complexity around intercreditor agreements
- Any sign of bank activity? Private credit activity?
- What are the outlooks for foreign investment and joint venture financing?
- How are refis playing out?
- What do yields look like in the current climate?
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CRE debt funds: cautious positioning & outlook
- How do you view the next 6-12 months playing out in terms of originations and investment activity?
- How has your strategy changed in what is a currently a lenders’ market?
- Capital has been attractive to real estate private credit vs. equity given the perceived better risk/adjusted returns: is there too much capital chasing this space?
- Senior debt: what is out there and who is providing it?
- What is important when managing borrower relationships in downturns?
- What are you hearing from your investors? What is LP sentiment on high yield debt investments today?
- Are you seeing foreign capital returning to the US market and vice versa?
- How are you approaching mezz loans within the fund?
- Debt fund structures in 2026
- What interest rates are being offered on short-term loans?
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Reconstituting the capital stack: utilizing rescue capital in a volatile market
- What is the outlook for loans that will not be able to refinance through HUD, Fannie, Freddie or CMBS?
- C-PACE as rescue capital – what are the benefits?
- What are borrowers looking for in the short term and how can recue capital help?
- Pref equity- Updated strategies?
- Any options being provided other than preferred equity?
- How are lenders getting creative with rescue capital deal structures?
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Tranched loan workouts & restructuring environment
- How has the loan workout and restructuring environment changed since last year?
- What transactions are currently being done? How are these informing decisions?
- Rate Cuts, Foreclosures ?
- How should market participants expect lenders and borrowers to behave moving forward?
- What is a good framework for approaching restructurings today?
- What options are in the lenders’ playbook?
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Loan/note sales & asset management dispositions
- Where are the best opportunities in the distressed market?
- Are you selling or buying notes? Why?
- Who are some of the most active players in distressed asset and note sales?
- Which important considerations are often overlooked in distressed asset transactions?
- What have you learned from deals that fell through? What are some recent successful deals you’ve done?
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Mezzanine in distressed & deal flow
- What is the expectation for loans coming due that will not be fit for refinancing?
- What are current default rates across asset classes, property types and regional markets?
- How are relationships between borrower, lender and servicer playing out right now?
- Will lenders be more aggressive foreclosing assets than in 2008?
- Where do you see the best opportunities for distressed deals? Any asset classes or property types in particular?
- How are you valuing distressed assets in this environment?
- Impact of current interest rates on valuations
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Construction & development: mezz as the new lifeline
- Construction pricing, how is the market affecting your development of properties?
- Filling gaps left by construction lenders pulling back
- Underwriting risk in projects with delayed timelines and rising costs
- Intercreditor tensions between senior, mezz, and pref equity
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Evaluating the office & hotel market & lending
- What does the data say about occupancy levels in different geographies and different property classes/types/vintages?
- How are you managing your assets and any workouts?
- How is the banking crisis impacting the office market in NYC and other MSAs?
- What’s the latest on office loans maturing? CMBS?
- What are tenants demanding from landlords in the new working environment?
- Financing tenant improvement costs
- How are landlords embracing AI and innovation to improve occupancy levels and profitability?
- How are landlords and corporate tenants addressing energy costs and consumption?
- Are there any attractive distressed plays coming down the pike?
- Any plans for repositioning or exits?
- Creative financing solutions for office to resi or office to lab conversions?