June 2, 2025 | Union League Club
The Union League ClubNew YorkProvisional Start & End Times:
June 2: 8:00 AM – 6:30 PM
Preliminary Agenda Topics
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The State of the Mezz Economy & Capital Markets Outlook
- What impact are interest rates and the new administration 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?
- New administration effect on Mezz debt & market
- 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?
- What is the effect of rising interest rates on property valuations? Do you see this trend continuing, and rising interest rates, together with inflation resulting in a disconnect on pricing between buyers and sellers?
- 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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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?
- Pros and cons for lender and borrower of different debt structures: mezz, pref equity, bridge, PACE, gap capital, construction loans etc.
- How have terms, structures and underwriting standards changed in the past year?
- Any sign of bank 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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Distressed Debt Opportunities
- 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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Loan Sales & Asset Management Dispositions
- Where are the best opportunities in the distressed market?
- 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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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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CRE Debt Fund Perspectives
- 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?
- How are you approaching mezz loans within the fund?
- Debt fund structures in 2025
- Are you revisiting deals that fell through in the second half of 2024?
- Are smaller lenders getting a foot in the door again?
- What interest rates are being offered on short-term loans?
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Warehouse Lines: Current State of the Market
- Current State of the Warehouse Line Market: What are they Used for Today
- The Evolution of Warehouse Lines as a Non-Bank Lender Financing Solution
- How are the Facilities Structured?
- Guardrails and What Can Go Wrong?
- Who are the Customers?
- How to Manage Your Warehouse Lender Relationship
- Warehouse Lines vs CLOs
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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?
- Any options being provided other than preferred equity?
- How are lenders getting creative with rescue capital deal structures?
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Intercreditor & Subordination Agreements, Workouts & Associated Documentation
- How are tranched loans including mezz being structured today?
- What lessons have been learned about the robustness of such agreements with the stress of office right now?
- Have rights and obligations changed in the past year?
- What main challenges do borrowers, senior lenders and mezzanine lenders face when structuring workouts?
- What options are available to all parties in negotiations? How to find common ground while protecting your interests?
- Assessing critical provisions protecting mezzanine lenders like the right to cure default on the first mortgage and the right to foreclose on the property
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Evaluating the Office 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 PropTech 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?
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Ebbs & Flows of Investment Grade Debt & Distressed Debt
- CMBS, High Yield, Credit Quality Ratings
- How is the bond market performing? Any issues?
- Changes in regulated capital
- Junior debt
- Will refinancing of existing debt be important for 2025? What are you seeing?
- How to avoid junk bonds, what are the risks?
- 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?