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GLOBAL ORGANIZERS OF INSTITUTIONAL
FINANCE & INVESTMENT CONFERENCES
THE FIFTH ANNUAL
US REAL ESTATE
OPPORTUNITY & PRIVATE
FUND INVESTING FORUM
June 1-2, 2004 LEAD SPONSOR
The Plaza Hotel
New York, NY
HIGH-PERFORMANCE PROPERTY INVESTMENTS IN DIRECT REAL ESTATE,
PRIVATE EQUITY & MERCHANT BANKING
PA R T I C I PAT I N G C O M PA N I E S I N C L U D E :
ABP INVESTMENTS US, INC. DELOITTE & TOUCHE LLP JPMORGAN PERRY REAL ESTATE PARTNERS
AETOS CAPITAL LLC DEUTSCHE BANK REAL ESTATE JPMORGAN FLEMING ASSET PIPER RUDNICK LLP
AEW CAPITAL MANAGEMENT LP DLJ REAL ESTATE CAPITAL MANAGEMENT PRAEDIUM GROUP LLC
AMC DELANCEY GROUP, INC. PARTNERS KEYSTONE PROPERTY TRUST PRESIDIO PARTNERS LLC
DUPONT CAPITAL MANAGEMENT KING & SPALDING PRICEWATERHOUSECOOPERS LLP
APOLLO REAL ESTATE
ADVISORS LP EQUUS REALTY ADVISORS, LLC KIRKLAND & ELLIS LLP PRICOA PROPERTY PRIVATE
ARCAP REIT, INC. ERNST & YOUNG LLP KPMG LLP EQUITY LTD.
AVANTI PROPERTIES GROUP FELDMAN EQUITIES LACHMAN ASSOCIATES PROSKAUER ROSE LLP
BARROW STREET FIVE MILE CAPITAL PARTNERS LASALLE BANK NA PRUDENTIAL REAL ESTATE
BERWIND PROPERTY GROUP FREMONT INVESTMENT & LOAN THE LASHINE GROUP INVESTORS
GE REAL ESTATE LEHMAN BROTHERS RIVEROAK INVESTMENT CORP.
MANAGEMENT GIBSON, DUNN & CRUTCHER LLP REAL ESTATE PARTNERS ROCKPOINT GROUP, LLC
BLACKSTONE REAL ESTATE GIC REAL ESTATE LINNEMAN ASSOCIATES ROTHSTEIN, KASS & CO.
ADVISORS GOODWIN PROCTER LLP LNR PROPERTY CORP. SOROS REAL ESTATE PARTNERS
BROADWAY PARTNERS GOLDMAN, SACHS & CO. MACFARLANE PARTNERS STANDARD CHARTERED BANK
CABOT PROPERTIES GREENBERG TRAURIG LLP MARCUS & MILLICHAP STARWOOD CAPITAL GROUP LLC
CALPERS GREYSTAR REAL ESTATE ADVISORS MAYER, BROWN, ROWE & MAW THAYER LODGING
CARMEL PARTNERS, INC. HAYNES & BOONE MERRILL LYNCH & CO., INC. THOR EQUITIES
CHARLESBANK CAPITAL HDG MANSUR GROUP MEXICO RETAIL PARTNERS TORTO WHEATON RESEARCH
PARTNERS LLC MORGAN, LEWIS & BOCKIUS LLP
HEI HOSPITALITY LLC UBS INVESTMENT BANK
CLIFFORD CHANCE LLP MORRISON AND FOERSTER LLP
HEITMAN INTERNATIONAL URBANAMERICA LP
CORPORATE PROPERTIES OF THE MOUNTAIN FUNDING LLC
AMERICAS HOTEL CAPITAL ADVISERS, INC. VEDANT CAPITAL PARTNERS
ICF VENTURES OCHTAR CAPITAL PARTNERS WACHOVIA SECURITIES
COVENTRY REAL ESTATE ING REALTY PARTNERS O’CONNOR CAPITAL PARTNERS WALTON STREET CAPITAL LLC
ADVISORS JAEGER REALTY FOR PAUL, HASTINGS, JANOFSKY & WEIL, GOTSHAL & MANGES LLP
CSFB REAL ESTATE PRIVATE STANDARD & POOR'S WALKER LLP THE WELLCOME TRUST
FUND GROUP JER PARTNERS PENSION CONSULTING WESTBROOK REAL ESTATE
DEBEVOISE & PLIMPTON JONES DAY ALLIANCE, INC. PARTNERS, LLC
For more information or to register, Early Bird Registration
please visit: www.imn.org/a639/m/ Discount Ends April 30th
ABOUT THE ORGANIZER…
Information Management Network (IMN) is a global leader in the organization and management of
educational and networking programs for business executives. Based in New York City, the Company is in its
eleventh year of operations and annually organizes over sixty finance and investment conferences across the
world.This experience and level of insight has led IMN to become the industry’s premier organizer of forums
focusing on Real Estate Opportunity & Private Funds.With over 600 delegates attending last year’s Fourth
Annual US Real Estate Opportunity & Private Fund Investing Forum, this event is the largest of its kind.
THE REAL ESTATE FUNDS
This event is one in a series of Opportunity & Private Fund Forums. For five years IMN has organized the
premier Real Estate Opportunity & Private Fund Investing Forums in New York and London. Add to that The
Asia forum (held in Tokyo, currently in its seventh year),The Dana Point, CA Forum (now in its second year),
and the launch of the Southern European edition in 2005, this series is a truly global experience.
Bringing together all of the active participants in the Private Real Estate Funds industry, this event is the only
one of its kind.Through structured presentations, panel discussions, and interactive audience participation, the
Fifth Annual US Real Estate Opportunity & Private Fund Investing Forum will showcase the cutting-edge
strategies utilized by the most successful funds and investors for thriving in the current environment.
UPCOMING EVENTS IN THE OPPORTUNITY & PRIVATE FUND FORUM SERIES
The Seventh Annual Pan-Asian Real Estate Opportunity & Private Fund Investing Forum
(Formerly Japanese CMBS)
October 19-20, 2004 Tokyo, Japan
The Fifth Annual European Real Estate Opportunity & Private Fund Investing Forum
November 8-9, 2004 London, UK
The Second Annual Winter Forum On Real Estate Opportunity & Private Fund Investing
January 26-28, 2005 Dana Point, CA
The Global Forum On Real Estate Opportunity & Private Fund Investing
April 2005 Venice, Italy
For additional information on any of these events, please visit our website at www.imn.org
2 l To Register For This Forum, Please Visit: www.imn.org/a639/m/
TUESDAY AFTERNOON, JUNE 1, 2004
Registration…Welcome Refreshments Courtesy Of: CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C”
3:30 THE FOUR MAIN FOOD GROUPS: OUTLOOK FOR
OFFICE, INDUSTRIAL, RESIDENTIAL & RETAIL
• The impending doom of single family residential: Is there a
false confidence in home equity? • Multi-use facilities: Can
you build flexibility into your properties? • Outlook for
12:45 WELCOMING REMARKS FROM office vs. industrial sectors: Which one will recover first?
INFORMATION MANAGEMENT NETWORK • Tenants: What are reasonable expectations for job growth?
12:50 CHAIRMAN’S OPENING REMARKS • Is retail on the rebound? • Dealing with excess or non-
Forum Chairperson: strategic space
Craig Medwick, Partner CLIFFORD CHANCE LLP Moderator:
1:00 OUTLOOK FOR REAL ESTATE MARKETS WITHIN THE Robert Ivanhoe, Chair, National Real Estate Practice
LARGER MACROECONOMIC ENVIRONMENT GREENBERG TRAURIG LLP
• Are investors moving money out of real estate and into Panelists:
stocks? • How much longer will low interest rates sustain Kenneth P. Balin, President & Chief Executive Officer
the industry? • Property regulations update: How have the AMC DELANCEY GROUP, INC.
new laws affected the industry? • Where is pricing heading Franz Colloredo-Mansfeld, Managing Partner
this year: Has supply & demand reached equilibrium? CABOT PROPERTIES, INC.
• What are the risk factors for operating in the current market? Peter Henkel, President & Chief Executive Officer
COVENTRY REAL ESTATE ADVISORS
Kurt Roeloffs, Managing Director, Real Estate Opportunities Group
David Hodes, Managing Director
DB REAL ESTATE
CSFB REAL ESTATE PRIVATE FUND GROUP
Jeffrey Kelter, President & Chief Executive Officer
Panelists: KEYSTONE PROPERTY TRUST
Ron Kravit, Managing Director Marc Halle, Principal PRUDENTIAL REAL ESTATE INVESTORS
BLACKACRE CAPITAL MANAGEMENT
Steven Baum, Founder FIVE MILE CAPITAL PARTNERS -B-
Jeffrey P. Krasnoff, Chief Executive Officer & President 3:30 FINANCING OPTIONS FOR REAL ESTATE FUNDS
LNR PROPERTY CORP. • CMBS vs. traditional finance • Financing funds: Credit
William H.Walton, Managing Member ROCKPOINT GROUP, LLC lines/short-term • Initial (mortgage) financing: Financing your
Richard Georgi, Managing Partner purchase • Fund perspective on dealing with lenders
SOROS REAL ESTATE PARTNERS • Who are the lenders? • Refinancing trends • Mezzanine loans
2:00 FUND SPONSORS' ROUNDTABLE:WHAT IS YOUR Moderator:
STRATEGY? L. Bruce Fischer, Partner MORGAN, LEWIS & BOCKIUS LLP
• Where are you investing now? Where are you looking for Panelists:
future investments? • How are you surviving and thriving in Skip Wells, Managing Director, Strategic Capital Group
the current market? • What was your last acquisition? GE REAL ESTATE
• Where are your leads on opportunities coming from? Timothy E. Powers, Partner HAYNES AND BOONE
Moderator: James Sullivan, Managing Director, Real Estate Investment Bank
Dennis Yeskey, National Director, Real Estate Capital Markets JPMORGAN
DELOITTE CONSULTING LLP Lisa Cunningham, Senior Vice President, Commercial Real Estate
LASALLE BANK NA
Robert L. Gilbert, Senior Vice President, Head of Funds &
John R.S. Jacobsson, Managing Partner
Insurance STANDARD CHARTERED BANK
APOLLO REAL ESTATE ADVISORS
Jeffrey M. Baevsky, Senior Vice President WACHOVIA BANK, N.A.
Jonathan D. Gray, Senior Managing Director
BLACKSTONE REAL ESTATE ADVISORS -C-
Russell Appel, President THE PRAEDIUM GROUP LLC 3:30 DEAL STRUCTURING:WHAT KEY ISSUES ARE
Robert Falzon, Managing Director INVOLVED IN GETTING DEALS DONE?
PRUDENTIAL REAL ESTATE INVESTORS
• Using the best tax, legal and accounting practices • What
Merrick Kleeman, Senior Managing Director is your leverage (financing, interest rates, etc.) in structuring
STARWOOD CAPITAL GROUP your deals? • Deals that have gone bad: What went wrong?
Jeffrey S. Quicksilver, Principal WALTON STREET CAPITAL LLC
3:00 Refreshments Courtesy Of: Andrew Levy, Partner GIBSON, DUNN & CRUTCHER LLP
Matthew T. Golden, Partner DEBEVOISE & PLIMPTON
Jennifer Morgan, Partner KIRKLAND & ELLIS LLP
Rodolpho Amboss, Chief Financial Officer
LEHMAN BROTHERS REAL ESTATE PARTNERS
Bruce L. Gelman, Partner MAYER, BROWN, ROWE & MAW LLP
William O'Connor, Principal O'CONNOR CAPITAL PARTNERS
INFORMATION MANAGEMENT NETWORK Email: firstname.lastname@example.org Tel: (212) 768-2800 Fax: (212) 768-2484 l3
CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C” CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C”
4:30 EXPLORING THE PROS AND CONS OF INVESTING IN 5:30 HOTEL & LEISURE PROPERTIES
URBAN MARKETS • Short and long-term outlook for the hospitality industry
• How does this strategy differ from investing in the suburbs? • Is the hotel market fully recovered? • Are there any good
• What are the pitfalls? • What are your return expectations? deals left? Where? • From luxury to budget: Which sectors
• What is the outlook for New York City vs. other cities? offer the best deals?
• How do West Coast urban markets compare? Moderator:
• Which cities have the best opportunities? Kapila Anand, Partner, National Director of Real Estate and
• Comparing inner-city asset classes Hospitality Advisory Services KPMG LLP
Richmond McCoy, Chief Executive Officer URBANAMERICA LP Clark W. Hanrattie, Senior Vice President & Chief Investment
Panelists: Officer HEI HOSPITALITY, LLC
Richard J. Mack, Principal APOLLO REAL ESTATE ADVISORS Simon Turner, Principal HOTEL CAPITAL ADVISERS, INC.
Chad Carpenter, President & Chief Executive Officer Robert Koger, President MOLINARO KOGER
EQUUS REALTY ADVISORS, LLC Martin Reid, Managing Director THAYER LODGING
Alicia Glen, Vice President Urban Investment Group Brian Newman, Principal WALTON STREET CAPITAL, LLC
GOLDMAN, SACHS & CO.
Charles H. Berman, Managing Principal -B-
MACFARLANE PARTNERS 5:30 EVALUATING JOINT VENTURES WITH EQUITY
Mitchell R. LaBar, Managing Director MARCUS & MILLICHAP PARTNERS
Joseph J. Sitt, President & Chief Executive Officer • What are the advantages and disadvantages of joint
THOR EQUITIES LLC ventures? • Investor-fund JVs: Managing expectations from
-B- your institutional partners • What should your JV partner
bring to the table?
4:30 FUND (EQUITY) RAISING: MAKING YOUR FUND
ATTRACTIVE TO INVESTORS
Stephen Tomlinson, Partner KIRKLAND & ELLIS LLP
• How are you reaching investors? • What type of investors
are you targeting? • Third-party fund raising: What are the Panelists:
benefits using outside firms to raise equity? Charles Schwartz, Partner AVANTI PROPERTIES GROUP
Larry Cranch, Partner CLIFFORD CHANCE LLP
Frank Marro, Managing Director, Joint-Venture Equity Group
Thomas B. Brown, Vice President, Real Estate and Lodging
GE REAL ESTATE
Investment Banking Group JPMORGAN
Minta Kay, Partner GOODWIN PROCTER LLP
Panelists: Cia Buckley, Senior Managing Director JER PARTNERS
Thomas H. Nolan, Jr., Principal, High-Return Private Equity Peter Fioretti, Chief Executive Officer
AEW CAPITAL MANAGEMENT LP MOUNTAIN FUNDING LLC
Daniel M. DiLella, President & Chief Executive Officer
BERWIND PROPERTY GROUP, LTD. -C-
Ronald Sanders, Partner CLIFFORD CHANCE LLP 5:30 STRUCTURING FOR OVERSEAS REAL ESTATE INVESTMENTS
Alan A. Pardee, Managing Director • What general issues need to be considered when
MERRILL LYNCH PRIVATE EQUITY GROUP structuring such funds? Which issues are location-specific?
Stephen DeNardo, Founder RIVEROAK INVESTMENT CORP. • What fund structures are commonly used?
Pete Finley, Executive Director UBS INVESTMENT BANK • What investor-specific issues will you face?
4:30 MACROECONOMIC OUTLOOK FOR REAL ESTATE Markus Trice, Managing Director & Co-Founder
OPPORTUNITIES ABROAD PRESIDIO PARTNERS LLC
• US attitude toward overseas investing • Risk profile Panelists:
• Transparency of overseas markets: Has it improved? David Moldenhauer, Partner CLIFFORD CHANCE LLP
or have US funds’ expectations of transparency come down? Harold D. Garrison, Chairman
• Is there an advantage enjoyed by funds with local market expertise? HDG MANSUR CAPITAL GROUP, LLC
• Near-term outlook for overseas real estate markets Christopher Merrill, Managing Director, International Private Equity
Steven Lichtenfeld, Partner PROSKAUER ROSE LLP Robert C. Lee, Partner JONES DAY
Robert V. Fitzsimmons, Partner
MAYER, BROWN, ROWE & MAW LLP
Ronald A. Rawald, Managing Director AETOS CAPITAL, LLC
James A. Quille, Chief Executive Officer
Roger D. Barris, Managing Director & European Head of Real
OCHTAR CAPITAL PARTNERS LIMITED
Estate Opportunities Group DB REAL ESTATE
Thomas Pulley, Managing Director
DLJ REAL ESTATE CAPITAL PARTNERS
Andrew J. Weiner, Partner MORRISON AND FOERSTER LLP 6:30 Networking Cocktail Reception Courtesy Of:
Jonathan Short, Chief Executive
PRICOA PROPERTY PRIVATE EQUITY LTD. 7:30 DAY ONE CONCLUDES
Jeffrey M. Kaplan, Managing Principal WESTBROOK PARTNERS
4 l To Register For This Forum, Please Visit: www.imn.org/a639/m/
7:45 Continental Breakfast Courtesy Of:
WEDNESDAY, JUNE 2, 2004
CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C”
11:00 PROMINENT FUND MANAGERS DEBATE CURRENT ISSUES
Joanne Douvas, Vice President
JPMORGAN FLEMING ASSET MANAGEMENT
Claudia Faust, Principal
PENSION CONSULTING ALLIANCE, INC.
8:15 OPENING REMARKS & DAY ONE RECAP Panelists:
8:30 LIMITED PARTNERS’ ROUNDTABLE:WHAT ARE Eric Mogentale, Principal
INVESTORS LOOKING FOR IN A FUND? WALTON STREET CAPITAL LLC
• How has your investment philosophy changed over the Paul Kazilionis, Managing Principal
past year? • Are you seeing promised returns? • How are WESTBROOK REAL ESTATE PARTNERS LLC
you feeling about your current investments? What would
you like to see change? • Are you decreasing your -B-
allocations to real estate? • How do different types of
investors view real estate funds? 11:00 FUND TRANSPARENCY, PERFORMANCE & MANAGER
Charles. R. Purse, Director • Has fund transparency improved in the last 12 months?
CSFB REAL ESTATE PRIVATE FUND GROUP • How has recent legislation affected fund reporting?
• Tools for investors: How do you choose a manager?
Panelists: • Have actual returns matched expected returns?
David D. Boyle, Senior Portfolio Manager
ABP INVESTMENTS US, INC. Moderator:
Michael B. McCook, Senior Investment Officer, Real Estate Peter D. Linneman, Principal LINNEMAN ASSOCIATES
Brian Schneider, Senior Portfolio Manager Robert Davis, Managing Director
DUPONT CAPITAL MANAGEMENT JAEGER REALTY FOR STANDARD & POOR'S
Howard J. Margolis, Senior Vice President GIC REAL ESTATE David Kaplan, Partner KPMG LLP
Nancy Lashine, President THE LASHINE GROUP
9:30 EVALUATING CORE PLUS,VALUE-ADDED &
Peter J. Pereira Gray, Head of Property Investment
OPPORTUNISTIC INVESTING:WHERE ARE YOUR
THE WELLCOME TRUST
INVESTMENTS ON THE RETURN SCALE?
• What are the actual performance projections for existing
funds? • Impact of new funds entering the market -C-
• Core Strategies: Will more funds be core and value-added 11:00 FOREIGN CAPITAL IN THE US:WHY ARE FOREIGN
rather than opportunistic in the near future? • What INVESTORS INVESTING IN US REAL ESTATE?
strategies are being employed to achieve 20% returns? How
• Are foreign investors becoming more refined? Are they
many funds are actually generating 20% returns?
competing with US opportunistic and value-added
Moderator: investors? • Why is California so appealing to Asia-Pacific
Deborah Levinson, Partner ERNST & YOUNG LLP investors? What affect will Australian investors have on
Panelists: California real estate markets?
Keith F. Barket, Managing Director ANGELO, GORDON & CO. Moderator:
Nicholas Chermayeff, Managing Principal J. Philip Rosen, Chairman-Real Estate Department
BARROW STREET CAPITAL LLC WEIL, GOTSHAL & MANGES LLP
David Brush, Managing Director & Global Head of Real Estate
Opportunities Group DB REAL ESTATE
Clifford McAuley, Partner
Benjamin L. Friedman, President
CLIFFORD CHANCE LLP
GREYSTAR REAL ESTATE ADVISORS, LLC
Additional Panelists TBA
Tae-Sik Yoon, Managing Director JER PARTNERS
Richard Brace, Senior Vice President & Director of Investor
Strategy Services TORTO WHEATON RESEARCH
10:30 Refreshments Courtesy Of:
INFORMATION MANAGEMENT NETWORK Email: email@example.com Tel: (212) 768-2800 Fax: (212) 768-2484 l5
CONCURRENT SESSIONS: CHOOSE “A” OR “B” -B-
-A- 2:00 STRUCTURING JOINT VENTURE PARTNERSHIPS
12:00 REPOSITIONING, REDEVELOPING & TURNAROUND • How do JVs differ from other fund structures?
STRATEGIES • What are the special due diligence considerations?
• What are the keys to capitalizing on distressed properties? • Evaluating local & equity partners • Tax implications
• What is your turnaround timeframe? • How do the Moderator:
strategies differ for each asset class? • Which locations Sanford C. Presant, North American Leader-Opportunity Funds
present the best turnaround opportunities? ERNST & YOUNG LLP
• Turning around tech properties Panelists:
Moderator: Brad Muth, Managing Director ING REALTY PARTNERS
Jonathan Cohen, Senior Manager David J. Lowery, Partner & Co-Chair of Real Estate
DELOITTE & TOUCHE LLP JONES DAY
Panelists: Alvin Katz, Partner MAYER, BROWN, ROWE & MAW LLP
Adam Schwartz, Associate ANGELO, GORDON & CO. John Sullivan, Partner PIPER RUDNICK LLP
Robert Greenhill, Managing Principal Jeffrey A. Scott, Managing Director, Real Estate Corporate
BARROW STREET CAPITAL LLC Finance WACHOVIA SECURITIES
John R. Williams, Managing Director CARMEL PARTNERS, INC. -A-
William "Chip" Douglas, Managing Director
CHARLESBANK CAPITAL PARTNERS LLC 3:00 INVESTING IN A REAL ESTATE PRIVATE EQUITY PLATFORM
Larry Feldman, President & Chief Executive Officer • Valuation and structuring in a real estate private equity
FELDMAN EQUITIES transaction • Corporate governance, decision making and
Robert Stern, Managing Director operating a real estate private equity platform • Liquidity and
PERRY REAL ESTATE PARTNERS exit issues • Trends in market terms • Managing claw-back risk
-B- Jay Bernstein, Partner
12:00 FUND STRUCTURING:WHAT ISSUES ARE INVOLVED IN CLIFFORD CHANCE LLP
CREATING A NEW FUND? Panelists:
• What are the key legal, tax and accounting structural issues? Scott Lawlor, Chief Executive Officer BROADWAY PARTNERS
• Where are you structuring? How does location affect you? Sherri G. Caplan, Partner DEBEVOISE & PLIMPTON
• Are off-shore tax havens a good idea? • State regulations Laura C. Hodges Taylor, Partner GOODWIN PROCTER LLP
of concern Andrew Wood, Chief Operating Officer
Moderator: OCHTAR CAPITAL PARTNERS LIMITED
Donald B. Zief, Partner KPMG LLP
Kent R. Richey, Of Counsel JONES DAY
James H. Lokey, Partner KING & SPALDING 3:00 EVALUATING THE OPPORTUNITIES IN MEXICO
Ethan W. Johnson, Partner MORGAN, LEWIS & BOCKIUS LLP • What’s new in Mexico? How has the property investment
Scott Farb, Principal in Charge, National Real Estate Group climate changed over the past year? • How are Mexican
ROTHSTEIN, KASS & CO. real estate funds performing?
Michael Katz, Co-Chief Executive Officer Moderator:
STERLING AMERICAN PROPERTY, INC. Pamela Wright, Director
CSFB REAL ESTATE PRIVATE FUND GROUP
1:00 Luncheon Courtesy Of: Panelists:
Raymond Flores, President
CORPORATE PROPERTIES OF THE AMERICAS
John Blumberg, Chief Executive Officer
CONCURRENT SESSIONS: CHOOSE “A” OR “B”
MEXICO RETAIL PARTNERS
-A- A Representative of O’CONNOR CAPITAL PARTNERS
2:00 INVESTING IN REAL ESTATE DEBT & MEZZANINE
• Where are fund managers finding the strongest returns? 3:45 Refreshments Courtesy Of:
• Distressed mortgages/debt: Will there be loan purchases at
deep discount? • Investing/structuring real estate CDOs
• CMBS defaults: How will servicers deal with defaults? What
opportunities will arise for the real estate funds?
• Investing in Mezzanine debt: Why is it on the rise?
• How are the funds using mezzanine financing? What
structural issues are involved in mezzanine deals?
Paul Smyth, Managing Director, Capital Markets
ARCAP REIT, INC.
Craig Henrich, Director, Mezzanine Investment DB REAL ESTATE
Andrew Stainer, Senior Vice President JP MORGAN
Arthur Nevid, Managing Director MOUNTAIN FUNDING LLC
Steven A. Fein, Partner, Real Estate Department
PAUL, HASTINGS, JANOFSKY & WALKER LLP
6 l To Register For This Forum, Please Visit: www.imn.org/a639/m/
CONCURRENT SESSIONS: CHOOSE “A” OR “B”
4:00 THE PRIVATE REIT STRUCTURE AND TAX-EXEMPT INDIA REAL ESTATE: MARKET OVERVIEW AND
INVESTORS INTRODUCTORY DISCUSSION
• Avoiding UBIT and other tax implications • What are the • Summary of major real estate markets in India
benefits compared to limited liability companies & other tax- • Description and analysis of leasing trends • Discussion of
driven structures: Portfolio diversification, increased liquidity? infrastructure, legal and regulatory hurdles • Overview of
• What type of investor benefits from these structures? demographic trends and their impact on global job flows
• Link to leaps in communication technologies and trends in
Moderator: delivery of services • Potential political impact of off-shoring trend
Peter Fass, Partner PROSKAUER ROSE LLP Moderator:
Panelists: Charles. R. Purse, Director
Thomas S. Wisialowski, Partner, Tax Department CSFB REAL ESTATE PRIVATE FUND GROUP
PAUL, HASTINGS, JANOFSKY & WALKER LLP Panelists:
Paul Ryan, Partner PRICEWATERHOUSECOOPERS LLP Norman Prouty, General Partner & Managing Partner
M. Leanne Lachman, President LACHMAN ASSOCIATES
Chetan Dave, President VEDANT CAPITAL PARTNERS
4:45 IMN’s Fifth Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes
INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK
THE FOLLOWING SPONSORS FOR THEIR GENEROUS SUPPORT OF THIS EVENT
Clifford Chance is a world leader in providing legal services to real estate opportunity funds.The firm is focused on delivering commercial solutions
to complex transactions for investment banks, sponsors and managers in the domestic and international real estate sectors. Through our unique
global network, we offer clients coordinated, full-service legal advice, no matter where their investment activities take them. We assist several of
the most significant real estate investment funds in their formation, financing, investments and day-to-day operations as well as representing clients
making strategic investments in real estate funds. Our team of investment fund experts assists in structuring funds, investing domestically and
internationally and in related tax and insolvency matters. The firm's real estate opportunity fund capabilities are complemented by our market
leading real estate securities practice.
Clifford Chance is a fully-integrated global law firm with a comprehensive US practice. Unrivaled in international resources, Clifford Chance has
32 offices in 19 countries, including six US offices. We have more than 3,700 legal advisors worldwide, 650 of whom are US-based. Nearly one-
half of the Fortune 500 call on Clifford Chance for transactional, regulatory and litigation advice. We offer these clients a combination of locally
qualified lawyers along with practitioners deeply experienced in international matters in virtually all of the world’s key financial centers.
Greenberg Traurig, LLP is a full-service international law firm with more than 1000 lawyers and governmental professionals practicing in 21 offices
throughout the United States and Europe. We advise clients in the investigation, acquisition, financing, construction, development, and
disposition/marketing phases of all real estate projects.
Our internationally-recognized golf and resort practice involves resort and recreational real estate.We have extensive experience with golf communities,
destination resorts, hotels, mixed-use resort projects, condominiums, common interest projects, fractional and timeshare interests, private residence
clubs, golf and recreational clubs, hotel and resort financing, and regulation.
Greenberg Traurig's real estate investment practice represents real estate developers, banks, insurance companies, REIT's, syndicators, asset and property managers,
financial services companies, investment banks, pension funds and other institutional investors. Our REIT specialists are frequently engaged to assist clients in
determining whether the REIT is a suitable vehicle to meet their objectives, structure the optimum transaction, and introduce clients to capital market and private
sources of capital.
INFORMATION MANAGEMENT NETWORK Email: firstname.lastname@example.org Tel: (212) 768-2800 Fax: (212) 768-2484 l7
Credit Suisse First Boston Real Estate Private JPMorgan has a leading global Real Estate and
Fund Group (CSFB REPFG) is a global advisor Lodging Investment Banking business. The
and placement agent for sponsors of high European team is consistently ranked No.1
quality investment opportunities in real estate Real Estate M&A advisor in the region, with an aggregate of over Euro 30
private equity. CSFB's REPFG team of 18 professionals sources capital from billion of transactions closed since 1999. At the centre of JPMorgan's real
public and private pension funds, foundations, endowments, insurance estate franchise are extensive relationships with corporations, financial
companies and other institutional and accredited investors worldwide. institutions, governments and institutional investors worldwide. The group
Transactions include real estate private equity funds, entity level transactions provides a full range of investment banking products and services, including
and asset-specified joint ventures across the risk/return spectrum on a global advising on corporate strategy and structure, capital raising in equity and
basis. Sponsors of these transactions include private investments firms, real debt markets, and sophisticated risk management. J.P. Morgan Chase & Co.
estate operating companies and public REITs. Credit Suisse First Boston is a leading global financial services firm with assets of $803 billion and
(CSFB) is a leading global investment banking firm serving institutional, operations in more than 50 countries.
corporate, government and individual clients. CSFB's businesses include
securities underwriting, sales and trading, investment and merchant banking, KPMG is a leading provider of assurance, tax and
financial advisory services, investment research, venture capital, legal, and financial advisory services to the real estate
correspondent brokerage services and online brokerage services. CSFB is a industry. KPMG’s Real Estate practice focuses on
truly global institution. It operates in more than 89 locations across more than providing services to clients across all areas of the industry from quoted
37 countries on six continents.The Firm is a business unit of the Zurich based companies and private investors to real estate funds and corporate
Credit Suisse Group, a leading global financial services company. occupiers. Industry specialists can deliver seamless services both locally
GE Real Estate ( www.gerealestate.com ), a unit of GE and across national boundaries in response to complex business
Commercial Finance, is one of the world's leading challenges. The practice covers the following disciplines:
resources for commercial real estate capital. · Real Estate Tax is focused on finding opportunities and leveraging them
Headquartered in Stamford, Connecticut, Real Estate to deliver significant tax savings. Specialists in corporate tax, tax
boasts assets of nearly $28 billion and more than 30 offices throughout compliance, stamp duty, capital allowances, business rates and VAT ensure
North America, Europe and Asia/Pacific - from five operating platforms: our clients have tailored solutions, minimizing bottom-line expenses
• North America Equity • North America Debt • Specialized Industries · KLegal/Mcgrigor Donald has the full range of skills and needed in real
• Europe • Asia Pacific estate.The real estate group comprises over 70 lawyers based in London,
GE Commercial Finance, which offers businesses around the globe an array Edinburgh, Glasgow and Belfast, providing a breadth and depth of resource
of financial products and services, has assets over US$217 billion and is for transactions across the UK and - with the KLegal International network
headquartered in Stamford, Connecticut, USA. General Electric (NYSE: GE) - beyond.
is a diversified technology and services company dedicated to creating · The Financial Advisory Services practice works with companies to grow
products that make life better. and enhance their shareholder value.The real estate team provides project
Jones Day is one of the world's largest law firms, with 14 U.S. and structured finance, debt advice and assistance through all phases of a
and 14 non-U.S. offices and more than 2,200 lawyers. Our transaction, including post-merger integration. We also advise corporates
Real Estate Area comprises more than 130 lawyers in the on how they can align their real estate portfolio to match business needs,
U.S., U.K., Europe and Asia. Bloomberg recently ranked Jones Day #1 globally reduce costs and, where necessary, extract value.
in Real Estate M&A transactions by deal count and #2 globally by deal · The Assurance practice helps clients manage risk so they can focus on
volume in 2003. their core businesses and convert information into opportunities to
For more than 15 years, Jones Day lawyers have represented market leading improve client efficiency and performance.
fund sponsors, including well established investment management firms, new
sponsors and experienced management groups beginning new ventures, in
real estate opportunity, value-added, core and core-plus fund formations and Mayer, Brown, Rowe & Maw LLP's Real Estate Group is
many of the largest and most active of these funds in their ongoing joint large, varied and international in its capability. Each year,
venture, acquisition, disposition, financing, and asset management activities in Mayer Brown real estate lawyers handle thousands of
the U.S., U.K., Europe and Asia. Jones Day has also represented many of the purchases, sales, leases, financings, securitization transactions
most active lead investors and investment advisors in making alternative asset and restructurings involving tens of billions of dollars and
investments and investments in U.S., U.K., European, Asian and globally pounds around the world. The Real Estate Group consists of lawyers
targeted real estate funds. This experience provides our lawyers with a throughout our international network of offices with the combined
unique perspective on the business objectives of a broad range of fund expertise and skills necessary to provide excellent service to clients in
participants as well as a deep understanding of the current state of deal complex real estate transactions worldwide. Our real estate practice is
terms throughout the world. enhanced by our extensive involvement and influence at various levels of
the real estate industry. For more information, please visit our website at
From organizing innovative product and geographically focussed fund www.mayerbrownrowe.com
structures, to advising on real estate M&A and portfolio transactions, formation
of joint ventures, incentive compensation arrangements with local operating
partners and subscription and property based financings, our Real Estate Funds
Practice draws upon lawyers from our Real Estate, Tax, Cross-Border,
Corporate Finance, M&A and Lending/Structured Finance areas to provide
thorough analysis and creative integrated solutions to complex client problems.
For further information on our Real Estate Funds Practice, please visit us at
our website, www.jonesday.com, or contact:
Robert C. Lee email@example.com
David J. Lowery firstname.lastname@example.org
Kent R. Richey email@example.com
8 l To Register For This Forum, Please Visit: www.imn.org/a639/m/
The Real Estate Oppor tunities Group formation, qualification and transaction structuring; secured lending
(REOG), a division of DB Real Estate, is transactions; and bankruptcy strategy, transactional and litigation assignments.
responsible for acquiring and managing high- Founded nearly 100 years ago, Kirkland has more than 900 attorneys handling
yield, opportunistic real estate equity investments on behalf of the firm complex real estate, litigation, corporate, intellectual property, bankruptcy, tax
and its clients. Since 1990, the group has made nearly 200 investments and counseling matters for national and international clients.
in 23 countries throughout the Americas, Europe and Asia Pacific,
deploying over US$6 billion of capital on behalf of Deutsche Bank and For over 75 years, LaSalle Bank’s Commercial Real
its partners. REOG consists of over 60 professionals, mostly consisting Estate Group has been an industry leader, serving
of local market experts, working and residing in 12 countries around the public and private real estate developers,
world. Its most significant concentrations of personnel are in New York, Institutional investors and individuals. Headquartered in Chicago with $61.3
London, Tokyo and Hong Kong. In 2003, REOG raised US$1.5 billion billion in assets, LaSalle Bank is an integral part of the real estate marketplace.
from institutional and private clients for the purpose of acquiring an With twelve real estate offices throughout the US the Bank is uniquely
existing portfolio of investments held by Deutsche Bank as well as positioned to serve thousands of clients each year on a national platform.
making new investments.
LaSalle’s capabilities include: commercial property acquisition and
REOG invests in a variety of strategies including: distressed loans, construction financing; Fund level lines of credit; Real Estate Investment Trust
distressed proper ty, corporate restructuring/spin-outs, asset price financing; and a variety of short term and long term financing alternatives for
arbitrage, development/re-development, corporate public to private office, industrial, retail, multi-family and For-sale residential property projects.
and private company growth strategies. REOG has a long track record LaSalle Bank is able to provide customized support to their varied client base.
of working with local real estate entrepreneurs, providing the equity
capital and financial expertise necessary to realize their projects. REOG
takes great pride in being a reliable, responsive and trustworthy partner Morgan Lewis has a successful history of providing
to local entrepreneurs, with many of whom REOG has established a value-added services to clients engaged in the
longstanding and mutually beneficial relationship. private equity industry. Our representation of
REOG is the opportunistic investment arm of DB Real Estate, Deutsche private equity and venture capital clients spans from multibillion dollar
Bank's global real estate investment management platform. With over acquisitions and related financing to early stage investment. We offer an
$47 billion of equity funds under management and over 1700 unmatched array of legal services to support the development of portfolio
employees throughout North America, Europe and Asia, DB Real Estate investments. In addition, we play a key role in all phases of the fund
is one of the world's leading real estate investment management formation process, including negotiation with lead limited partners and the
organizations. DB Real Estate's resources gives REOG a unique and structuring of equity and retention arrangements among fund principals.
powerful perspective on the markets through the platform's state-of- Our broad transactional experience is complemented by industry-specific
the-art market research (across the globe) and real-time information on expertise, including real estate expertise. Our Real Estate Practice includes
a large number of leasing and investment markets. more than 60 professionals firmwide who represent major corporations,
regional and national developers, institutional lenders, investors, private
equity funds, pension funds and advisers and REITs.
Goodwin Procter LLP is a national leader in real estate
capital formation and transactions. For the past 50 years, Morgan Lewis also has a strong tax and ERISA practice that support the
we have been helping clients raise capital and buy, sell Firm's real estate private equity fund practice.
and finance real estate. With over 100 lawyers focused on serving owners, With over 1,200 lawyers and 300 other professionals (including technical
investment managers, investors, lenders, investment bankers and developers, specialists, patent agents and paralegals) in 18 office worldwide, Morgan
we participate in all aspects of the industry. Lewis ranks among the 10 largest U.S. law firms.
In recent years, we have assisted in the formation of real estate funds with
private equity capital in excess of $10 billion, structured and executed real Ochtar Capital Partners is a dynamic and entrepreneurial
estate investment transactions valued at over $20 billion and assisted in REIT real estate investment manager focused on private
and REIT M&A deals totaling more than $43 billion. equity investment in Europe and Asia.
Industry leaders and seasoned entrepreneurs seek our assistance in accessing Ochtar Capital Partners was formed in February 2004 by the management
and deploying capital for investment in real estate and the execution of a wide team at Lend Lease Global Real Estate Advisors SA (“Global Advisors”),
variety of growth, value-creation and core strategies.We are familiar with the when it acquired the advisory company to the real estate opportunity fund
specialized issues associated with a wide variety of property types. Clients rely Lend Lease Global Properties SICAF (“LLGP”). Ochtar Capital Partners
on us to identify conventional approaches where available or develop manages over US$1.6 billion of assets owned by the LLGP.
innovative new ones when necessary. Our cross-departmental Funds Through its network of offices in London, Hong Kong, Tokyo and
Formation, Real Estate Investment Management, and REITs and Real Estate Luxembourg, Ochtar Capital Partners’ 31 real estate professionals manage
Securities Practice Areas bring together lawyers with the focused expertise assets in Portugal, Spain, the United Kingdom, Belgium, Luxembourg,
necessary to respond to client demands promptly and efficiently. Germany, Hong Kong, South Korea, and Japan. The investments include
income producing assets, development and re-development projects, joint-
The Real Estate Practice Group at Kirkland & venture investments, real estate operating companies, mortgage loans and
Ellis pursues an interdisciplinary approach to listed real estate securities.
sophisticated real estate transactions to offer our clients flexible and creative Ochtar Capital Partners has a unique position due to its local presence in
solutions to difficult problems across a broad range of transactions in the the European and Asian regions and its real estate focused platform. For
commercial real estate industry. Through extensive interaction between more information please visit our website at www.ochtar.com
members of the Real Estate Practice Group and lawyers in other areas of the
Firm's practice, Kirkland offers focused, multidisciplinary counsel on a cost-
effective basis. Kirkland & Ellis regularly advises real estate clients on a variety
of matters including real estate private equity fund investments and
formations; real estate operating company formations and investments; single
asset and portfolio acquisitions and dispositions; private and public "REIT"
INFORMATION MANAGEMENT NETWORK Email: firstname.lastname@example.org Tel: (212) 768-2800 Fax: (212) 768-2484 l9
Paul, Hastings, Janofsky & Walker LLP is an
international law firm comprised of over 900
attorneys in eight domestic and five overseas Proskauer Rose LLP, established over one hundred twenty-five years ago, is
offices.The Firm's real estate department is one of the preeminent groups a full service national law firm of over 600 attorneys, with headquarters in
throughout the world, with over 150 lawyers. Paul Hastings' real estate New York City and major national offices in Los Angeles, California;
department was named 2002/2003 "International Real Estate Law Firm of Washington, D.C.; Boston, Massachusetts; Boca Raton, Florida; Newark,
the Year" by Chambers and Partners as well as being selected as having the New Jersey; and Paris, France.
top real estate departments in both New York and California.The Firm also
has an experienced finance and capital markets practice which specializes in The Firm's real estate practice is exceptionally diverse and well-balanced.
the representation of lenders and borrowers in financings that encompass This allows us to staff each transaction, whether a straightforward single
conventional loans and mezzanine financing, equity capital raising, as well as asset transaction or a complex multi-property portfolio financing, with a
sophisticated capital market and securitized transactions.With international team of qualified professionals who will produce first-rate results in an
offices serving three industrialized continents, Paul Hastings is uniquely efficient, timely and cost-effective manner.
poised to assist opportunity fund investors and members of the real estate Our clients include property owners, developers, mortgage and mezzanine
industry. Commitment to client objectives, unparalleled responsiveness to lenders, debt and equity investors, tenants, brokers and managers. In the
client needs and freedom to be creative have established Paul Hastings as course of our representation of these clients, we regularly handle
an international leader in legal services. For more information, visit us at our commercial transactions encompassing: sales and acquisitions of real
website: www.paulhastings.com or contact Philip N. Feder at property and equity and debt interests; mortgage and mezzanine loan
email@example.com regarding real estate transactions and originations and other real estate financing vehicles; credit leases, ground
distressed real estate, domestic or international, Derek Smith at leases and other net leases; office and retail leases; joint ventures and equity
firstname.lastname@example.org regarding real estate investments and deal funds; equity a debt securitization; property development and construction;
structuring, Steven Fein at email@example.com regarding real and brokerage and management arrangements.
estate-related lending, or Tom Wisialowski at firstname.lastname@example.org While many of the transactions we handle require an interdisciplinary effort
regarding formation of venture capital funds and real estate acquisition funds. on the part of the lawyers involved, our real estate attorneys often work in
tandem with Proskauer attorneys having bankruptcy, hospitality, tax,
Piper Rudnick has more than 950 lawyers in 12 corporate, environmental, labor and ERISA law backgrounds in order to
cities and is nationally recognized for its real structure, document and consummate these complex transactions. For
estate capabilities. With 160 real estate lawyers further information, please visit our website at: www.proskauer.com.
in major markets nationwide, Piper Rudnick has one of the largest and
most experienced real estate practices in the United States and represents
leading real estate owners, advisors, lenders, public and private REITS, Wachovia Bank's Real Estate Financial Services group
public and private pension funds and other sophisticated participants in delivers a broad array of products and services with a
commercial real estate transactions. Piper Rudnick's real estate lawyers are solutions-oriented approach through 100 experienced
supported by the firm's private real estate investment fund group, involving Relationship Managers housed in over 30 markets located
an additional 50 lawyers from numerous practice areas including tax, along the bank's East Coast footprint. These Relationship
ERISA, corporate and securities. The firm's national presence and diverse Managers function as a client advocates for more than 2,000 Commercial
internal capabilities enable it to advise its fund and advisor clients on the and Residential real estate clients providing traditional banking products and
full range of increasingly complex regulatory, tax, and other legal issues that services such as construction financing, mini-perm financing and depository
affect real estate funds and their sponsors and investors. products, as well as a seamless delivery of the bank's Capital Markets,
Wealth Management, and Capital Management capabilities. In 2002, the
Real Estate Financial Services group provided more than $7.6 billion in new
balance sheet commitments to its real estate clients, upholding its
PricewaterhouseCoopers (www.pwc.com) provides industry-focused longstanding capital commitment to the real estate industry. Wachovia, the
assurance, tax and advisory services for public and private clients. More than Charlotte, N.C.-based banking company, is one of the top three real estate
120,000 people in 139 countries connect their thinking, experience and solutions lenders in the country with more than $32 billion in loan commitments.
to build public trust and enhance value for clients and their stakeholders.
Unless otherwise indicated,"PricewaterhouseCoopers" refers to PricewaterhouseCoopers
LLP, a Delaware limited liability partnership. PricewaterhouseCoopers LLP is a
member firm of PricewaterhouseCoopers International Limited.
PricewaterhouseCoopers Financial Services Group is a leading provider of
integrated professional services to major financial services organizations. The
Real Estate Group, an integral part of our Financial Services Group, helps
clients in achieve their goals through every phase of the real estate market and
property cycles, and across the complete spectrum of activities. Across the
board, our Real Estate professionals deal with complex issues by delivering a
creative and integrated approach that combines our comprehensive industry
experience and knowledge with innovative thinking and the latest technology.
Our integrated approach to problem-solving involves a global network of real estate
accounting, tax and consulting professionals who can quickly mobilize to form highly
qualified teams to respond to a client’s opportunity or challenge.Our team members
represent a cross section of professionals in accounting, tax, valuation, reorganization,
insolvency, transaction advisory, information systems and technology and they draw
upon a shared wealth of experience as real estate managers, planners, developers,
credit underwriters,appraisers,surveyors,advisors,asset managers and tax attorneys.
10 l To Register For This Forum, Please Visit: www.imn.org/a639/m/
AEW Capital Management, L.P. is a real estate Deloitte & Touche LLP is the one of the
investment advisory firm, providing investment preeminent providers of audit, tax and consulting
management services to institutions and other services to the real estate industry. Our 400
investors in commercial properties and portfolios.The firm focuses on real dedicated professionals across the United States serve more than 2,000
estate securities portfolios, high-return private equity investing, and the clients, including many of the industry's leading capital providers, Wall
acquisition and management of directly held property portfolios. With Street firms, builders, developers, brokers, management and leasing
approximately 300 people working from primary offices in Boston, Los companies, institutional and individual investors.The depth and diversity of
Angeles, London and Paris, AEW and its affiliates currently manages our experience allows us to address the full spectrum of our clients' needs
approximately $17.5 billion in client capital, which is invested in almost $24 and offer uniquely balanced perspectives on today's marketplace.
billion of property throughout North America and Europe.
Ernst & Young has the largest integrated real
AMC Delancey Group, Inc., is a Philadelphia based real estate estate, hospitality and construction practice of
investment firm which directly and through an expanding any Big Four firm, with 3,500 professionals
strategic network of seasoned local operating partners, owns around the world providing audit, tax, and advisory services to real estate
and operates real estate assets across property types from owners, developers, lenders and users -- including many major REITs,
New England to Florida. Founded in 1992 by former Bass Family real estate homebuilders and Fortune 500 corporations. Our unique approach
partner Kenneth P. Balin, the company offers operating partners and financial combines entrepreneurial thinking and working knowledge of real estate
investors an investment structure, which meets the needs of both sides by issues with broad real estate expertise, vast resources, and a diverse
carefully aligning interests between all parties.This strategy allows for longer-
network of clients and contacts. Ernst & Young serves more than 4,000 real
term investment holding periods than traditionally permitted by opportunity
estate clients across the country and throughout the world. Learn more
funds and enables operating partners to achieve their long-term investment
about Ernst & Young Real Estate, Hospitality & Construction at
needs. At the same time the investment strategy is designed to produce
superior risk-adjusted long-term investment returns for all investors. For
more information, please visit our website, www.amcdelancey.com. Fremont Investment & Loan Fremont Investment &
Apollo Real Estate Advisors is a privately held, Loan (“Fremont”), a subsidiary of Fremont General
employee-owned, principal investment firm founded in Corporation, (FMT:NYSE) is a commercial and
1993. Apollo serves as the General Partner of a series residential real estate lender specializing in commercial loans on mid-market
of six diversified real estate investment funds and several properties, as well as non-conforming residential loans. Headquartered in
other real estate investment partnerships. Apollo has invested more than Anaheim, California, the company originates loans in all 50 states through its
$4.1 billion of clients' and partners' equity in more than 200 investments in nine regional offices.
portfolios and individual property assets, with a gross asset value in excess The commercial real estate division provides variable rate financing on all
of $20 billion, in the United States, Europe and Japan. The Apollo team types of income-producing properties, from $5 million and up. Fremont’s
consists of 35 real estate professionals, located in New York, Chicago, Los expertise in structured lending and the flexibility afforded by being a
Angeles and London. Clients include domestic and international retirement portfolio lender has allowed it to become one of the top lenders in its niche.
systems, pension plans, endowments, foundations, banks, insurance In 2003, the company closed over $2.5 billion in structured, commercial real
companies and family offices. Apollo focuses on off-market deals and under- estate loans, and closed the year with earning assets in excess of $9 billion.
managed properties, often teaming with strong local operating partner.
Gibson, Dunn & Crutcher's
Formed in January 1997, Barrow Street Capital is the Real Estate Department
exclusive real estate investment management arm of handles a broad range of
Greenhill & Co., a merchant bank with over 100 traditional and non-traditional transactions on behalf of its U.S. and foreign
employees in New York, London and Frankfurt. Barrow Street seeks 15%-20% clients. Clients include domestic and foreign commercial and investment
net IRRs by investing in medium-size ($15-$75 million) redevelopment and banks, finance companies, savings banks, insurance companies and other
development projects in dynamic U.S. markets with supply constraints. Barrow financial institutions, private investment funds and other institutional and
Street applies the principles of “value investing” to real estate by: establishing a non-institutional investors, REITs, hotel operators, local, national and
margin of safety; providing a value proposition to tenants and homebuyers; and international real estate developers and builders, owners and tenants . The
working with local operating partners who have integrity, skill, financial group also represents pension funds both directly and through their
commitment and an owner mentality. Barrow Street has invested in office, investment advisers in connection with debt and equity investments in
manufactured housing, senior housing, retail and mixed-use assets in New
commercial real estate.
England, the Mid-Atlantic, South Florida and Southern California. Barrow
Street and its partners have committed equity of $247 million in joint ventures Haynes and Boone, L.L.P. is an international law
and commingled funds that have invested $177 million of equity in 25 assets firm with eight offices throughout Texas, Mexico
with total capitalization of $692 million. Barrow Street has sold 18 assets with City, New York and Washington, D.C., providing a
an average gross IRR of 32%. Barrow Street is currently investing the Barrow full spectrum of legal services to clients around the world. With more than
Street Real Estate Fund II, L.P. (“BSREF II”), which has $110 million of equity 450 attorneys, Haynes and Boone is ranked among the largest law firms in
commitments. The principals of Barrow Street have personally invested or the nation by National Law Journal. AmLaw Tech Magazine Scoreboard
committed $51 million in Barrow Street’s entities. ranked Haynes and Boone first in law firm technology in 2001.The firm has
CoStar Group, Inc., (NASDAQ: CSGP) is the leading been recognized as one of the “20 Best Law Firms to Work For” (Vault.com,
provider of information services to commercial real estate 2004), one of the “Best Corporate Law Firms in America” (Corporate Board
professionals in the United States and the United Kingdom. Member Magazine, 2001-2003), and recipient of the Minority Corporate
CoStar's suite of services offers customers access via the Counsel Association’s 2002 Thomas L. Sager Award for commitment to
Internet to the most comprehensive database of commercial real estate diversity. Haynes and Boone is one of the leading U.S. law firms in
information on 50 U.S. markets, London and the United Kingdom. Based in representing agents and arrangers of subscription secured credit facilities for
Bethesda, MD, the company has approximately 850 employees in 35 offices real estate funds.
throughout the United States and the United Kingdom, including the largest
professional research organization in the industry.
INFORMATION MANAGEMENT NETWORK Email: email@example.com Tel: (212) 768-2800 Fax: (212) 768-2484 l 11
HDG Mansur Capital Group, LLC sponsors and Morrison & Foerster LLP is a preeminent international
develops international real estate investment law firm with approximately 1,000 attorneys and 19
programs for high net-worth individuals seeking real offices worldwide. Its Real Estate Group is expert in all
estate as an asset class in their personal investment portfolios. HDG Mansur aspects of U.S. and international real estate, and includes lawyers resident in
Capital Group has over 20 years of experience developing and structuring all of the principal U.S. and foreign offices. It is equally experienced in
international real estate investments for high net-worth individuals and representing clients on "one-off" transactions, and on a portfolio-wide, multi-
select institutions worldwide, including the management of six international jurisdictional basis. In Asia, it complements U.S. lawyers with resident lawyers
funds with investments in the Pacific Rim, Australia, Europe, Canada and the qualified to practice in Japan and China, including Hong Kong.
United States of America. HDG Mansur Capital Group is the holding A principal focus of the firm's Real Estate Group has been the
company for the HDG Mansur Group of companies. representation of real estate opportunity funds and their financing sources.
In particular, the firm is an industry leader in subscription line financings
JER Partners is the investment arm of the J.E. utilized by opportunity funds, and has represented lenders in many of the
Robert Companies (JER), a premier largest financings in the recent past. It also represents opportunity funds in
international real estate investment and asset management firm. JER's real estate investments and dispositions throughout the world, including the
principle focus is on the acquisition, management and disposition of formation of joint ventures for acquisitions in Europe and Asia.
commercial real estate products. JER focuses exclusively on real estate and
has over 100 employees in 7 offices across North America and Europe. As Since 1993, Mountain Funding has been financing
a leading investor, JER, together with its financial partners, has acquired more opportunistic real estate transactions, specializing in non-
than 14,000 assets with a gross investment in excess of $11 billion over the stabilized value-added situations often requiring a quick
past 13 years. In addition to our extensive experience in acquiring real estate closing. Mountain Funding offers true one-stop financing, with any
assets, since its inception in 1981, JER has managed or invested more than combination of Mezzanine Debt, Equity and High-Leverage Firsts for
$40 billion in real estate assets. For more information please contact: Clyde multi-family, retail, office, industrial, condo and land projects. Mezz/equity
Robinson, Director, Investor Relations and Marketing 703-714-8016 Tel and starts at $2mm and firsts start at $10mm. Opportunistic developers
703-714-8141 Fax, or Debbie Harmon, CIO, 703-714-8038 Tel and 703- oftentimes have difficulty finding an institutional investor or lender able to
714-8124 Fax. quickly understand the "story" and close in a timely fashion, resulting in a
lost opportunity. Mountain Funding’s principals are all developers, allowing
King & Spalding LLP is an international them to quickly assess complex opportunities others shy away from. Mountain
law firm with more than 700 lawyers Funding's hands-on, roll-up-our-sleeves approach and simplified approval
in Atlanta, Houston, London, New York and Washington, D.C. The firm process results in quick responses and closings. www.mountainfunding.com.
represents more than half of the Fortune 100. For each of the last twelve
years,The American Lawyer has listed King & Spalding among the top 50 law Prudential Real Estate Investors (PREI) is a
firms in the United States, and in a similar listing in 2003, the firm ranked business unit of Prudential Investment
among the top 50 law firms in the world. Management, Inc. (PIMI), an indirect
wholly-owned subsidiary of Prudential Financial, Inc. (NYSE:PRU). PREI is a
Marcus & Millichap Real Estate Investment leader in the global real estate investment management business, offering a
Brokerage Company, with more than 800 broad range of investment vehicles that invest in private and public market
investment professionals in 36 offices nationwide, opportunities in the U.S., Europe, Asia, and Latin America. Headquartered in
is the largest commercial real estate firm specializing in investment brokerage Parsippany, NJ, PREI has offices in Atlanta, Boston, Chicago, San Francisco,
and advisory services. The company was founded on the principles of Amsterdam, Brussels, London, Lisbon, Madrid, Milan, Munich, Paris, Zurich,
specialization and value-added brokerage services. By focusing 100 percent Singapore, and Rio de Janeiro. As of December 31, 2003, PREI manages over
on investment brokerage, the firm has developed unrivaled transaction $14.8 billion in net real estate assets on behalf of 450 clients worldwide and
expertise and market knowledge. The brokerage firm’s 33-year history of is ranked among the largest real estate investment managers. Our
maintaining investor relationships in local markets enables it to be the best internationally recognized platform uniquely positions our investors to
national market information source and transaction service provider. In 2003 capitalize on our proprietary pipeline for investments and our real estate and
Marcus & Millichap closed more than 3,800 investment transactions valued in operational expertise.
excess of $10.3 billion for private and institutional investors. PRICOA Property plc, which was formed in 1984 as the European real estate
investment vehicle of PREI, manages $3.164 billion as of December 31, 2003;
Molinaro Koger was founded in net assets under management were $2.016 billion. As specialist investors in
1959 to provide specialized real estate and corporate entities located in the UK and throughout Europe,
investment advisory and brokerage services to the hospitality industry. PRICOA Property plc is a market leader in the formation and management of
With experience and expertise gained in every aspect of the hotel specialist operating programs for major domestic and international investors
business over the last 40-plus years, MK provides clients with unparalleled and the operation of single client accounts.
service and commitment. Headquartered in Washington DC, with offices The national real estate group at Rothstein Kass
in London, Chicago, Atlanta and Dallas. Molinaro Koger structures services the needs of closely held, private and
transactions of luxury hotels, resor ts and mid-scale proper ties institutional real estate companies. Founded in
throughout the Americas and Europe. The firm has captured the awards 1959, Rothstein Kass provides the traditional core services of accounting, audit
for Highest Volume, Largest Transaction and Salesman of the Year from and tax, but also offers a wider range of services including risk management
Hotel Brokers International more than any other firm.With more than $6 and insurance consulting, information technology consulting, strategic business
billion in hotel property sales, MK closes, on average, more than 75 hotel counseling, web-based reporting, and fund administration and outsourced
property sales per year. MK employs a total of 16 hospitality advisors and accounting. The Firm provides services to approximately 1,200 hedge funds,
a support staff of 25. Each member of the MK team brings to the table a investment funds and private equity funds. For more information, please
unique perspective and invaluable insight. The tremendous pool of contact Scott Farb, principal-in-charge of the national real estate group at
expertise and talent among MK brokers makes for a powerful, results- (310) 273-2770 or firstname.lastname@example.org. Additional information is available at
driven sales team. Molinaro Koger's website is www.molinarokoger.com www.rkco.com.
12 l To Register For This Forum, Please Visit: www.imn.org/a639/m/
Customized solutions for Opportunity Funds for your Torto Wheaton Research’s rigorous approach to modeling, forecasting and
international banking and commercial needs. With investment strategy that underscores an unmatched research platform for
over 500 offices in 50 countries, we can customize providing objective and directional advice, insightful decision-making and,
sound, effective solutions for your banking needs. No matter what they are ultimately, investment performance. Torto Wheaton Research is an
- Foreign Exchange, Options, Interest Rate Derivatives, Structured Solutions, independent business unit of CB Richard Ellis, the world's leading global real
Syndications, Cash Management, Custody - our 150 years of experience will estate services company and is based in Boston and is located at 200 High Street,
give your business the edge. Please contact Jim Conti (212-667-0644) or 3rd Floor, Boston, MA 02110, (617) 912-5200, www.tortowheatonresearch.com
Robert Gilbert (212 667 0493) for further details. UBS Investment Bank is a leading global
Standard & Poor’s Structured Finance Ratings offers securities and investment banking firm, providing
globally a range of rating services, which help investors, a full spectrum of products to institutional and
bankers, issuers and other constituents benchmark the corporate clients, intermediaries, governments and hedge funds worldwide.
credit quality of securitized assets. Our coverage includes asset-backed, Top-tier capabilities in investment banking, unrivaled content, global
mortgage-backed, and commercial mortgage-backed securities, in addition to distribution power and award winning relationship-enhancing technology
collateralized debt obligations, real estate companies, REITS and drive our competitive position and growth in profitability.
homebuilders.We also provide servicer evaluations, assessments of collateral We meet our clients' needs through the following business areas: investment
managers and real estate equity managers, tools to track and analyze banking, equities, fixed income, rates and currencies. Headquartered in London,
commercial and residential mortgage risk, as well as deliver through the web, UBS Investment Bank employs over 15,000 people in 31 countries globally.
extensive on-going asset performance and collateral information.
UBS Investment Bank's position within the UBS Group lends our business
Standard & Poor’s unmatched understanding in all structured finance the stability and security of one of the world's most prestigious financial
markets, our absolute commitment to quality service and our long-standing institutions. We take advantage of UBS's superior financial strength and
reputation for objectivity, openness, integrity, and credibility has made us a investor network whenever they can create or protect value.
forward thinking leader worldwide. For additional information, visit our
website at www.standardandpoors.com. Against this solid background, we have built a unique organization
committed to delivering exceptional levels of service with a single aim -
Sterling American Property Inc. backs its entrepreneurial real continued client success.
estate investment approach with a 30-year history of national
real estate development, acquisition and asset management Founded in 1931,Weil, Gotshal & Manges is one of
experience. Since 1991, its four consecutive real estate funds the world's leading international law firms with over
have invested in more than $2.5 billion in assets in 43 states, 1100 lawyers, including 240 partners.The Firm serves
often in conjunction with strong regional joint venture partners. Today a broad and diverse group of clients, including many
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product, TWR Outlook, provides the foundation for our services and Department has been involved in virtually every major Chapter 11
encompasses the richest dataset of supply and demand statistics and reorganization case in the United States and in major national and
forecasts available for commercial and multi-family real estate sectors. It is international out-of-court debt restructurings.
ABOUT THE PLAZA HOTEL
Built in 1907 and designated a National Historic Landmark in 1986,The Plaza mirrors the look of a French Chateau with its marble
lobbies, guilded ceilings and furnishings imported from the world over. The hotel stands 19 stories high and offers 805 rooms including
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stars of stage, screen and sports, as well as business executives and travelers from all parts of the world have gathered and stayed at
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held meetings,weddings,galas and other occasions in its exquisite suites,ballrooms and banquet rooms. Today,that tradition continues.
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INFORMATION MANAGEMENT NETWORK Email: email@example.com Tel: (212) 768-2800 Fax: (212) 768-2484 l 13
absreports.com is the centralised gateway to European Investment Management Weekly is a
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14 l To Register For This Forum, Please Visit: www.imn.org/a639/m/
IMN’S REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM REGISTRATION FORM
TUITION TABLE: IMN OFFERS SIX CONVENIENT WAYS
Registration Early Bird* Regular
TELEPHONE: (212) 768-2800 ext. 1
Standard ❑ $1595 ❑ $1795
8:00 a.m. - 6:00 p.m. US Eastern Time
Institutional Investor** ❑ $495 ❑ $695 Monday-Friday
* Early Bird registrations must be completed by April 30, 2004 AFTER HOURS: (212) 560-5132
** Rate applicable for Institutional Investors only & requires approval. Email firstname.lastname@example.org for consideration. 6:00 p.m. - 8:00 a.m. US Eastern Time
Monday-Friday / All Day On Weekends
For groups of 5 or more, email email@example.com for special rate consideration.
VENUE/HOTEL INFORMATION:The Plaza Hotel , New York City (see box on right) FAX: (212) 768-2484
24 Hours A Day
(PLEASE PHOTOCOPY THIS FORM FOR ADDITIONAL DELEGATES) MAIL:
Information Management Network, Inc.
Name: 25 West 45th Street, Sixth Floor
New York, NY 10036
Nickname For Badge:
Department: (Please include your name, telephone number and
the code A639)
Company: WORLD WIDE WEB: www.imn.org/a639/m/
Information Management Network
City: State: Zip: is registered with the National
Association of State Boards of
Telephone: Fax: Accountancy (NASBA) as a
sponsor of continuing professional
Email: Website: education on the National Registry of CPE Sponsors.
State boards of accountancy have final authority on
OK TO NOTIFY ME BY: (You may select more than one method of notification) the acceptance of individual courses for CPE credit.
❑ Email (Fastest Notification) ❑ Fax ❑ Telephone ❑ Mail Complaints regarding registered sponsors may be
addressed to the National Registry of CPE Sponsors,
150 Fourth Avenue North, Nashville, TN, 37219-
COMPLAINTS: 2417. Web site: www.nasba.org
Customer satisfaction is important to us. If you have a complaint, please contact our complaint hotline at 212-768-2800,
ext. 220.Your complaint will be addressed within one business day. Earn ____ CPE credits
Credits are measured by program length, with one
CANCELLATION POLICY: PAYMENT POLICY:
50-minute period equal to one CPE credit. One-half
For cancellations received in writing: Payments can be made by American Express,Visa, MasterCard, CPE credit increments (equal to 25 minutes) are
Four weeks or more prior to the event: Diners Club, Company Check, or by wire transfer. permitted after the first credit has been earned. Please
Full Refund or Full Credit Voucher If registering 2 weeks or less prior to the start of the Forum, be advised that state boards of accountancy have final
Between two and four weeks prior to the event: you must submit your credit card information as a form of authority on the acceptance of individual courses for
$200 Cancellation Fee or Full Credit Voucher payment. If registering more than 2 weeks prior to the start of CPE credit and acceptance of one-half credits.
the Forum and payment is not received at the time of For more information on CPE credits, please visit
Two weeks or less prior to the event:
registration, a credit card hold will be required to maintain your www.imn.org/a639/m/
No Refund; a Full Credit Voucher will be issued
registration status. If payment is not received 2 business days
Credit vouchers may be applied toward any prior to the event date, the respective credit card will be TRAVEL ARRANGEMENTS:
future IMN event within one calendar year of utilized as the form of payment. Please make all checks payable Travel Gems is the official travel agent for IMN’s Real
the date of the cancellation. If IMN decides to to Information Management Network, Inc. In the memo area Estate Opportunity & Private Fund Investing Forum. To
cancel any par t of this event, the Company is of the check please write the name(s) of the Real Estate obtain the lowest rates available, please call (212) 889-
not responsible for covering airfare, hotel or Opportunity & Private Funds Investing Forum registrant(s) and 3131 or (800) 782-6627 (US callers outside of New
any other costs. Speakers, agenda, networking the Code A639. York City) and ask for Mr. Ken Glickman on ext. 109.
and recreational events are subject to change
Wire transfers should be sent to: HSBC Bank USA, 1185 VENUE/HOTEL INFORMATION:
Avenue of the Americas, New York, NY 10036 USA. Be sure The Plaza Hotel is located at Fifth Avenue at Central
to use the Routing #021001088, Account Name: Information Park South, New York, NY 10019. Phone: (212)
SUBSTITUTION POLICY: Management Network, Account #619727608 and the 759-3000 Fax: (212) 759-3167. If you plan to stay
Substitutions may be made up to the day of Reference Code A639 along with the name(s) of the at the The Plaza Hotel, you must make your
the event. registrant(s). Please fax confirmation of Wire Transfer to (212) reservations directly with the hotel by calling (212)
764-2249 Attn: IMN Accounting Dept. 759-3000 and asking for “IMN’s Real Estate
Opportunity & Private Fund Investing Forum” group
I Have Read And Accept The Cancellation, Substitution And Payment Policies Noted Above: rate. To secure reservations at the group rate, you
(Signature required to process registration) __________________________________________________________ must make your reservations as soon as possible.
SPONSORSHIP AND EXHIBITS: ATTENTION
METHOD OF PAYMENT (PLEASE CHECK ONE) REAL ESTATE FINANCE PRODUCT & SERVICE
❑ American Express ❑ Visa ❑ MasterCard ❑ Diners Club ❑ Company Check ❑ Wire Transfer VENDORS
IMN's Fourth Annual Forum held in May of 2003
Credit Card#: attracted over 600 key real estate investment and
finance professionals. As an Exhibitor and/or
Sponsor at the 2004 Forum, you can directly
Name Appearing On Credit Card: network with and market to these industry leaders.
Sponsorship of various social events and a limited
Mailing Address For Credit Card: amount of strategically located exhibition space are
still available for this event. For more information on
this important business development opportunity,
Signature: please call (212) 901-0550.
INFORMATION MANAGEMENT NETWORK Email: firstname.lastname@example.org Tel: (212) 768-2800 Fax: (212) 768-2484 l 15
20 TEN 60 R
03 DE 0
EV D T
GLOBAL ORGANISERS OF INSTITUTIONAL
FINANCE & INVESTMENT CONFERENCES
THE FIFTH ANNUAL
US REAL ESTATE
OPPORTUNITY & PRIVATE
FUND INVESTING FORUM
June 1-2, 2004 LEAD SPONSOR
The Plaza Hotel
New York, NY
HIGH-PERFORMANCE PROPERTY INVESTMENTS IN DIRECT REAL ESTATE,
PRIVATE EQUITY & MERCHANT BANKING
Early Bird Registration Discount Ends April 30th
25 West 45th Street, 6th Floor INFORMATION
New York, NY 10036 MANAGEMENT
(Agenda Is Updated Daily Online)