| Topic |
Debt, Equity and the BID-ASK GAP in Commercial Real Estate
WHICH DEALS ARE GETTING DONE?...WHICH DEALS AREN'T?....AND WHY?...
Commercial real estate deals are happening in 2010, though still at a slow pace.
Please join us for a discussion on what is keeping so much equity on the side-lines,
what lenders are doing with troubled assets, and what kinds of deals can attract
equity and debt in the current market.
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| Featuring |
Wade Houser, Moderator
Attorney Snell & Wilmer, LLP
Brian Heafey
Partner, PCCP, LLC
Mr. Heafey is a Partner at PCCP, LLC. Mr. Heafey is responsible for asset management of PCCP's debt and equity portfolios. While at PCCP has
has originated over $1.0 billion of debt and equity investments and previously was responsible for the firm's finance company. Prior to joining
PCCP, Mr. Heafey was a Consulting Manager for E&Y Kenneth Leventhal Real Estate Group throughout Asia and the United States. There, Mr.
Heafey oversaw the acquisition of over $800 million in secured loans in Japan, served as a consultant in connection with sales of financial assets
for the Financial Sector Restructuring Authority of Thailand, and managed sales of over $1 billion in loans and other financial assets for
the Bank of Tokyo, Mitsubishi and Mitsui Trust. Mr. Heafey's experience also includes advising the RTC on asset dispositions, underwriting
CMBS issuances and loan workouts.
Dave Naus
Principal, Equity West Investment Partners, LLC
David H. Naus began operating Equity West Investment Partners, LLC in 2003 as a real estate opportunity investment entity. The firm was
formed to capitalize on attractive, well-located, inefficiently priced real estate in the Rocky Mountain region. The firm, together with its capital
partners, has invested over $300 million and acquired nearly three million square feet of office properties in the Denver metropolitan area. Mr.
Naus previously had served as Executive Vice-President, Real Estate Investments for Equity Office Properties in Chicago, the nation's largest
owner of office properties. In that capacity, he was responsible for co-managing acquisitions, dispositions, development, real estate joint ventures
and M&A underwriting for the company. He engaged in over $15 billion of investment activity during his tenure at Equity Office. Prior to
the company's public offering and his broader investment role, Mr. Naus was the senior acquisition officer covering the western United States
and previously oversaw asset management activities for the eastern United States. Before joining Equity Office, he spent seven years in Denver
with the Frederick Ross Company.
Clay Sublett
Senior Vice President & National Production Manager, KeyBank Real Estate Capital
As Senior Vice President and National Production Manager with KeyBank Real Estate Capital, Clay is actively engaged in the sourcing, origination,
and securitization or sale of permanent loans originated by Key. Current responsibilities include Fannie Mae, Freddie Mac, and FHA production
from middle market clients as well as overall responsibility for FHA processing. In addition, he is responsible for managing relationships
with Life Companies and Pension Funds for which KeyBank sources loans. Clay is involved in the decision making on all loans that are originated
with the intention of being securitized or sold to Life Companies. He was actively involved in the securitization process, having direct
contact with both the rating agencies as well as bond buyers. During 2008 and 2009 Clay was directly involved in the sale of a significant
number of CMBS and life company loans that remained on Key's balance sheet when the market shut down. KeyBank has been one of the largest
bank providers of real estate financing in the country over the last decade in both construction and permanent financing. For 2009 Key was
a significant originator of Fannie Mae, Freddie Mac, and FHA loans with over $1 billion in production.
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