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LA's Debt Market

Debt Market Outlook, Market Liquidity and Pricing, Changes in Sources, Tax Reform Implications, and Future of LIBOR

Vicky Schiff

Vicky Schiff

CEO

Aviro Management

Robin Potts

Robin Potts

Co-Head of Real Estate Investments

Canyon Partners Real Estate

Spencer Schlee

Spencer Schlee

Managing Director, Head of Opportunistic Equity

Canyon Partners Real Estate

Zach Murphy

Zach Murphy

Co-Founder

Pender Capital

Anita Paryani Rice

Anita Paryani Rice

Senior Managing Director, Capital Markets

IPA Capital

Kenya Williams

Kenya Williams

Executive Director - Real Estate Banking

J.P. Morgan Chase Bank

Erin Natter
Moderator

Erin Natter

Partner

Pircher, Nichols & Meeks

Robin Potts

Co-Head of Real Estate Investments

Canyon Partners Real Estate

Robin Potts is the Co-Head of Real Estate Investments and Director of Acquisitions for Canyon Partners Real Estate LLC. Ms. Potts has been with Canyon for 11 years and is responsible for overseeing the origination and acquisitions of debt and equity investments across Canyon’s real estate platforms and holds a seat on all real estate investment committees. During her tenure at Canyon, Ms. Potts has facilitated the acquisition, financing and development of over $5 billion of commercial real estate transactions across all asset classes including multifamily, condominiums, office, retail, hospitality, industrial, student housing and mixed-use. Ms. Potts previously worked in the Financial Institutions Group of Credit Suisse in Los Angeles and focused on equity, debt, and M&A transactions in the mortgage real estate investment trust sector. Ms. Potts is a graduate of Harvard University, and received a B.A. degree in Economics.

Spencer Schlee

Managing Director, Head of Opportunistic Equity

Canyon Partners Real Estate

Spencer Schlee, Senior Director, heads the Southwest region for Canyon’s opportunistic and value-add

real estate platforms and is responsible for originating, structuring and executing both equity and debt

investments.  Mr. Schlee joined Canyon’s acquisitions team in 2012 and has since worked on

transactions investing over $1.0 billion of committed capital and totaling over $3.0 billion in total

capitalization across various sectors including multifamily, hospitality, office, retail, senior housing and

mixed-use.  Prior to joining Canyon, Mr. Schlee was an analyst at BlackRock in New York and is a

graduate of the University of California, Los Angeles (B.A. Business Economics).  Mr. Schlee is also an

Associate Board Member for the UCLA Department of Economics.

Zach Murphy

Co-Founder

Pender Capital

Zach is the co-founder and Chief Investment Officer of Pender Capital. Zach co-founded Pender in 2015 and brings over 16 years of experience in both commercial real estate finance and capital markets expertise. Zach oversees the firm’s Investment and Research program which includes deal sourcing, research, and structuring and is a member of the Investment and Research Committee and the Management Committee. Prior to Pender, Zach served as Managing Director/ Senior Vice President for Liberty SBF, a commercial finance company based in Philadelphia, where he was responsible for establishing Liberty’s Western Regional HQ in Los Angeles and directed West Coast originations and operations. Zach personally originated over $60 million of commercial loans during the first year of operations on the West Coast. In 2008, Zach joined Silver Point Capital, LP in New York, a Goldman Sachs partner fund, where he was responsible for commercial real estate loan originations and insurance-linked securities trading. During his tenure at Silver Point, Zach traded more than $500 million in distressed commercial real estate debt, insurance-linked securities, and assets in the capital markets. From 2004 to 2008, Zach served as Senior Vice President/Division Director of Velocity Commercial Capital where he was the company’s highest grossing originator in e

Kenya Williams

Executive Director - Real Estate Banking

J.P. Morgan Chase Bank

Kenya Williams is an Executive Director in the Los Angeles office of J.P.

Morgan’s Real Estate Banking Division (“REB”) within the Commercial Real

Estate Group. In this capacity, Kenya originates on-balance sheet

acquisition, construction, term loans, and a host of related financial services

to public and private real estate funds and developers.

Prior to joining J.P. Morgan, Kenya was a Senior Vice President and Market

Manager at PNC Bank, managing its commercial real estate business in

Southern California. Prior to joining PNC, Kenya spent 7 years in Wells Fargo

commercial real estate practice, lending to both private and public real estate

investors.

Kenya received a Bachelor of Science in Business Administration with an

emphasis in real estate finance from the University of Southern California.

She is one of the founding members of The Regal Group, a networking group

for women in real estate, and is a member of the USC Lusk Board, City of

Hope LARE Council, and ICSC. A native Californian, Kenya lives in Los

Angeles with her husband and daughter.

Erin Natter

Moderator

Pircher, Nichols & Meeks

Erin F. Natter joined Pircher, Nichols & Meeks in 2017 and is a partner in the firm’s real estate department. Ms. Natter’s practice focuses on sophisticated real estate finance, purchase and sales, sale-leaseback, and lease transactions, including the representation of institutional lenders, real estate funds, opportunity funds and other real estate investors in a wide variety of real estate transactions.

Prior to joining Pircher, Nichols & Meeks, Ms. Natter drafted and negotiated agreements on behalf of lenders and borrowers in connection with mortgage and mezzanine financing transactions, sale-leaseback transactions and CDO transactions. She represented sellers and buyers in connection with real property acquisitions and dispositions. Ms. Natter managed and oversaw large multi-property loan, acquisition and sale-leaseback transactions. She drafted and negotiated commercial office leases, termination agreements, assignments, subordination agreements and licenses. The real estate asset classes represented by Ms. Natter’s practice range from five star, full-service resorts to office and retail buildings, as well as multifamily and mixed-use projects.

Investment Strategies at the End of a Cycle

The Evolution of the Cap Stack, JVs, Equity Flow, Foreign Investment and More!

Russ Allegrette

Russ Allegrette

Principal

Ocean West Capital Partners

Paul Fuhrman

Paul Fuhrman

Managing Partner

Miramar Capital

Mike Hu

Mike Hu

Managing Director, Capital Markets

Gaw Capital Partners

Tuji Chang

Tuji Chang

Director, Acquisitions

Douglas Emmett

Jonathan Pickering

Jonathan Pickering

co-Founder

K2 Clean Energy Capital

Keith Pollock
Moderator

Keith Pollock

Partner

Allen Matkins

Russ Allegrette

Principal

Ocean West Capital Partners

Former President of Maguire Investments: responsible for the oversight of a 5 million square foot portfolio, primarily located in Southern California. Grew revenue from approximately $100 million to $250 million in 3 years.

Former Managing Director at Eastdil Secured: responsible for debt placement and loan sales. Placed over $20 billion of commercial real estate loans, sold more than $3 billion of performing & non-performing mortgages and mezzanine loans, and participated in a variety of M&A and recapitalization transactions.

Former Manager in KPMG’s Real Estate Consulting Group: performed a variety of consulting engagements and managed due diligence activities for over $5 billion of commercial real estate transactions.

Paul Fuhrman

Managing Partner

Miramar Capital

Prior to founding Miramar Capital, Mr. Fuhrman was Executive Director and Head of U.S. Acquisitions at Colony Northstar, Inc. (fka Colony Capital, Inc.). At Colony, Mr. Fuhrman led many of the firm’s flagship debt fund investments (Colony Distressed Credit and Special Situations Fund, I-IV). In addition, he was responsible for new strategic initiatives and participated in real estate-related fundraising efforts. From 2010 to 2014, Mr. Fuhrman also served as the CEO of Colony’s Asset Management Company. During his tenure at Colony Capital, Inc., Mr. Fuhrman was responsible for the sourcing and consummation of more than 40 investments representing more than $4.5B of total capitalization and $1.5B of invested equity.

Prior to joining Colony in 2008, Mr. Fuhrman was an Equity Partner at Latham & Watkins, LLP where he co-chaired the firm's global real estate practice group. Mr. Fuhrman serves on the board of the Los Angeles chapter of the Make-A-Wish Foundation. In 2012, he founded the Make-A-Wish Real Estate Division which has raised over $2.0M to date. Mr. Fuhrman is a periodic guest lecturer at both the USC and UCLA law schools on the subject of real estate finance and investing.

Mr. Fuhrman received his J.D. degree (Cum Laude) from Loyola Law School, Los Angeles in 1995 and his B.A. in Economics from the University of California, Los Angeles in 1991.

Mike Hu

Managing Director, Capital Markets

Gaw Capital Partners

Mike Hu has over 14 years of real estate and management consulting experience and currently leads the Capital Markets team in the US. He is currently based in the LA office (Gaw USA headquarters) and is responsible for capital formation, co-investments, investor relations and marketing. He joined Gaw in 2011 and was previously a member of Gaw Capital Partners’ acquisitions and investment team based in Hong Kong (the global headquarters), and formerly worked for Tishman Speyer as part of their Leadership Development Program. While at Tishman Speyer, he completed rotations in their London and New York offices, working in acquisitions, debt financing/restructuring, property and asset management, and design & construction. Prior to business school, Mike was a strategy and operations consultant for five years focused primarily on the real estate and energy industries. He has significant experience working in Asia, Europe, and the US. Mike is conversationally fluent in Mandarin Chinese. He received his Bachelor of Arts in Economics/International Area Studies with college and Latin honors from University of California, Los Angeles (UCLA), and a Master of Business Administration from London Business School.

Tuji Chang

Director, Acquisitions

Douglas Emmett

Mr. Chang is the Director of Acquisitions at Douglas Emmett. Prior to joining Douglas Emmett in 2015, Tuji was the Director of Acquisitions and Development at Kilroy Realty Corporation where he focused on investments, development and dispositions of Class A office and mixed-use properties. Tuji holds a Bachelor’s Degree in Applied Mathematics from UC Berkeley and received in his MBA and Masters of Real Estate Development (MRED) from the University of Southern California.

Jonathan Pickering

co-Founder

K2 Clean Energy Capital

Jonathan co-founded K2 Clean Energy Capital with Stephen Tsu in January 2013. K2 is one of

the leading commercial Property Assessed Clean Energy (PACE) energy project developers in

the USA. K2 developed and funded over $10M of projects in 2017. K2 has strong expertise on

PACE project development in the industrial, retail and hospitality sectors. K2 is headquartered

in Silicon Valley with an office in TX and partners on the East Coast. K2 recently developed a

$8.6M PACE financing for energy and co-generation systems for Verseon Corporation, a biotech

company in Fremont, CA.

Commercial PACE financing is an innovative, and rapidly growing financing solution, with over

$500M of projects funded across the USA. PACE financing enables building owners and

developers to fund a broad range of measures including HVAC, lighting, fenestration, seismic

upgrades and renewable energies including solar and CoGen. PACE financing is repaid through a

special assessment on the building’s property tax. California is a leader in PACE financing and is

available in all major cities and counties.

Owners and developers are turning to PACE financing because of several distinct advantages

over conventional financing. PACE is non-accelerating, requires no personal guarantees and is

considered off balance sheet. PACE financing was originally developed for upgrades to existing

buildings but PACE is increasingly used in the capital stack on new construction projects.

Jonathan is an engineer by training with a Masters degree from Carnegie Mellon University has over 25

years of executive experience in both large tech and renewables corporations, including Applied

Materials. He has published several technical papers, patents and is active participant in the national

PACE organization.

Keith Pollock

Moderator

Allen Matkins

Keith J. Pollock is a real estate partner in our Los Angeles office whose practice involves a broad range of commercial real estate transactions, with a particular focus on leasing, the acquisition and disposition of individual properties and portfolios, and borrower side real estate finance. Keith's clients include investment companies, pension funds, banks, real estate investment trusts and other owners and operators of real estate throughout the country. In connection with his leasing practice, Keith represents both landlords and tenants in office, retail, industrial, medical, shopping center and other mixed-use projects throughout California, Colorado, Arizona, New York and various other states.

Prior to joining Allen Matkins, Keith practiced in New York as a real estate associate with Schulte, Roth & Zabel LLP and then Olshan Frome Wolosky LLP.

Summary

1) Considering we are in a mature business cycle, what fundamentals are the investment experts paying the most attention to?

2) What asset classes are experts most bullish on, and which ones are they most bearish on in LA?

3) How will tax reform and the end of LIBOR impact your investment plans and opportunities?

4) What asset classes and neighborhoods are foreign investors most interested in?

5) Due to increase equity requirements, how has the capital stack changed, and are firms seeking JV partners more than before?

Venue

JW Marriott LA Live
900 West Olympic Boulevard
Los Angeles, CA 90015

Ballroom: Platinum Ballroom A-C, Floor 2


Discounted Valet of $20.00

Agenda

Time Activity
3:30 PM
4:30 PM
Breakfast and Networking
4:30 PM
5:15 PM
LA's Debt Market: The Current State and a 2018 Forecast
5:15 PM
6:00 PM
Investment Strategies at the End of a Cycle: Structuring your Cap Stack, Foreign Investment, Equity Flow, and Investment Sales
6:00 PM
6:30 PM
Post-Event Networking

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