US Trends in Equity & Credit Investing
Given that core real estate asset pricing has recovered beyond 2007 peak and further upside may be limited, where will the next investment opportunities be? How does the risk-reward tradeoff look for investing in real estate credit over equities? What motivates LPs to invest in US real estate at this point in the cycle? What asset classes are attractive? What are the benefits to debt, equity, or hybrid positions in the capital structure?
Moderator: Charlie Wu
Harvard Business School
Managing Director & Founding Partner
Charles Wu is a Senior Lecturer of Business Administration in the Finance Unit at Harvard Business School. In addition he is Managing Director and founding partner of BayNorth Capital, a private real estate equity firm based in Boston. The BayNorth team has invested approximately $2.6 billion of capital for seven distinct funds for 45 institutional clients. Prior to co-founding BayNorth Capital in July 2004, Charlie co-founded the private equity firm Charlesbank Capital Partners in July 1998 and was a Managing Director of its predecessor firm, Harvard Private Capital Group, the private equity and real estate investment unit of Harvard Management Company. Before joining Harvard Private Capital in 1995, Charlie was a Managing Director at Aldrich Eastman & Waltch, where he directed the restructuring group and was a portfolio manager. Prior to AEW, Charlie worked at Morgan Stanley in their corporate finance department. Charlie has an MBA, with distinction, and a BA, magna cum laude and Phi Beta Kappa from Harvard University. Charlie serves on the Facilities and Capital Planning Advisory Committee for the Harvard Corporation and is on the Board of Trustees of Newton Wellesley Hospital. He was a founding Board member of the Rose Kennedy Greenway Conservancy, is a past President of the Newton Schools Foundation, and has chaired Boston Mayor Menino’s Economic Advisory Board. Since 2006, Charlie has been a frequent lecturer at Harvard’s and Dartmouth’s Tuck Schools of Business
Director, real estate special situations Group
Mr. Doshi currently spearheads the High Yield debt origination business within the Special Situations Group (SSG), a multibillion real estate credit platform. Mr. Doshi has been with SSG for over five years now and focused on distressed debt acquisitions in the earlier part of the credit cycle executing deals in US and in Europe. Mr. Doshi has successfully executed over $4 billion on transactions over the last five years. Prior to Deutsche Bank SSG, Mr. Doshi was previously a Vice President at Matrix – an affiliate of Colony Capital, a multibillion real estate private equity group – focusing on distressed debt acquisitions and high-yield debt originations. Prior to Matrix, Mr. Doshi was the Vice President of Corporate Finance for Colony Capital’s Gaming platform – Resorts International Casinos, focusing on LBOs, M&A and Portfolio Company restructurings. Mr. Doshi also served as an Investment Banking Analyst at Wachovia Securities’ Proprietary Trading desk. Mr. Doshi is an alumnus of Emory University, where he completed his BA. in Business Administration (Finance) and is also an alumnus of Harvard Business School.
Managing and Founding Partner
Longpoint Realty Partners
Mr. Angelini serves as the Managing Partner guiding the firm’s overall strategy and is responsible for acquisitions in New York/New Jersey and Florida. He is a member of the Firm’s Investment Committee. During his tenure at TA Associates Realty, Mr. Angelini was a key member of the management group. In addition, he was a voting member of the acquisitions committee for over seven years during the construction of four commingled funds totaling over $10 billion. At TA, Mr. Angelini acquired over $1.4 billion of real estate in major Northeast, Midwest and Southeast markets. Prior to joining TA, Mr. Angelini was a portfolio manager for Banco Santander's Optimal Investment Services, S.A., a multi-strategy hedge fund and a member of the firm's Management and Investment Committees. Prior to Banco Santander, Mr. Angelini played a lead role in the creation of Envestnet Advisory Corporation, a successful start-up, and also assisted in the formation of its Investment Management Division. Mr. Angelini began his career at Goldman Sachs Group as a financial analyst in the Investment Management Division. Mr. Angelini earned his MBA from Harvard Business School (2004) and his BA in psychology from Yale University (1997), where he captained the soccer team. Mr. Angelini and his wife join other philanthropic professionals as members of the Boston Museum of Science’s Young Innovators.
Clint Myers is a Managing Director at Hines, where he helps direct global research and strategy and as Chair of the Investment Strategy Group. Prior to joining Hines he was in charge of Americas Research and Strategy at the Abu Dhabi Investment Authority (ADIA). At ADIA, Mr. Myers worked with the regional investment team in creating investment theses, helped underwrite transactions and investment platforms, and developed the real estate strategy in the Americas region. Before joining ADIA, Mr. Myers worked as a Strategist at Property & Portfolio Research (PPR). Mr. Myers is a member of Urban Land Institute (ULI), the Research Affinity Group of the Pension Real Estate Association (PREA), serves on the editorial board of Real Estate Finance, and is a fellow of the Homer Hoyt Institute. Mr. Myers is a designated Financial Risk Manager (FRM) and received a B.A. in Economics from the University of North Carolina-Chapel Hill and an M.S. in Finance from Boston College.
Inland Mortgage Capital, LLC
Art Rendak joined Inland Mortgage Capital (“Inland” or “IMC”) in 2000, rising up to the rank of President in 2011. His career has been principally devoted to commercial real estate finance. Since arriving at Inland, Mr. Rendak has been focused on all aspects of its bridge lending program, including originating, underwriting, marketing, portfolio management and capital raising. During his career at IMC, Mr. Rendak has been involved in nearly $1 billion worth of financing. IMC’s underwriting strength and leverage from its affiliated companies helped sustain it during the recent financial recession, even as many of its competitors went out of business or became extinct. Mr. Rendak’s belief in the need for private commercial lenders to supplement and/or substitute for traditional banks has resulted in IMC resurrecting its program in a format that is even better than ever. Mr. Rendak is also the president of Inland Green Capital, an environmental finance company, as well as Inland Commercial Mortgage Group, which is a commercial real estate financing intermediary. Prior to his career at Inland, Mr. Rendak was a first vice president and real estate loan officer at various banks in Virginia in the capacities of origination, credit and special assets. Mr. Rendak is a graduate of the University of Illinois at Urbana-Champaign with a degree in accountancy. Before his banking career, Mr. Rendak spent several years in public accounting where he passed the CPA exam. He is an avid golfer and Chicago sports fan, and is active in numerous charitable organizations.
Trends in Hospitality Real Estate Ownership and Management
Exploring perspectives on shareholder and strategic value created by various ownership and operating structures in the hospitality industry, highlighting the roles of owner-operators, REITs, operating companies, management companies, and private equity investors, and the opportunities/challenges they pose for both investors and operators. Panelists will explore how the changing role of the structures and expanding roles of REITS and private equity will shift the dynamic of the industry both operationally and strategically.
President & CEO
Cachet Hotel Group
Alexander Mirza is the CEO of Cachet Hotel Group. He has over 20 years of professional experience in hospitality development and management consulting in the travel sector. Mirza began his career in management consulting firms such as Accenture where he advised heads of state, the World Economic Forum, and CEOs of Fortune 500 companies specializing in the areas of globalization, technology innovation and new business innovation. He also joined leading hotels such as Starwood Hotels and Resorts Worldwide and Hilton Worldwide as Head of Strategic Planning, reporting to the CFO and CEO. Mirza has an MBA from Harvard Business School, a Master degree in international relations and a 1st class Bachelor degree with distinction from Queen's University at Kingston, Canada.
Senior Vice President & Head of Acquisitions and Development
Loews Hotel Group
Michael Palmeri is Senior Vice President and Head of Acquisitions and Development for Loews Hotels. He joined in 2011, and has played an instrumental role in growing the company and expanding the Loews brand, as well as sourcing new capital partners and raising equity for new deals. Prior to joining Loews, he transacted lodging real estate investments with the Chartres Lodging Group and Abacus Lodging Investors. With those firms he invested and acquired more than $2.0 billion in lodging real estate, comprising of investment strategies with a heavy emphasis on opportunistic rebranding and repositioning. Palmeri has also held senior management roles in leading asset management efforts in the implementation of repositioning investment strategies.
Hotel Project Manager
Joshua Seidner currently works at Silverstein Properties in NYC, a real estate development firm. Previously he worked for The Trump Organization for six years as the Vice President of Design and Development where he played a pivotal role in the planning, approval process, design, and construction of many of the Trump Organization’s projects including Trump International Golf Links- Scotland, Trump Soho, Trump Doral Golf Resort & Spa- Miami; and Trump International Hotel- Old Post Office, Washington, DC. In addition to earning his B.Arch from Syracuse University, Joshua Seidner also holds a construction management minor degree from State University of New York College of Environmental Science and Forestry, is an associate member of the American Institute of Architects, and a licensed real estate sales professional.
Innovation Districts & the New Economics Geography of Cities
Moderator: Raymond Torto, Ph.D., CRE
Harvard Graduate School of Design
Raymond Torto is currently a Lecturer on market research and urban economics at Harvard University Graduate School of Design. Dr. Torto is a founding principal of Torto Wheaton Research (TWR), an internationally recognized commercial real estate research company, acquired by CBRE, now known as CBRE Econometric Advisors. He served as CBRE’s Global Chief Economist from 2008 to 2014. Dr. Torto is active in many real estate organizations including service as Chairman and Director on the Board of the Pension Real Estate Association (PREA). Dr. Torto is a co-recipient with Bill Wheaton of the 2007 James A. Graaskamp Award for Real Estate Research Excellence. He holds a Ph.D. in Economics from Boston College.
Michael A. Cantalupa
Senior Vice President, Development
Michael A. Cantalupa is the Senior Vice President of Development for Boston Properties, a self-managed real estate investment trust and one of the largest owners, managers, and developers of first class office properties in the United States, with a significant presence in Boston, New York, San Francisco, and Washington, DC. Mr. Cantalupa is also Chairman of A Better City, a non-profit organization that provides the business and institutional leadership essential for ensuring progress and tangible results on transportation, land development, and public realm infrastructure investments vital to sustaining Boston’s economy and quality of life. He is a graduate of the Harvard Business School.
Co-Head of Real Estate Investments, Director of Asset Management
Canyon Capital Partners
Maria Stamolis is the Co-Head of Real Estate Investments and Director of Asset Management for Canyon Partners Real Estate LLC. She has been with Canyon for 9 years and has worked in the real estate industry since 1987. Ms. Stamolis is responsible for the oversight and management of CPRE’s multi-billion-dollar portfolio of real estate debt and equity investments, she holds a seat on all real estate investment committees and serves as the Fund Executive for the Canyon Catalyst Fund, the firm’s real estate emerging manager program with CalPERS. She is a graduate of Fordham University, having earned both a B.A. in Economics and Business and an MBA in Finance.
Fellow and Co-Director, Anne T. and Robert M. Bass Initiative on Innovation and Placemaking
Jennifer Vey is a fellow with the Centennial Scholar Initiative and co-director of the Bass Initiative on Innovation and Placemaking at the Brookings Institution. Her work focuses on the competitiveness and quality of life of cities and metro areas in the innovation economy. She is the author of numerous publications including “One Year After: Observations on the Rise of Innovation Districts,” as well as co-edited Retooling for Growth: Building a 21st Century Economy in America’s Older Industrial Areas. She earned a Master of Planning degree from the University of Virginia, and holds a B.A. in Geography from Bucknell University. She lives with her family in Baltimore.
Ryan Trinidade is a Project Executive at Google, in the Real Estate Department. Google Real Estate functions as an in house real estate company. Services include; acquisition/disposition, design and construction, development services and portfolio administration. Google has offices in over 150 cities spanning nearly 60 countries, and 60,000+ employees globally, we manage the equivalent of 13 Empire State buildings. Ryan leads cross functional teams in developing innovative space. Ryan is a Toronto native, living in San Francisco, he earned Masters in Architecture and Real Estate from Cornell and Harvard, respectively.
Re:ally Big Projects!
Complexities of Urban Megaproject Development
Moderator: John Macomber
Senior Lecturer; Gloria A. Dauten Real Estate Fellow
Harvard Business School
John Macomber is a Senior Lecturer in the Finance unit at Harvard Business School. His professional background includes leadership of real estate, construction, and information technology businesses. At HBS, Mr. Macomber is engaged in the Business and Environment Initiative and Social Enterprise Initiative. He teaches Finance, Real Estate, Urbanization, and Entrepreneurship courses in the elective curriculum and in Executive Education. He is the former Chairman and CEO of the George B H Macomber Company, a large regional general contractor; and remains a principal in several real estate partnerships. John serves or has served on the boards of Young Presidents Organization International (YPO), Boston Private Bank, and Mount Auburn Hospital. Courses include: "Innovation in Business, Energy, and Environment," "Real Estate Development, Design, and Construction," and "Building Cities: Infrastructure, and Sustainability." He is chair or co-chair of Executive Education programs including "Real Estate Management," "Real Estate Executive Seminar," and "Develop India: Real Estate Strategies for Growth." Prior to coming to HBS, John was a lecturer at MIT in Civil Engineering and Real Estate. Mr. Macomber is a graduate of Dartmouth College (Mathematics in the Social Sciences) and Harvard Business School.
Vice President, Residential Development
Forest City Ratner Companies
Adam Greene is Forest City’s lead developer for 461 Dean Street, a 363 unit 50/30/20 rental designed by SHoP Architects that is the tallest modular building in the world. Adam is also currently developing 535 Carlton Avenue, a 298 unit 100% affordable rental designed by COOKFOX Architects, as well as the 8-acre open space and rail-platform related work at Pacific Park Brooklyn which was formerly known as Atlantic Yards. Adam previously worked as an architect at Richard Meier & Partners. Adam received his Bachelor of Architecture from Cornell University and his Masters of Architecture in Urban Design from Harvard University. Adam is a Registered Architect in New York and a LEED Accredited Professional.
HARVARD BUSINESS SCHOOL / MIT CRE
Chris Gordon is President of The Dirigo Group, a consulting group focused on large capital projects worldwide, and has led and/or advised on numerous large projects including the master planning two urban university campuses, the development of a new city in Saudi Arabia, redevelop an urban city square into a retail and office complex, the development of high rise mixed use retail and residential on a large scale ocean front parcel, re-positioning of a landmark urban public library with retail and conference/entertainment space, and the expansion of the Abu Dhabi airport. He currently is working exclusively for developer Steve Wynn on the Wynn Boston Harbor project, a $2B five star resort on Boston Harbor. Prior to the establishment of his consulting practice, he served as the Chief Operating Officer for the Allston Development Group, the real estate development arm of Harvard University, from 2005 to 2010 leading the $8B expansion effort, and as Director of Capital Programs for the Massachusetts Port Authority leading the $4B Logan Modernization Program. He is also a lecturer at MIT CRE and HBS.
VICE PRESIDENT OF DESIGN AND PLANNING
Related Urban and Gulf Related
Anthony Fioravanti is Vice President of Design and Planning for Related Urban and Gulf Related. Over the past 10 years, Mr. Fioravanti has led the design, programming, visioning, and new development planning for complex mixed-use projects. Notable projects include the 1 million SF retail building at Hudson Yards, the centerpiece of the 17 million SF development; The Grand, a 1.5 million SF mixed-use scheme in downtown Los Angeles with Frank Gehry; The Galleria, an award-winning 360,000 SF luxury shopping center in Abu Dhabi, and phase two Al Maryah Central, a 3.1 million SF expansion. Mr. Fioravanti holds a Bachelors degree in Design and Environmental Analysis (BS) from Cornell University and a Masters degree in Urban Development and Real Estate Finance (MDesS) from Harvard University.
Sara B. Queen
Executive Vice President, Asset Management
Brookfield Property Partners, U.S. Office DIVISION
Sara Queen joined Brookfield as Senior Asset Manager in 2006, a new position in the company. She was integral in the smooth integration of the $7.2 billion Trizec acquisition, streamlining and optimizing leasing and operations efforts. Currently, Sara is responsible for Asset Management of Brookfield’s U.S. office portfolio, which comprises 60+ buildings encompassing 45 million leasable square feet in the downtown cores of New York City, Boston, Washington DC (including suburban Maryland and Virginia) Houston, Denver, Los Angeles, Seattle, and San Francisco. She is the chief company representative and liaison with co-investors in the U.S. Office Fund, the Downtown Los Angeles Fund, the DC Core Fund, as well as other joint venture partnerships. Furthermore, Sara is responsible for the company’s occupancy profile and its annual strategic planning/budgeting. She also oversees the Lease Administration group and serves on the Global Asset Management and the Executive Committee for the U.S. Office Division. Prior to joining Brookfield, Sara was Senior Vice President at Clarion Partners, the New York City-based real estate management and advisory services firm, in charge of managing a $1.9 billion portfolio of commercial properties. Sara has an MBA from the Harvard Business School and a BA cum laude in Economics and History from Wellesley College. She was named to the prestigious 40 under 40 list by Crain’s NY Business (2008); a Woman of Distinction by the Girl Scout Council of Greater NY and a 2009 and 2014 Woman of Influence by Real Estate Forum. Sara is a member of the Board of Directors for WX (New York Women Executives in Real Estate), Grace Church School (Manhattan), The Governors Island Alliance, and Solar One. In addition, Sara is the Co-Chair of the Real Estate Tech Forum. Sara also is an adjunct professor at Columbia University’s Master of Real Estate Development Program, teaching Asset Management and Property Ownership.
Vice President of Acquisitions and CApital Markets
Vornado Realty Trust
GauRav Khanna is Vice President of Acquisitions and Capital Markets at Vornado Realty Trust, an owner, manager and developer of office and retail assets primarily concentrated on New York City and Washington, DC. Mr. Khanna has been with Vornado since 2010 and spearheads high street acquisitions for NYC and outer boroughs with a focus on acquisitions of strategic assemblage sites. Prior to joining Vornado Mr. Khanna was Director of Real Estate and Development with Le Pain Quotidien where he assisted in the expansion of company-owned and franchise retail stores globally, adding over 120 locations in 21 countries in a span of 5 years. Mr. Khanna started his career as an architect before transitioning to corporate real estate and now investing. Mr. Khanna holds a Bachelors degree in Architecture from SPA Delhi, a Masters degree in Design Management from Pratt Institute and a Masters degree in Real Estate Finance and Development (MDesS) from Harvard University.
Exploring Opportunities in Global Markets
When we consider emerging markets real estate investment, we often generalize over vast diverse regions. We often casually refer to real estate investment in an ascendant Asia for example, or an asset bubble in "BRICS". Why are emerging real estate markets typically lumped together? Why do we often ignore the nuanced differences in investment climates that exist between and within emerging regions? In this panel we will discuss the opportunities and pitfalls of emerging markets real estate investment from the viewpoint of the discerning investor.
Moderator: Sid Yog
Harvard Business School
The Xander Group INC
Sid Yog is a member of the finance unit at Harvard Business School and teaches courses on Real Property Asset Management and Investing in Emerging Markets. Mr. Yog is also the Founder of The Xander Group Inc., an investment firm that currently manages ~ US$ 2.1 Billion of equity, and invests in companies and assets in the real estate, retail and entertainment, infrastructure and hospitality sectors. In the last decade, Xander has acquired and/or developed over 66 Million sqft of real estate including all major asset classes. Mr. Yog has chaired the firm’s investment committee since inception. In 2007, he founded, and currently serves as Chairman of Virtuous Retail, a Shopping Center company that has a development/operating portfolio of ~ 5 MM sqft of community focused retail space across major Indian cities. He is also the co-founder in 2010 of Xander Finance, one of the largest, foreign owned, licensed non-bank finance companies in India that specializes in asset backed, senior-secured real estate, infrastructure and corporate loans. Mr. Yog has been involved in global real estate and infrastructure for over 20 years. From 1999 to 2002 he was based in Singapore and Hong Kong as Founder Director of CBREs Asia/Pacific strategic consulting practice. Earlier from 1995 to 1999, he helped set up CBREs India operations and led the consulting, valuation and research groups. During these years, he was responsible for structuring and implementing some of the largest public-private partnerships, privatization programs, and corporate master plans in Asian real estate. Mr. Yog has also worked at Bain & Company in New York, Deutsche Bank Real Estate Investment Management GmbH in Frankfurt and Feedback Ventures in New Delhi. He received an MBA from the Harvard Business School with highest distinction and was elected a George F Baker Scholar. He was also elected President of his Harvard Business School Class. Earlier he earned an Honors degree in Economics from the University of Delhi and was elected head of the Students Union.
Managing Partner and Co-Founder
Jaguar Growth Partners
Previously, Mr. Garrabrant co-founded and was chief executive officer of Equity International. He was a principal architect of the Company, recognized as setting a new standard as an investor and builder of companies in the emerging markets globally. Mr. Garrabrant variously served as chairman, vice-chairman and director for a number of portfolio companies. Mr. Garrabrant was Executive Vice President of Equity Group Investments, involved in the creation of Equity Office Properties and Capital Trust. Mr. Garrabrant graduated from the University of Notre Dame and serves on the Mendoza School of Business Advisory Council.
Senior Managing Director
Mr. Hafner is responsible for leading Greystar's international businesses, Greystar Europe and Greystar Latin America, and for Greystar's multifamily acquisitions, dispositions and asset management for the Eastern U.S. During his tenure with Greystar, Mr. Hafner has led the acquisition of over $4.0 Billion of multifamily properties. Prior to joining Greystar in 2004, Mr. Hafner worked with Merck & Co. and Clear Channel Communications. Mr. Hafner is a graduate of The State University of New York at Oswego (B.A.), and Harvard Business School (M.B.A.). He is a member of the Young Presidents Organization (YPO), the European Association for Investors in Non-Listed Real Estate (INREV) and the National Multifamily Housing Council and a member of the NMHC Equity Finance Subcommittee.
J. P. Morgan Asset Management, Global Real Assets
Mr. Pillay is responsible for advising institutional investors on Asia Pacific real estate investing, as well as forging strong client relationships across a global real assets platform with $84 billion in asses under management and leadership positions in real estate, infrastructure and maritime investing.