GLOBAL ORGANIZERS OF INSTITUTIONAL

FINANCE & INVESTMENT CONFERENCES

nnual
eventh A
e S
ThUS REAL ESTATE
OPPORTUNITY
& PRIVATE FUND
INVESTING FORUM
June 27-28, 2006 • Pier Sixty, Chelsea Piers
New York, NY
HIGH-PERFORMANCE PROPERTY INVESTMENTS IN DIRECT
REAL ESTATE, PRIVATE EQUITY & MERCHANT BANKING

NEARLY 1000 PEOPLE ATTENDED LAST YEAR’S EVENT!

LEAD SPONSOR:

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Day One: TUESDAY
27, 2006
JUNE
7:15
8:00
Registration… Deluxe Sponsored Continental Breakfast
OPENING REMARKS
Chairman:
Craig Medwick, Partner CLIFFORD CHANCE LLP
8:10 THE VIEW FROM 30,000 FEET: ACHIEVING
ATTRACTIVE RETURNS IN A HIGHLY LIQUID MARKET
• How is real estate performing vs. other investments? • Will
the “bubble” ever burst? • Interest rate outlook & impact
• Pricing vs. risk • What is going on in debt capital markets
& how will it affect investments? • Mitigating the difficulties
of investing in a highly liquid and low cap rate market
• Economic growth and real estate demand materials
pricing/construction costs • What’s next on the regulatory
horizon? • Competition from private REITs and TICs
Moderator:
David Hodes, Managing Director CREDIT SUISSE
Panelists:
Jonathan D. Gray, Senior Managing Director
BLACKSTONE REAL ESTATE ADVISORS
Brian DiDonato, President CAPMARK INVESTMENTS LP
(Formerly GMAC INSTITUTIONAL ADVISORS)
Jay Mantz, Managing Director
MORGAN STANLEY REAL ESTATE FUNDS
Merrick Kleeman, Senior Managing Director
STARWOOD CAPITAL GROUP LLC
9:10 FUND SPONSORS' STRATEGY ROUNDTABLE
• Where are you investing: Which sectors, locations, niches,
markets, product types? • What trends have emerged in the
past 12 months? • Where do you currently see
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opportunity? Where do you expect to see opportunity in
the next three months? Six? Twelve? • How do you
distinguish yourself in the crowded commercial real estate
industry? • What is the next hot asset class? • Where do
you find deals other than through the auction process?
• What type of deals are you pursuing?
Moderator:
Dennis Yeskey, National Director, Real Estate Capital Markets
DELOITTE LLP
Panelists:
Nicholas Chermayeff, Co-Chief Executive Officer
BARROW STREET CAPITAL, LLC
Charles F. Wu, Managing Director
BAYNORTH CAPITAL LLC
Jerry Rappaport, Jr., President/Chief Investment Officer
NEW BOSTON FUND, INC.
James-Keith Brown, Member and Head of Investor Relations
OCH-ZIFF CAPITAL MANAGEMENT GROUP
Russell Appel, President PRAEDIUM GROUP LLC
David Brush, Managing Director & Global Head of Real Estate
Opportunities Group RREEF
Nicholas Bienstock, Managing Partner
SAVANNA PARTNERS
10:10 SPECIAL PRESENTATION:
REAL ESTATE FUND PERFORMANCE
Nori Gerardo Lietz, Co-Founder & Managing Director of Pension
Consulting Alliance, Inc. will formally unveil the results of PCA's
latest comprehensive study of the investment structure of
Opportunity Funds as well as their performance.
10:30 Refreshments
 C O N C U R R E N T S E S S I O N S : C H O O S E “A” , “ B ” o r “ C ”
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11:00
FUND STRUCTURING FOR FIRST TIME
FUNDS
This panel will cover the market, legal, tax and
accounting information you need to know
before raising your first fund.
Moderator:
Roger Singer, Partner
CLIFFORD CHANCE LLP
Panelists:
Richard Catalano, Partner
CLIFFORD CHANCE LLP
Andrew Oringer, Partner
CLIFFORD CHANCE LLP
Walter Stackler, Managing Director
CREDIT SUISSE
Lawrence Kestin, Managing Principal
GLENMONT CAPITAL MANAGEMENT, LLC
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12:00
ADVANCED FUND STRUCTURING:
STRATEGIES FOR SEASONED FUNDS
• Structuring after your first fund: What have
you learned from past experiences? • What
are some common mistakes? • Fund
structure options: What’s “en-vogue” right
now? • What are the key legal and tax issues
involved in creating a new fund? • Fund exit
strategies
Moderator:
Mark V. Minton, Partner JONES DAY
Panelists:
A Representative of
DEWEY BALLANTINE LLP
Harold D. Garrison, Chairman & Chief
Executive Officer HDG MANSUR CAPITAL
GROUP, LLC
Paul Ryan, Partner
PRICEWATERHOUSECOOPERS LLP
Thomas R. Hester, Chief Financial Officer
SOMERA REALTY VALUE FUND, LP
1:00 Luncheon Courtesy Of:
11:00
URBAN REJUVENATION STRATEGIES:
INVESTING IN INNER CITIES
• Inner city redevelopment projects • How
do urban deals differ from investing in the
suburbs? What are the pitfalls? • What are
your return expectations? • What is the
outlook for New York City vs. other cities?
• Which cities have the best opportunities?
Moderator:
Robert J. Ivanhoe, Chair, National Real Estate
Practice GREENBERG TRAURIG, LLP
Panelists:
Alicia Glen, Managing Director, Urban
Investment Group GOLDMAN, SACHS & CO.
Sam Kirschner, Managing Director HYPO
REAL ESTATE CAPITAL CORPORATION
Peter Palandjian, Chief Executive Officer &
Chairman INTERCONTINENTAL REAL
ESTATE CORPORATION
Charles Berman, Managing Principal
MACFARLANE PARTNERS
Kenneth Munkacy, Managing Director
NEW BOSTON FUND, INC.
Timothy Kemper, Managing Principal
REZNICK GROUP, P.C.
Richmond McCoy, Chief Executive Officer
URBANAMERICA LP
12:00
OUTLOOK FOR OFFICE, INDUSTRIAL,
RESIDENTIAL, RETAIL &
ENTERTAINMENT PROPERTIES
• Vacancy rates: On the decline? • Office
condos • Condo conversions • Evaluating
ground-up condo development • Regional
outlooks • Outlook for single family residential
• Outlook for the multifamily sector
• Opportunities in affordable housing • Will the
single family housing “bubble” burst? • New
developments in senior housing • Military
housing • Investing in movie theaters and other
entertainment properties • Take private deals
• M&A in retail: Impact for real estate
Moderator:
Thomas M. Little, Partner
FOLEY & LARDNER LLP
Panelists:
Jeff Samuels, Founder & President
BUILDING PROJECTS INTERNATIONAL
ENTERPRISES, LLC
Franz Colloredo-Mansfeld, Managing Partner
CABOT PROPERTIES, INC.
Bradley Muth, Partner
CONCERT REALTY PARTNERS
Atul Goel, Chief Executive Officer
E-CITY ENTERTAINMENT (I) PVT LTD.
Joshua A. Scoville, Research Strategist
PROPERTY & PORTFOLIO RESEARCH
Michael Katz, Co-Chief Executive Officer
STERLING AMERICAN FUNDS
Richard Brace, Senior Vice President,
Director of Investment Strategy Services
TORTO WHEATON RESEARCH
IMN Email: mail@imn.org
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11:00
OVERVIEW OF EMERGING MARKET
OPPORTUNITIES
• Which markets will have a break-out this
year? • Which emerging markets will never
actually emerge? • Outlook for Latin
American real estate markets: Mexico, Brazil
• Outlook for the new Asian markets: Who
will emerge as the real estate tiger? • Which
Western & international funds are already
investing? • Local funds and investors
Moderator:
Kent R. Richey, Partner
JONES DAY
Panelists:
M. Leanne Lachman, President
LACHMAN ASSOCIATES
Christopher J. Fiegen, Chief Financial Officer
EQUITY INTERNATIONAL
Parry Singh, Principal
RED FORT CAPITAL
Sam Chandan, Chief Economist & Senior Vice
President for Economic Research REIS, INC.
Chetan Dave, Managing Partner
SUN APOLLO INDIA
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12:00
THE LONG AND SHORT OF REAL
ESTATE HEDGE FUND STRATEGIES
• What is your hedge strategy? • How do
the hedge funds’ strategies differ from the
traditional funds? • Are hedge funds
competing with opportunity funds for the
same investors?
Moderator:
Douglas M. Weill, Managing Director
CREDIT SUISSE
Panelists:
Kevin Means, Managing Partner
ALPHA EQUITY MANAGEMENT LLC
Andre A. Hakkak, Managing Director
ALPINE GLOBAL INVESTMENTS, INC.
Additional Panelists TBA
Tel: 212-768-2800 Fax: 212-768-2484 l3
 C O N C U R R E N T S E S S I O N S : C H O O S E “A” , “ B ” o r “ C ”
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2:15
DEAL STRUCTURING: LEGAL AND TAX
EXPERTS DISCUSS THE TOOLS FOR
GETTING THE BEST TERMS
• What are the latest models for structuring
deals? • Efficient tax, legal and accounting
practices • What is your leverage (financing,
interest rates, etc.) in structuring your deals?
• Negotiations: What is on the table?
Moderator:
Andrew Levy, Partner
GIBSON, DUNN & CRUTCHER, LLP
Panelists:
Kenneth Weissenberg, Partner
EISNER LLP
Stephen L. Rabinowitz, Shareholder
GREENBERG TRAURIG, LLP
Eugene J.M. Leone, Partner
PIRCHER, NICHOLS & MEEKS
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3:15
STRUCTURING JOINT VENTURE
PARTNERSHIPS
The panel will explore current industry best
practices for joint ventures between operating
partners and real estate funds, including:
• Waterfall structures and fees • Control
shifts • Early warning systems • Access to JV
data • Fund self-help remedies • Reporting
• JV tax structures: Avoiding UBTI and
unsuitable income for REIT blockers
Moderator:
Sanford Presant,
National Co-Chairman, Real Estate Fund Services
DLA PIPER RUDNICK GRAY CARY US LLP
Panelists:
Chris Matthews, Director of Real Estate
BROE COMPANIES, INC.
Timothy M. Shine, Managing Director
COMMONFUND REALTY, INC.
L. Bruce Fischer, Partner
MORGAN, LEWIS & BOCKIUS LLP
Jeffrey J.Temple, Partner
MORRISON & FOERSTER LLP
Tarak Patolia, Senior Vice President, Head of
Acquisitions & Dispositions
STERLING AMERICAN PROPERTY
Stephen J. Duffy, Chief Operating Officer
WESTERN NATIONAL REALTY ADVISORS
4:15 Refreshments
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2:15
VALUE-ADDED PLAYS: REPOSITIONING,
REDEVELOPING & TURNAROUND
STRATEGIES
• Which models work? • What is your
turnaround timeframe? • How do the
strategies differ for each asset class? • Which
locations present the best turnaround
opportunities? • Turning around tech
properties • Distress: Is it coming and how
does one capitalize? Where (in which
markets, sectors & locations) will the best
distressed opportunities arise? • Enviro-
investments: Is there money in turning
around brownfields?
Moderator:
Scott Landress, Managing Partner & Chief
Executive Officer LIQUID REALTY PARTNERS
Panelists:
Matthew Khoury, Managing Director
ANGELO, GORDON & CO.
Robert Greenhill, Co-Chief Executive Officer
BARROW STREET CAPITAL, LLC
Joseph M. Zuber, Chief Investment Officer
CITY INVESTMENT FUND LP
Stuart L. Miller, Director of Acquisitions
EREALTY COMPANIES, INC.
Elise N. Zoli, Partner & Co-Chair, Energy
Practice GOODWIN PROCTER LLP
Dean Macfarlan, Managing Partner
MACFARLAN CAPITAL PARTNERS, L.P.
David A. Brown, Chief Executive Officer
SOMERA CAPITAL MANAGEMENT
3:15
UPDATE ON THE GLOBAL REIT MARKET
• General overview of REITs • Comparison
of different tax and regulatory schemes in
various jurisdictions • Impact of recent
legislation • Potential of these vehicles as an
exit strategy for equity funds • Global trends
and updates
Moderator:
Larry Medvinsky, Partner
CLIFFORD CHANCE LLP
Panelists:
Anthony Stewart, Partner
CLIFFORD CHANCE LLP
Jeffrey Horowitz, Managing Director
MERRILL LYNCH
Daniel Cohen, Chairman
TABERNA CAPITAL MANAGEMENT
C
2:15
COMPARING REAL ESTATE ROUTES TO
MARKET: REITS VS. SECONDARIES VS.
FUNDS-OF-FUNDS
• Secondary & funds-of-funds approaches:
Acquiring interests in funds & partnerships
• Outlook for secondary market transactions
• Investing in indirect real estate structures:
What are the current options? What are the
tax implications of each option? • Exit strategies
Panelists:
Jeffrey Hammer, Co-Head, Private Equity Advisors
BEAR STEARNS ASSET MANAGEMENT, INC.
Robert Dombi, Partner
LANDMARK PARTNERS, INC.
Jeffrey M. Giller, Managing Partner
LIQUID REALTY PARTNERS
Richard W. Maine, Managing Partner
MADISON HARBOR CAPITAL, LLC
C
3:15
EMERGING MARKETS OF EUROPE:
CENTRAL & EASTERN EUROPE/RUSSIA
• How has the investment landscape
changed in the last year? • What’s in store
for the next year? • Do you need a local
partner or can you go it alone? • The politics
Moderator:
Fredrik Elwing, Director CREDIT SUISSE
Panelists:
Miltos Kambourides, Managing Partner
DOLPHIN CAPITAL PARTNERS
Additional Panelists TBA
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4:30
PRIVATE REIT STRUCTURES
• Avoiding UBIT and other tax implications
• What are the benefits compared to limited
liability companies & other tax-driven
structures: Portfolio diversification, increased
liquidity? • What type of investor benefits
from these structures? • Dealing with the
promote • Compliance with the REIT rules
• How do you handle the dividend payments?
Moderator:
Peter Fass, Partner PROSKAUER ROSE LLP
Panelists:
Christopher Roman, Counsel
CLIFFORD CHANCE LLP
David L. Brandon, Partner KPMG, LLP
Additional Panelists TBA
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5:30
FUND RAISING: MAKING YOUR FUND
ATTRACTIVE TO INVESTORS
• How are you reaching investors? • What
type of investors are you targeting? • Third-
party fund raising: What are the benefits of
using outside firms to raise equity? • How do
you distinguish yourself when sponsoring a
new fund? • Marketing to institutions/high-
net-worth or both • How are you attracting
investors? • What are the advantages and
disadvantages of using third party marketers?
Moderator:
Nancy Lashine, Partner
PARK MADISON PARTNERS
Panelists:
Gil Tenzer, Partner
CONTRARIAN CAPITAL MANAGEMENT
Michael Crawford, Partner
C.P. EATON PARTNERS, LLC
A Representative of
DEWEY BALLANTINE LLP
David Bourne, Chairman
EQUASTONE
Alan A. Pardee, Managing Director
MERRILL LYNCH & CO., INC.
Peter J. Finley, Executive Director,
U.S. Real Estate, Lodging & Leisure Group
UBS INVESTMENT BANK
6:30 Networking Cocktail Reception
7:30 Day One Concludes
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4:30 4:30
HOTEL & LEISURE PROPERTIES WESTERN EUROPE PANEL:WHERE ARE
• Short and long-term outlook for different THE OPPORTUNITIES?
product types: Full service, limited service, • Is it saturated? Are there any deals left?
branded/un-branded • Resort properties: • Who are your main competitors? • Impact
Outlook for destination clubs, timeshares and of KanAm on the German open-ended
waterpark hotels • Which locations currently property funds • Outlook for UK and French
have the best value? • Distressed hotels:Where
property markets • How will expected
are you finding value • What is the next hot
area in hospitality? • Exploding sector: How changes relating to UK REITs and open-
much longer can the condo hotel boom ended real estate funds impact the overall
continue? • How are the funds taking advantage investment climate?
of the condo hotel boom? • Trends in spa & Panelists:
fitness amenities and the value they bring Cornelia Thaler, Partner
Moderator: CLIFFORD CHANCE LLP
Christopher B. Barker, Partner Melville Rodrigues, Partner
GOODWIN PROCTER LLP MAYER, BROWN, ROWE & MAW LLP
Panelists: John Z. Kukral, President
Glenn Colarossi, President NORTHWOOD INVESTORS
COLAROSSI SPA & HEALTH CLUB Michael Bickford, Partner
CONSULTING & MANAGEMENT ROUND HILL CAPITAL PARTNERS
Clark W. Hanrattie, Senior Vice President & Chief Peter J. Pereira Gray, Co-Head of Portfolio
Investment Officer HEI HOSPITALITY LLC Management THE WELLCOME TRUST
Robert M. Stern, Managing Director
PERRY REAL ESTATE PARTNERS
Michael Ryan, Owner & Developer
THE RITZ-CARLTON, GRAND CAYMAN
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5:30 5:30
NEW PERMANENT CAPITAL VEHICLES STRUCTURING FOR OVERSEAS REAL
This session will cover how these newly ESTATE INVESTMENTS
emerging vehicles may allow traditional • What general issues need to be considered
sponsors of private equity funds to access when structuring such funds? Which important
permanent investment capital from investors, as issues are location-specific? • What fund
an adjunct to more traditional capital raising structures are commonly used? • What
alternatives. Topics will include specific details on investor specific issues will you face?
how these vehicles are organized, who is • Offshore jurisdictions
currently doing them and how they can Moderator:
complement your particular strategy. Martin Edelman, Partner
Moderator: PAUL, HASTINGS, JANOFSKY
Jay L. Bernstein, Partner & WALKER, LLP
CLIFFORD CHANCE LLP Panelists:
Panelists: Joëlle Hauser, Partner
Halle Benett, Managing Director CLIFFORD CHANCE LLP
UBS INVESTMENT BANK A Representative of
Additional Panelists TBA DEWEY BALLANTINE LLP
Samuel E. Levinson, Director KPMG, LLP
IMN Email: mail@imn.org Tel: 212-768-2800 Fax: 212-768-2484 l5
Day Two: WEDNESDAY
8:00
JUNE 28, 2006
Deluxe Sponsored Continental Breakfast 9:30 GETTING PERCENT RETURNS: EVALUATING THE
OUTLOOK FOR OPPORTUNISTIC INVESTING
8:30 INSTITUTIONAL INVESTOR OUTLOOK
• How are you getting 20% returns? • What are the actual
A panel of top investors in real estate will discuss their
preferences (product type, sector, markets, etc.) and the performance projections for your existing funds? • Impact of
advantages and disadvantages of investing in real estate. new funds entering the market • Are there still domestic
• What is your real estate exposure? Have you opportunistic opportunities of a significant scale and how do
increased/decreased? • Balancing real estate products in these opportunities differ from years past? • Where can you
your portfolio: What is your breakdown of debt, equity, get 20% returns outside of the US? • What are the keys to
REITs? • As an investor, what do you do differently today vs. creating value? • 20% before or after fees?
two years ago? Have you changed portfolio strategies? Moderator:
• What are your return expectations? Are you seeing it? Gary Koster, Partner ERNST & YOUNG LLP
• How do you view real estate relative to other alternative
asset classes? • Are you happy with the current information Panelists:
available on fund performance, transparency and monitoring? Keith Barket, Managing Director
• What is your risk tolerance? ANGELO, GORDON & CO.
Moderator: John Jacobsson, Managing Partner
Charles R. Purse, Managing Principal APOLLO REAL ESTATE ADVISORS LP
PARK HILL REAL ESTATE GROUP LLC Joshua Pristaw, Managing Director
Panelists: GOLDENTREE INSITE PARTNERS
William H. Glazer, President
Peter Madden, Senior Portfolio Manager
KEYSTONE PROPERTY GROUP
ABP INVESTMENTS US, INC.
Kurt Roeloffs, Managing Director, Asia & Americas; Head of
Howard Fields, Portfolio Manager
Real Estate Opportunities Group RREEF
ALLSTATE INVESTMENTS, LLC
Barry S. Sternlicht, Chairman & Chief Executive Officer
Joanne Douvas, Vice President
STARWOOD CAPITAL GROUP LLC
JPMORGAN ASSET MANAGEMENT
10:30 Refreshments

C O N C U R R E N T S E S S I O N S : C H O O S E “A” o r “ B ”
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11:00 LENDERS’ ROUNDTABLE: LEADING FINANCE 11:00 EVALUATING JOINT VENTURE OPTIONS
PROVIDERS’ PERSPECTIVE ON THE HIGH- • Joint ventures with REITs, pension funds and other
PERFORMANCE REAL ESTATE MARKET institutional investors: What are the advantages and
• Which types of financing are the funds using most? disadvantages of each? • Investor-fund JVs: Managing
• CMBS vs. traditional finance • Fund perspective on dealing expectations from your institutional partners
with lenders • Leverage in lending: Have we gone too far? • Fund-fund JVs: What should your partner bring to the
• How do lenders view the real estate market? • Banking table? • JVs with non-traditional partners: What has been
industry update • Fund perspective on dealing with lenders: your experience when partnering with:TICs, private REITs,
Fund financing considerations & options • What types of other funds, public companies, high-net-worth individuals
financing are available? • International financing
and family offices, operators, etc.?
Moderator:
Steven Lichtenfeld, Partner & Co-Chair PROSKAUER ROSE LLP Moderator:
Alvin Katz, Partner
Panelists:
MAYER, BROWN, ROWE & MAW LLP
John B. Lamb, Managing Director
BANK OF AMERICA SECURITIES LLC Panelists:
Skip Wells, Managing Director, Strategic Capital Group James D. Kuhn, President
GE COMMERCIAL FINANCE REAL ESTATE NEWMARK & CO. REAL ESTATE
Albert Tan, Partner HAYNES AND BOONE, LLP William G. Murray, Jr., Partner
James J. Sullivan, Managing Director, Real Estate Investment Bank ORRICK, HERRINGTON & SUTCLIFFE LLP
J.P. MORGAN SECURITIES, INC. Thomas G. Hotz, Director
Lisa Cunningham, Group Senior Vice President WEST GROUP DEVELOPMENT COMPANY
LASALLE BANK N.A.
Robert L. Gilbert, Senior Vice President, Head of Funds and
Insurance STANDARD CHARTERED BANK
Jeffrey Baevsky, Senior Vice President WACHOVIA BANK, NA

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 A B
12:00 PUBLIC COMPANY ACQUISITIONS WITH PRIVATE
REAL ESTATE EQUITY CAPITAL: A CHANGING TIDE?
This panel will explore the recent trend in the privatization
of public real estate operating companies (REITs and
REOCs) with private real estate equity capital.The panelists
will address partnership terms, how these transactions are
getting done and why they have become so popular
Moderator:
Gilbert Menna, Partner and Chair, REITs & Real Estate Capital
Markets Group GOODWIN PROCTER LLP
Panelists:
Rick Solway, Partner ERNST & YOUNG LLP
William Fryer, Senior Partner KING & SPALDING LLP
Stephen Hentschel, Managing Director
LEHMAN BROTHERS
Guy Metcalfe, Managing Director
MORGAN STANLEY & CO.
1:00 Luncheon
A B
2:00 EXPLORING MEZZANINE FUNDS & REAL ESTATE CDOS
• What structural issues are involved in mezzanine deals?
• Who are the lenders? The borrowers? The investors?
• Evaluating inter-creditor agreements • Preferred equity:
When is it preferred? Common preferred equity structures
• Leverage: Investing in mezzanine vs. equity • What is a real
estate CDO? • Why use a CDO? • What are the risks?
• What are the returns? • What are the associated legal and
tax issues? • Property derivatives & synthetic CDOs
Panelists:
Bradford Wildauer, Partner
APOLLO REAL ESTATE ADVISORS LP
Stephen Alpart, Managing Director
CAPMARK INVESTMENTS LP
(Formely GMAC INSTITUTIONAL ADVISORS)
David Moldenhauer, Partner CLIFFORD CHANCE LLP
Mitchell Kahn, President TABERNA CAPITAL MANAGEMENT
John Raggio, Managing Director
TREMONT REALTY CAPITAL, LLC
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3:00 REAL ESTATE DEBT STRATEGIES: RISK-ADJUSTED
RETURN OPPORTUNITIES IN HIGH YIELD DEBT
• Where are fund managers finding the strongest returns?
• Distressed mortgages/debt: Will there be loan purchases
at deep discount? • CMBS defaults: How will servicers deal
with defaults? What opportunities will arise for the real
estate funds? • Outlook for the refinancing of outstanding
CMBS deals • Distressed mortgages/debt: Will there be loan
purchases at deep discount?
Moderator:
Frank E. Schmitz, Managing Principal
PARK HILL REAL ESTATE GROUP LLC
Panelists:
Peter S. Ginsberg, Managing Director CAPITAL TRUST, INC.
Timothy G. Little, Partner
KATTEN MUCHIN ZAVIS ROSENMAN
Chip Stephens, President
PRINCIPAL COMMERCIAL ACCEPTANCE
Daniel Owen Mee, Executive Director
TREMONT REALTY CAPITAL
David Friedman, Executive Vice President, Fund Management
WRIGHTWOOD CAPITAL
4:00 IMN’s Seventh Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes
12:00 NEW & SMALL FUNDS: HOW ARE THEY COMPETING
(OR NOT) WITH THE BIG BOYS?
• Raising a fund from scratch: What issues are involved?
• What have first time fund managers learned from their
experience? • Operator-sponsored funds:The new trend in
the business • Second time funds: What did you learn the
second time around? • What is your unique selling point?
Moderator:
Scott Farb, Managing Principal, National Real Estate Practice
GUMBINER SAVETT, INC.
Panelists:
Charles E.F. Millard, Managing Director
BROADWAY REAL ESTATE PARTNERS LLC
Margaret Blakey, Managing Director
CAPMARK INVESTMENTS LP
(Formely GMAC INSTITUTIONAL ADVISORS)
Chad Carpenter, Chief Executive Officer EQUASTONE
2:00 REAL ESTATE FUND PERFORMANCE MEASUREMENT
• How are the funds really doing? • Has fund transparency
improved? • What tools do prospective investors have?
• What are investor consultants saying about the real estate
industry? • Risk-adjusted returns
Panelists:
James D.Vincent, Managing Director
REALFOUNDATIONS, INC.
Steven J. Kurtz, Director of Valuation Services
SCHONBRAUN MCCANN GROUP, LLC
Additional Panelists TBA
3:00 REAL ESTATE PRIVATE EQUITY
• How does this investment strategy compare and contrast
with traditional private equity? • Valuation and structuring in
a real estate private equity transaction • Corporate
governance, decision making and operating a real estate
private equity platform • Liquidity and exit issues in a
private equity platform
Moderator:
Derek Smith, Partner, Real Estate Department
PAUL, HASTINGS, JANOFSKY & WALKER, LLP
Panelists:
Ronald M. Dickerman, President
MADISON INTERNATIONAL REALTY LLC
Robert V. Fitzsimmons, Partner
MAYER, BROWN, ROWE & MAW LLP
Additional Panelists TBA
IMN Email: mail@imn.org Tel: 212-768-2800 Fax: 212-768-2484 l7
Corporate Sponsors
INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK THE FOLLOWING SPONSORS FOR THEIR GENEROUS
SUPPORT OF THE SEVENTH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM

L EAD S PONSOR
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, managers and investors. 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 investments in real estate funds. Our team of investment fund experts
assists in structuring funds, investing domestically and internationally and in related tax and ERISA matters. The firm's real estate opportunity fund
capabilities are complemented by our market leading REIT and real estate securities practice.
Clifford Chance is a truly integrated global law firm which operates as one organization throughout the world. Unrivalled in international resources,
Clifford Chance has 28 offices in 19 countries, including three US offices.We are committed to providing the highest quality professional advice, combining
technical expertise with a deep understanding of the commercial environment in which our clients operate.

G OLD S PONSORS
The Real Estate Private Fund
Group (REPFG) of CREDIT
SUISSE is a global advisor
and placement agent for
sponsors of high quality investment opportunities in real estate private
equity.The Credit Suisse REPFG team of 21 professionals sources capital
from public and private pension funds, foundations, endowments,
insurance companies and other institutional and accredited investors
worldwide. Transactions include real estate private equity funds, entity
level transactions and asset-specified joint ventures across the
risk/return spectrum on a global basis. Sponsors of these transactions
include private investments firms, real estate operating companies and
public REITs.
As one of the world's leading banks, Credit Suisse provides its clients
with investment banking, private banking and asset management
services worldwide. Credit Suisse offers advisory services,
comprehensive solutions and innovative products to companies,
institutional clients and high-net-worth private clients globally, as well as
retail clients in Switzerland. Credit Suisse is active in over 50 countries
and employs approximately 40,000 people. Credit Suisse's parent
company, Credit Suisse Group, is a leading global financial services
company headquartered in Zurich. Credit Suisse Group's registered
shares (CSGN) are listed in Switzerland and, in the form of American
Depositary Shares (CSR), in New York. Further information about
Credit Suisse can be found at www.credit-suisse.com.
In its Investment Banking business, Credit Suisse offers securities products
and financial advisory services to users and suppliers of capital around
the world. Operating in 69 locations across 33 countries, Credit Suisse is
active across the full spectrum of financial services products including
debt and equity underwriting, sales and trading, mergers and acquisitions,
investment research, and correspondent and prime brokerage services.
DEWEY BALLANTINE LLP
has one of the preeminent
real estate private equity fund
formation and investment practices in the world. The Firm integrates
fund formation, real estate, tax and ERISA specialists to provide seamless
and comprehensive service to leading real estate fund sponsors,
institutional investors and operating partners active throughout the
United States, Europe, South America and Asia. Our expertise includes
the organization of funds based in the United States and all major
offshore jurisdictions, as well as private REITs and other specialized tax
structures, the privatization of public REITs, domestic and international
joint ventures, and emerging market investments.
Our real estate private equity clients include DRA Advisors, GE Asset
Management, GP Investimentos Imobiliários, Harbert Management
Corporation, Hunter Chase & Co., The Praedium Group and Westport
Capital Partners. Our other private equity clients include Coller Capital,
DuPont Capital Management, the European Secondary Development Funds,
Graham Partners, Morgan Stanley Asset Management, Royalton Partners,
The Silverfern Group and the Venture Capital Funds of America.
Dewey Ballantine LLP is a leading international law firm with over 550
attorneys, having offices in New York,Washington, D.C., Los Angeles, East Palo
Alto, Houston, Austin, London,Warsaw, Frankfurt, Milan, Rome and Beijing.
For additional information about our work in private equity, real estate
and other alternative investments, please visit our website at
www.deweyballantine.com or contact: Sanford W. Morhouse +1-212-
259-8400, Joseph A. Smith +1-212-259-7268.
GOODWIN PROCTER LLP is a national
leader in real estate capital formation and
transactions. For the past 50 years, we
have been helping clients raise capital and
buy, sell and finance real estate. With over 100 lawyers focused on
serving owners, investment managers, investors, lenders, investment
bankers and developers, we participate in all aspects of the industry.
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 estate investment transactions valued at over $20 billion
and assisted in REIT and REIT M&A deals totaling more than $43 billion.
Industry leaders and seasoned entrepreneurs seek our assistance in
accessing and deploying capital for investment in real estate and the
execution of a wide variety of growth, value-creation and core
strategies. We are familiar with the specialized issues associated with a

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G OLD S PONSORS
wide variety of property types. Clients rely on us to identify
conventional approaches where available or develop innovative new
ones when necessary. Our cross-departmental Funds Formation, Real
Estate Investment Management, and REITs and Real Estate Securities
Practice Areas bring together lawyers with the focused expertise
necessary to respond to client demands promptly and efficiently.
GREENBERG TRAURIG represents a
vast array of clients from entrepreneurs to
institutional investors and with 28 offices
in the Americas, Europe and Asia as well as
strategic affiliations abroad, Greenberg Traurig provides extensive
knowledge with personalized service. We have represented dozens of
nationally and internationally known owners, developers, investors, and
lenders in all aspects of real estate acquisition, development, operations
and finance and are uniquely capable in the condominium sector.
Our firm-wide real estate practice includes more than 200 real estate
lawyers and our 1,500 lawyer firm has significant depth in the
complementary areas of corporate and securities, tax, zoning and land
use, environmental, ADA, ERISA, and litigation, enabling us to provide
our clients with comprehensive, integrated legal services for all facets of
their real estate businesses. We often add value to our client services
through our broad contacts in the capital markets.
MAYER, BROWN, ROWE & MAW LLP's Real Estate
Group is large, varied and international in its
capability. Each year, Mayer Brown real estate lawyers
handle thousands of purchases, sales, leases, financings,
securitization transactions and restructurings involving
tens of billions of dollars and pounds around the
S ILVER S PONSORS
APOLLO REAL ESTATE ADVISORS is a
privately held, employee-owned, principal
investment firm founded in 1993. Apollo serves
as the General Partner of a series of diversified
real estate investment funds other real estate investment partnerships.
Apollo has invested $5 billion of clients' and partners' equity in more
than 200 investments in portfolios and individual property assets, with a
gross asset value in excess of $25 billion, in the United States, Europe
and Japan. The Apollo team consists of 40 real estate professionals,
located in New York, Los Angeles and London. Clients include domestic
and international retirement systems, pension plans, endowments,
foundations, banks, insurance companies and family offices. Apollo
focuses on off-market deals and under-managed properties, often
teaming with a strong local operating partner.
DELOITTE’s national Real Estate,
Hospitality & Construction Industry
practice, one of the fastest growing
industry groups, consists of more than 1,500 dedicated practitioners
who provide audit, tax, consulting, and financial advisory services to
nearly 800 clients. Clients include many of the industry’s giant real estate
owners, service companies, investment advisors, developers, property
management and leasing companies, REITs, mortgage brokers and
bankers, pension funds, syndicators, and insurance companies, as well as
five of the ten largest real estate investment advisors in the U.S.
DLA PIPER RUDNICK GRAY CARY is
an international business law firm with
1,500 lawyers in offices throughout the
U.S., whose core practices are finance,
corporate and securities, real estate, litigation, intellectual property, and
world. The Real Estate Group consists of lawyers throughout our
international network of offices with the combined expertise and skills
necessary to provide excellent service to clients in complex real estate
transactions worldwide. Our real estate practice is enhanced by our
extensive involvement and influence at various levels of the real estate
industry. For more information, please visit our website at
www.mayerbrownrowe.com.
PARK HILL REAL ESTATE
GROUP LLC is currently seeking
approval for registration as a
broker-dealer with the NASD.
Until such time, all regulated
services are performed through
the Blackstone Group, L.P., an affiliate of PHREG and a NASD member
firm and registered broker-dealer.
TABERNA REALTY FINANCE TRUST
currently manages more than $7.5 billion in
real estate investments. With our capital
markets expertise and extensive industry
contacts, we are a leading source of financing for REIT’s and real estate
operating companies through out the United States. Taberna Realty
Finance Trust is a specialty finance REIT focused on providing flexible
solutions to the capital needs of the real estate industry.Taberna Realty
Finance Trust also makes investments in commercial and residential real
estate-backed securities.
government affairs. Worldwide, DLA Piper has 3,100 lawyers in 58
offices in 22 countries, including the United Kingdom, Europe, and Asia,
offering leading practices in real estate, commercial, corporate and
finance, human resources, litigation, regulatory and legislative, and
technology, media, and communications.The firm recently added several
of the country’s leading attorney’s in the real estate capital markets field,
expanding and diversifying our service offerings for both U.S. and
international clients. We have in-depth experience in all legal disciplines
relating to this area including fund formation, joint ventures, corporate
finance, REITs, securities regulation, finance, leasing, federal, state, local
and international taxation and employee benefits and ERISA. We are
part of the world’s leading commercial real estate practice, and our real
estate capital markets practice is international in scope, encompassing
virtually all types of companies and transactions touching upon real
estate capital markets.
ERNST & YOUNG, a global leader
in professional services, is committed
to restoring the public’s trust in
professional services firms and in the quality of financial reporting. Its 107,000
people in 140 countries pursue the highest levels of integrity, quality, and
professionalism in providing a range of sophisticated services centered on
our core competencies of auditing, accounting, tax, and transactions.
Ernst & Young has the largest integrated real estate, hospitality and
construction practice of any Big Four firm, with 3,500 professionals
serving more than 4,000 real estate owners, developers, lenders and
users throughout the world. Our unique approach combines
entrepreneurial thinking and working knowledge of real estate issues
with broad real estate expertise, vast resources, and a diverse network
of clients and contacts. Learn more about Ernst & Young Real Estate,
Hospitality & Construction at www.ey.com/us/realestate.
IMN Email: mail@imn.org Tel: 212-768-2800 Fax: 212-768-2484 l9
S ILVER S PONSORS ( CONTINUED )
GE REAL ESTATE (www.gerealestate.com) is one
of the world’s leading resources for commercial
real estate capital, through its capital markets,
equity, fixed and floating rate financing products
and services. Headquartered in Stamford,
Connecticut, the business boasts assets over $35
billion with 44 offices throughout North America,
Europe, Asia, and Australia/New Zealand.
As a division of HYPO REAL
ESTATE BANK INTERNATIONAL,
one of the world’s leading
commercial real estate lenders, Hypo Real Estate Capital Corporation
(HRECC) continues to be one of the largest foreign owned commercial
real estate lenders in the United States. Accordingly, we are the lender of
choice for many of the most successful real estate owners, developers and
investors worldwide doing business in the U.S. We continuously strive to
be a leader in the real estate sector through the creation, development,
implementation and delivery of an extensive array of real estate financing
products and structures. In this regard, we provide innovative solutions to
complex real estate transactions including construction and balance sheet
loans, CMBS and subordinate debt lending across all asset classes
throughout the Americas.This translates into tangible value realized by our
substantial and diverse client base.
HRECC provides a full range of services that combine unparalleled real
estate and local market knowledge with capital markets expertise. We
provide a single source for capital solutions for the real estate industry.We
continue to distinguish ourselves by our unique ability to, on a stand alone
basis, fully underwrite extremely large loans, our singular expertise in real
estate lending and loan servicing, and our commitment to deliver to our
clients a full complement of financial products along with the personal
service beyond reproach.
At HRECC, we are consistently recognized for our innovative financial
products. Our core values and distinctive approach to our business,
coupled with our professionalism, integrity, commitment to excellence,
innovation and teamwork have allowed us to earn the trust and respect of
our clients which is evidenced by the repeat business that we are awarded.
JONES DAY is one of the world's largest law firms,
with 14 U.S. and 16 non-U.S. offices and more than
2,300 lawyers. Our Real Estate Practice comprises
more than 120 lawyers in the U.S., U.K., Europe and
Asia. Jones Day was ranked #1 globally in Real Estate M&A transactions
by deal count by Bloomberg from 2003 to 2005. Jones Day's Real Estate
Funds practice represents market-leading sponsors and lead investors in
real estate fund formations. Our Real Estate Capital Markets practice
represents many of the largest and most active real estate private equity
funds in their ongoing acquisition, disposition, financing and asset
management activities in the U.S., U.K., Europe, Asia and Latin America,
from initial investments to fund liquidation and exit.
Our lawyers have closed real estate funds as U.S. and U.K. limited
partnerships, limited liability companies, REITs, Dutch C.V.s, Jersey Unit
Trusts, Jersey Limited Companies, registered and unregistered
Luxembourg vehicles, and various other collective investment vehicles to
provide maximum investment flexibility given the nature and location of
the fund's investors, advisers, and proposed investments. We have
negotiated direct real estate investments, equity joint ventures, public and
private real estate company acquisitions, and the placement of secured,
mezzanine, and participating debt on behalf of real estate funds in the
U.S., U.K., Europe, Asia and Latin America. We also provide Investment
Advisers Act, Investment Company Act, Financial Services and Markets
Act, and other securities law and regulatory advice, and cross-border tax
advice and ERISA advice in forming and maintaining VCOC and REOC
structures, where made necessary as a result of the fund's investor base.
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10 To Register For This Forum, Please Visit: www.imn.org/usop/m
For further information on our Real Estate Funds and Real Estate Capital
Markets Practices, please visit us at our website, www.jonesday.com, or
contact: Robert C. Lee - rclee@jonesday.com, David J. Lowery -
djlowery@jonesday.com, Mark V. Minton - mvminton@jonesday.com, Kent
R. Richey - krrichey@jonesday.com.
KING & SPALDING LLP is
an international law firm
with more than 800 lawyers in Atlanta, Houston, London, New York and
Washington, D.C.The firm represents half of the Fortune 100, and in a
Corporate Counsel survey in September 2005 was ranked one of the
top ten firms representing Fortune 250 companies overall. For
additional information, visit www.kslaw.com.
KPMG’s Real Estate Practice is a leading provider of
audit and accounting, tax, transaction advisory and
risk advisory services to the real estate industry.
KPMG’s Real Estate Practice provides services to clients globally, including
real estate investments funds, institutional investors, domestic and foreign
investors, publicly traded and private companies. KPMG’s Real Estate
Practice is the result of a 30-year effort to forge one of the largest and
strongest full service real estate practices. Our Real Estate Practice
provided services on a national, as well as a global basis with a network
of more than 1,000 dedicated professional in the United States.
Key Service Offerings of KPMG’s Real Estate Practice: Audit and
Accounting · Financial Statement Audit · Agreed Upon Procedures
· Consultation on GAAP Matters · Local, International and Regulatory
Reporting Matters.Tax: · Tax Return Preparation and Review Compliance
· Consultation on Domestic and International Tax Matters · Transaction
Structuring · State & Local Tax · Cost Segregation Analysis · Valuation
Transaction Advisory: · Due Diligence · Financial Modeling
· Portfolio/Asset Strategy. Risk and Advisory: · Internal Audit (Outsourced
and Cosourced) · Corporate Real Estate Services · Business Risk Analysis
· Performance Enhancement and Cost Management · Business and
Repositioning Services
For more Information on KPMG’s Real Estate Practice, please contact:
Edward N. Constantino Partner in Charge Global Real Estate Funds
Practice (212) 954-7820, econstantino@kpmg.com.
For over 75 years, LASALLE BANK's
Commercial Real Estate Group has been an
industry leader, serving public and private
real estate developers, Institutional investors and individuals.
Headquartered in Chicago with nearly $110 billion in assets, LaSalle Bank
corporation is an integral part of the Real Estate Marketplace. With real
estate offices throughout the US, we are uniquely positioned to serve
thousands of clients each year on a national platform.
LaSalle's capabilities include: commercial property acquisition and
construction financing; Fund level lines of credit; Real Estate Investment
Trust financing; and a variety of short term and long term financing
alternatives for office, industrial, retail, multi-family and For-sale residential
property projects. LaSalle Bank is able to provide customized support to
their varied client base.
MORGAN LEWIS, with more than 1,200
lawyers in 20 offices around the world,
offers clients seamless service across
practice areas. Our Real Estate Practice includes more than 60 lawyers
who represent major corporations, regional and national developers,
REITs, private equity funds, institutional lenders, investors, pension funds
and advisers, and special servicers in connection with their use, ownership
and financing of real estate. We efficiently handle transactions of all sizes
and degrees of complexity, both locally and internationally. We are
experienced in acquisitions, dispositions, financing, workouts and
restructurings, land assemblage, development, investments by foreign
entities, sale-leasebacks, leasing, taxation, condemnation and land use.
 PAUL, HASTINGS, JANOFSKY &
WALKER LLP is an international law
firm comprising more than 950
attorneys in ten domestic and seven overseas offices.The firm's real estate
practice is one of the preeminent groups throughout the world, with
more than 160 lawyers. Paul Hastings' real estate practice was named
"International Real Estate Law Firm of the Year" by Chambers and
Partners as well as being selected as the top real estate departments in
both New York and California in 2004-2005 by Chambers and Partners
and PracticalLaw.com.We offer an experienced investment funds practice
which specializes in opportunity and other real estate funds, including the
formation and operation of funds and creating structures to deal with tax,
ERISA and other investor issues. With international offices serving three
industrialized continents, Paul Hastings is uniquely poised to assist
opportunity and private funds, developers, investors, and members of the
real estate industry. Commitment to client objectives, unparalleled
responsiveness to client needs and freedom to be creative, have
established Paul Hastings as an international leader in legal services.
For more information,visit us at our website:www.paulhastings.com or contact Phil
Feder at philipfeder@paulhastings.com or Larry Hass at larryhass@paulhastings.com
or Robert Wertheimer at robertwertheimer@paulhastings.com.
PRICEWATERHOUSECOOPERS
(www.pwc.com) provides industry-
focused assurance, tax and advisory services to build public trust and
enhance value for its clients and their stakeholders. More than 130,000
people in 148 countries work collaboratively using Connected Thinking to
develop fresh perspectives and practical advice.
The PricewaterhouseCoopers real estate group is part of the firm's
financial services group, one of the leading providers of integrated
professional services to major financial services organizations. Our
integrated approach to problem-solving involves an international network
of real estate accounting, tax and business advisory professionals who can
B RONZE S PONSORS
BANC OF AMERICA SECURITIES LLC,
a subsidiary of Bank of America
Corporation, is a full-service investment
bank and brokerage firm with principal offices in New York, Charlotte,
San Francisco, and London. The firm delivers capital raising, financial
advisory and risk management solutions, bulge-bracket trading andg lobal
distribution services, and objective research on global markets andg
rowth sectors to corporations, institutional investors, financial institutions
and government entities.
Bank of America is one of the world's preeminent real estate financial
partners. Together with its investment banking affiliate, Banc of America
Securities LLC, the company delivers market insights and the full
spectrum of capital raising and strategic advisory solutions. Clients range
from residential and commercial developers, to investors, funds and
operating companies, homebuilders, REITS and mortgage banking
companies. Products and services include: Equity Subscription Financing,
Construction Project Financing, REIT and Homebuilder Financing, Debt
and Equity Capital Raising, and M&A Advisory, in addition to Treasury
Management, Interest Rate Management, Portfolio Acquisitions, Credit
Lease Financing, and Mortgage Backed Securities.
For more information on Real Estate Investment Banking contact Ron
Sturzenegger rsturzenegger@bofasecurities.com (San Francisco). For
additional information on Real Estate Finance contact Mark D. Monte
mark.d.monte@bankofamerica.com (San Francisco) or John B. Lamb
john.b.lamb@bankofamerica.com.
Founded in 1997, BARROW STREET CAPITAL
LLC is a middle-market opportunity fund manager
with offices in New York and Los Angeles.The firm
quickly mobilize to form highly qualified teams to respond to a client’s
opportunity or challenge.
Our global real estate professionals offer in-depth experience in a wide
range of financial accounting and reporting issues, global tax solutions,
investment fund structuring, capital market transactions, securitization
issues, technological applications, systems and operations; due diligence
and transaction support, and valuation management.
PROSKAUER ROSE LLP, established
over one hundred twenty-five years
ago, is a full service international law firm of over 715 attorneys,
headquartered in New York City, and practicing in eight other key markets
worldwide. Proskauer Rose is a law firm with an almost unparalleled depth
of experience in, and long-standing commitment to, real estate capital
markets. Proskauer Rose, which is a recognized leader in private equity and
real estate capital markets, is uniquely qualified to assist issuers, underwriters,
lenders and investors in evaluating opportunities and in structuring and
executing capital and finance transactions involving real estate companies
and funds. By last year, our team closed more than 60 private equity funds
representing over $20.0 billion in committed capital. Proskauer Rose’s ever-
expanding real estate capital markets and finance clients include public real
estate companies and REITs, underwriters of real estate securities,
institutional lenders, real estate opportunity funds, pension advisors and
hedge funds. We regularly represent our real estate capital markets clients
in all different stages of investment – growth capital, mature private equity,
public debt and equity, management buyouts, and other leveraged
acquisitions and recapitalizations of successful and less successful companies,
and other special situations. The Firm’s representations include fund
formations; IPOs; public company mergers; roll-up transactions; equity and
preferred equity offerings and placements; high-yield debt and convertible
debt offerings and placements; senior and mezzanine financings; public and
private tender offers; and joint ventures. For further information, please visit
our website at www.proskauer.com or contact Peter Fass at
Pfass@proskauer.com or Steven Lichtenfeld at Slichtenfeld@proskauer.com.
targets 20%+ IRRs by making equity and mezzanine debt investments in
redevelopments, developments and distressed assets in supply-
constrained markets primarily on the Atlantic and Pacific Coasts of the
United States. Nicholas Chermayeff and Robert Greenhill, Jr. are the
firm's Co-Chief Executive Officers. Barrow Street is currently investing
the Barrow Street Real Estate Fund III, L.P., which has approximately $360
million of equity commitments. Barrow Street manages capital on behalf
of domestic and foreign investors, including pension funds, financial
institutions, foundations, and high net worth investors.
BPI ENTERPRISES, LLC, (BPIE) a builder of
working class homes in the state of Texas, is
currently building in the Galveston County,
Jefferson County and Harris County areas.There was an urgent need to
provide working class homes in these Counties before hurricanes
Katrina and Rita; now the need is even greater.The current need for new
construction along the Gulf Coast Region is estimated to be 1 million
homes over the next 5 years. BPIE has partnered with local contractors
to assist in our endeavors.
CBRE’s independent subsidiary,
Torto Wheaton Research (TWR) is
the premier provider of research
services to owners and investors in U.S. and Canadian commercial real
estate. Leveraging its 20 years of experience, TWR offers research
products such as the TWR Outlook and TWR/Dodge Pipeline.
Investment Strategy Services is aimed towards firms looking to apply
superior market knowledge in a rigorous manor with the goal of
maximizing investment returns.These fee based services are customized
IMN Email: mail@imn.org Tel: 212-768-2800 Fax: 212-768-2484 l 11
B RONZE S PONSORS ( CONTINUED )
to each client firm’s needs. The Investment Strategy Service runs the
research gambit with TWR serving as the real estate research
department for firms requiring customized research expertise, working
with executive teams on strategic initiatives, executing market selection
or targeting, designing investment strategies and providing on-going
insight into the real estate investment environment for monitoring
existing portfolios or in support of new funds.
TWR’s rigorous approach to modeling, forecasting and investment
strategy, combined with the transactional knowledge and local market
expertise of CBRE, underscores an unmatched research platform for
providing directional advice on market forces that impact decision
making and ultimately investment performance. TWR’s client base
includes institutional advisors, plan sponsors, opportunity fund managers,
government agencies, banks, insurance companies, rating agencies and
finance companies.
EISNER is one of the premier accounting and
advisory services firm in the nation, providing
services in a number of major industries. Our Real Estate Services Group
advises some of the largest real estate owners and operators in New
York, and has successfully represented clients in transactions totaling
billions of dollars. We are also one of the leading service providers to
investment funds in the country.
Our Financial Services Industry Group serves the needs of businesses
ranging from start-ups to large global operations. Clients include REITs,
Real Estate Opportunity Funds, Distressed Debt Funds, Hedge Funds,
Fund of Funds, Private Equity Funds, Registered Investment Advisors,
Mutual Funds and Broker-Dealers.
EQUASTONE is a real estate investment
firm based in San Diego, CA specializing in
opportunistic, value-added and core-plus
real estate investments. Equastone acquires, operates, repositions and
sells commercial real estate on behalf of Equastone Real Estate Funds.
Equastone Real Estate Funds offer qualified investors the opportunity to
earn attractive, risk-adjusted returns through ownership of a diversified
portfolio of high quality real estate. Equastone and its senior
management team have extensive experience as investment managers
and real estate operators.
Equastone-sponsored investments have significantly outperformed REITs
and real estate mutual funds due to our highly selective approach and
proven ability to add value. Since 1993, Equastone has delivered over
30% net annual returns to investors. Since 2005, Equastone has invested
$250 million on behalf of Equastone Value Fund and intends to invest $1
billion over the next two years on behalf of Equastone Value Fund II.
For more than 160 years, FOLEY & LARDNER LLP
has delivered legal services focused on meeting our
clients’ business objectives with integrity, insight, and
innovation. Our Real Estate attorneys provide counsel related to the
acquisition, development, financing, and sale of properties across the
United States and around the world. We have assisted airports,
corporations, developers, health care providers, hotels, utilities, and many
other organizations in achieving their growth plans. Services include
syndication of equity and debt positions, as well as counseling in defaults
and workouts. Please visit our web site at www.foley.com.
GIBSON, DUNN &
CRUTCHER is one of
the world's pre-eminent international law firms. With practice groups
including real estate, litigation, securities and M&A, corporate finance,
private equity, antitrust, bankruptcy and restructuring, and labor law for
which GDC's 800+ lawyers in over a dozen offices spanning the United
States and Europe are recognized as leading practitioners. Our real
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12 To Register For This Forum, Please Visit: www.imn.org/usop/m
estate practice is one of the most highly respected in the U.S. and in
Europe. Gibson, Dunn & Crutcher represents many of the world's most
sophisticated and active opportunity funds in real estate, corporate and
financing transactions throughout the world. Gibson, Dunn & Crutcher's
Real Estate Practice Group is reknowned for its sophisticated
transactional work on behalf of its U.S. and foreign clients which include
financial institutions, opportunity funds and other institutional and non-
institutional investors, REITs, hotel operators, and local, national and
international real estate developers and builders.
GUMBINER SAVETT INC.
Established in 1950, Gumbiner Savett has
grown into one of the most respected
nationally recognized accounting firms in
California with affiliated offices and clientele located throughout the
United States and worldwide. We provide a full range of accounting,
audit, tax and consulting services to numerous public and private
companies. Headquartered in Los Angeles, we pride ourselves in our
commitment to quality, unsurpassed technical expertise, client service
and real estate industry experience.
Our National Real Estate Practice represents numerous well known
closely-held, private and institutional real estate companies throughout
the United States and worldwide, including private equity, pension and
opportunity funds investing in real estate.
For more information about how our real estate group can assist you,
please contact Scott Farb, Managing Principal, National Real Estate
Practice, at (310) 828-9798 or sfarb@gscpa.com.
HAYNES AND BOONE, LLP is an international
corporate law firm with 10 offices throughout
Texas, Mexico City, Moscow, New York, and
Washington, D.C. With more than 450 attorneys, the firm provides a full
spectrum of legal services to clients around the world. Haynes and Boone
consistently is ranked among the top 100 law firms in the U.S. by National
Law Journal. In 2005, it was named as one of the best corporate law firms
in America in a survey by Corporate Board Member Magazine. Haynes and
Boone is among the leading U.S. law firms representing agents and arrangers
of subscription secured credit facilities for real estate opportunity funds; and
is ranked No. 1 in Texas and 8th nationally in the representation of lead
lenders and borrowers in syndicated loan transactions based on Loan
Pricing Corporation year-end results for 2005.
HDG MANSUR is an international real estate
industry leader specializing in real estate advisory
services for high net-worth individuals and select
institutions worldwide.
HDG Mansur has more than twenty years of international property
expertise with particular knowledge of the mixed-use, commercial, retail,
residential and leisure sectors. Since its inception in 1982, HDG Mansur has
been involved in some $4.5 billion of real estate investments worldwide on
behalf of its global clients.
HFF SECURITIES L.P. ("HFFS") is the investment
banking affiliate of Holliday Fenoglio Fowler, L.P.
("HFF"). HFFS' primary services include:
• Raising discretionary equity capital for commingled real estate funds;
• Accessing project-specific, entity-level and programmatic equity capital for
real estate operating companies from pension funds and their advisors; and
• Providing financial advisory services to real estate companies and
institutional investors for various strategic assignments.
By virtue of our integrated platform with HFF, we also arrange and structure
all forms of secured and unsecured debt capital, conduct one-off and
portfolio asset sales, engage in mortgage note sales and service loans.
Our core expertise is an in-depth knowledge and understanding of the
institutional real estate marketplace and the tax-exempt investor
community. The firm's professionals have an average of 20 years of
experience within the institutional real estate industry, each with a unique
background that enhances the services provided by HFFS. Senior
management professionals have previous experience as real estate
investment advisors and managers, pension fund trustees, Wall Street
investment bankers and attorneys.
JPMORGAN's Real Estate & Lodging Investment
Banking Group (REALIB) is a global, one-stop
platform, focused on providing advisory and
capital market solutions to the world's most significant real estate, gaming,
lodging and real estate related companies. The group has 70 dedicated
professionals in seven offices worldwide - New York, Chicago, Los Angeles,
London, Tokyo, Hong Kong and Sydney - overseeing the firm's key client
relationships including public and private REITs, real estate financial sponsors,
as well as homebuilding, lodging and gaming companies.
Over the course of 2005, the REALIB team advised on ground-breaking
transactions in the multifamily, regional mall, office, homebuilding, lodging and
gaming property sectors, with an aggregate transaction volume in excess of
$13 billion.We were the leading provider of bank debt financing, syndicating
over $46 billion in loans, and book-managed public and private equity
transactions, raising in excess of $2 billion. Our CMBS platform lead managed
more than $21 billion of securities in 2005, ranking as the #1 bookrunner in
the U.S. and #2 globally. Finally, our unsecured debt platform is one of the
world’s largest having book-managed public and private offerings (high yield
and high grade), with aggregate volume in excess of $13 billion.
KATTEN MUCHIN ROSENMAN LLP's Real
Estate Securities Practice represents some of the
nation’s leading REITs, major real estate investors
and developers, underwriters, lending institutions, insurance companies and
pension plans in the acquisition, development, financing and sale of real estate
assets and in structuring, issuing, underwriting and investing in real estate debt
(of all types) and real estate securities. Our Fund Formation Group
represents leading sponsors of and investors in venture capital, buyout and
real estate funds. The two groups work closely together to provide an
integrated service platform for real estate opportunity funds combining the
strengths of extensive knowledge of real estate markets with first hand
knowledge of the most recent fund formation developments and trends.
For more information, contact Tim Little at tim.little@kattenlaw.com.
KEYSTONE PROPERTY GROUP is a real estate
investment and property development firm located in
Conshohocken, PA. A vision for value has driven its success.
What makes Keystone unique is the ability to see
opportunity and the nimbleness to execute on it- whether
redeveloping underperforming assets and developing new buildings or
creating value through leasing, financing, property management, and asset
management.This vision is the blueprint for Keystone’s success: adding value
to its assets and creating wealth for its partners.
LANDMARK is a private equity and real
estate investment company specializing in
secondary funds. Formed in 1989, the firm has
one of the longest track records in the industry and is a leading source of
liquidity to owners of real estate, venture, mezzanine and buyout limited
partnership interests.
In 1996, Landmark pioneered the secondary market for institutional real
estate interests by forming a fund to acquire a portfolio of commingled fund
interests from a state pension plan. Inclusive of the initial portfolio, Landmark
has sponsored four real estate secondary funds acquiring over $1.0 billion
of assets. Landmark has completed 44 transactions and has acquired more
than 100 real estate partnership interests.
Since 1996, Landmark has confidentially provided real estate sellers with
much-needed liquidity and real estate investors with a niche investment
opportunity to supplement their more traditional programs.
The benefits of investing in a Landmark secondary real estate fund include:
enhanced diversification, identified assets, rapid return of capital, immediate
distributions, an experienced team and a comprehensive approach to
acquisition due diligence and pricing.
LIQUID REALTY PARTNERS, the real estate secondaries
firm, is a San Francisco-based investment manager specializing
in acquiring interests in private real estate funds, partnerships
and trusts on a secondary basis. Founded in 2002, Liquid
Realty’s three institutional funds comprise $900 million in
assets under management. For investors considering a secondary sale,
Liquid Realty follows a proven model for delivering optimal pricing, timely
closings and courteous service.
Liquid Realty’s principals, Scott Landress and Jeff Giller, are 20-year
industry veterans supported by an experienced, professional team. The
firm works regularly through intermediaries and alongside private equity
investors, and has transacted with leading global investors of all types and
sizes. Liquid Realty’s past investments range from $1,000 to several
hundred million, span all global economies, accommodate unfunded
commitments, and encompass core, value-added and opportunistic styles.
MACFARLAN CAPITAL PARTNERS
is a national real estate investment
management firm which has purchased
over $1 billion in real estate investments on behalf of pension funds,
Wall Street investment funds, family offices and individual investors.The
company’s unique offerings include income and opportunistic
investments. Macfarlan provides investment programs with superior
returns through targeted strategy funds, single asset partnerships, and
tenant-in-common ownership structures. The firm acquires and
develops office, industrial, retail and luxury hospitality properties located
across the United States and abroad. For more information please visit:
www.macfarlan.com.
MADISON HARBOR CAPITAL organizes and manages
portfolios exclusively of private real estate funds on behalf
of institutional and qualified high net worth clients.
Through the creation of separate and diversified primary
and secondary portfolios in a multi-manager format, we seek out top
quartile managers. Our goal is to provide our investors with well-aligned
investments and a proper balance of risk and return that results in
consistent above average net investment performance. For more
information please visit www.madison-harbor.com.
MADISON INTERNATIONAL
REALTY is a specialty real estate
investment firm, which provides
liquidity to institutional and
individual investors in commercial real estate transactions. We acquire
limited partnership, member, fund and joint venture interests, as
principals in privately negotiated transactions. Madison purchases such
interests from existing investors seeking an early exit as well as provides
new equity capital to property owners seeking to restructure balance
sheets, buy out partners, or monetize equity positions. Since 1996,
Madison and its principals have acquired over $250 million of these
interests charging no broker or transaction fees.
Madison targets ownership interests in investment funds, private
placements, joint ventures, syndications and direct investments that
adhere to the following criteria:
Product Type: Office | Retail | Multifamily | Industrial | Hospitality
Property Location: United States | Continental Europe | United Kingdom
Investment Size: $1.0 million to $30.0 million USD
Expected Remaining Holding Period: 3- 5 years
IMN Email: mail@imn.org Tel: 212-768-2800 Fax: 212-768-2484 l 13
B RONZE S PONSORS ( CONTINUED )
The MERRILL LYNCH Private Equity Group
is a leading placement agent that specializes in
raising capital for managers of alternative
investment strategies including leveraged buyouts, real estate, venture
capital, hedge funds, restructuring, turnarounds, and distressed securities.
The Private Equity Group’s experienced team of fund raising
professionals, who originate, structure, and market private equity, real
estate and hedge fund products, are located in New York, San Francisco,
Los Angeles, London and Tokyo. Since 1981, the Private Equity Group
has placed over $135 billion of capital representing more than 125
general partners globally.
MORRISON & FOERSTER LLP is a
preeminent international law firm
with more than 1,000 attorneys and 19 offices worldwide. Its Real
Estate and Fund Formation Groups are expert in all aspects of U.S. and
international real estate opportunity funds and real estate transactions,
and include lawyers resident in all of the principal U.S. and foreign
offices. Its Fund Group consists of more than 40 attorneys and has
represented fund sponsors or major institutional investors in the
formation of funds having committed capital in excess of $65 billion. Its
Real Estate Group is equally experienced in representing real estate
clients in "one-off".
transactions, and on a portfolio-wide, multi-jurisdictional basis. In Asia
and Europe, Morrison & Foerster LLP complements U.S. lawyers with
resident lawyers qualified to practice local law in these jurisdictions
(including London, Shanghai, Beijing, Hong Kong, and Tokyo).
A principal focus of the firm's Real Estate and Fund Formation Groups
has been the formation and operation of real estate opportunity funds
and the representation of their financing sources.The firm is an industry
leader in the formation of opportunity funds as well as subscription line
financings utilized by opportunity funds. It also represents opportunity
funds in real estate investments and dispositions throughout the world,
including the formation of joint ventures for acquisitions in Europe and
Asia. For more information, please see www.mofo.com.
MOURANT FUND SERVICES When it comes to
advising, structuring and servicing real estate and
private equity structures, Mourant offers the right
support with a powerful mix of knowledge and experience. Mourant
specializes in the administration of limited partnerships, unit trusts,
special purpose vehicles, and other entities commonly used by the real
estate and private equity industry. From offices in London, New York,
Luxembourg, Jersey, Guernsey, and the Cayman Islands, Mourant
coordinates the accounting, tax, and administrative needs of over $70
billion in fund assets. Mourant also offers top-rated offshore legal
services from offices in Jersey, Guernsey and the Cayman Islands,
advising on all aspects of law relating to investment funds. For more
information, please contact Steven Davidson, T +1 212 796 8861
steven.davidson@mourant.com Website: www.mourant.com.
NEW BOSTON is a real estate investment and
development firm based in Boston, MA that manages
approximately $1 billion in private equity on behalf
of high net worth and institutional investors. With
nearly $2.5 billion in cumulative investment and
development activity, New Boston’s value-added investment strategy
focuses on equity, mezzanine and joint venture investment/development
opportunities across all asset classes. Our new $200 million Urban
Strategies America Fund targets acquisitions/developments in
transitional inner city neighborhoods with a “double bottom line”
impact, including strong investor returns and community benefits.
THE OCH-ZIFF REAL ESTATE FUND, an affiliate of
Och-Ziff Capital Management, is a limited partnership
organized to invest in real estate and real estate
related opportunities located primarily in the United
l
14 To Register For This Forum, Please Visit: www.imn.org/usop/m
States.The Fund pursues investments in the four major asset classes for
real estate including office, industrial, retail and multifamily.The Fund also
seeks to invest in certain specialized asset categories including senior
housing, medical office, lodging and other asset classes. Investments on
behalf of the Fund can be structured in various forms including equity,
preferred equity, debt, participating debt and other financial structures.
The Fund is managed by Och-Ziff Real Estate Advisors, a real estate
investment and advisory firm co-founded by Stavros P. Galiotos and
Steven E. Orbuch.
O’CONNOR CAPITAL
PARTNERS is a privately
held, independent real estate investment firm focused on principal
investing through private equity funds. O’Connor concentrates its
efforts on making direct investments in high-quality assets in major
metropolitan markets in North America and Europe. Over the past 20
years, the firm has acquired or developed more than $10 billion of
property on behalf of various investment funds, institutional clients, and
its own account encompassing all major property types. Since 1994 the
firm has managed real estate private equity funds with almost $2.0
billion in capital commitments that have made investments with a gross
value of over $5 billion. In 2004, O’Connor began investing for O’Connor
North American Property Partners, a $528 million fund focused on
direct investment in property in the U.S., Mexico and Canada.
The firm is headquartered in New York with regional offices in Los
Angeles, Mexico City, London, Milan and Luxembourg, staffed by
over 50 employees.
ORRICK, HERRINGTON & SUTCLIFFE LLP is a full-
service, 850 lawyer firm with 16 offices in the United
States, Europe and Asia. Orrick's Global Real Estate
Group, one of the leading real estate practices in the
United States, Europe and Asia, represents diverse clients that are active
throughout the world in all phases of real estate investment, financing,
securitization, development, and operations. We represent a substantial
number of U.S. pension funds and pension fund advisors, including
CalPERS, RREEF, Deutsche Bank, Morgan Stanley, Lehman Brothers
Japan, Hearthstone, BlackRock, Bristol Group, McMorgan, Cornerstone
Real Estate Advisors, MacFarlane Partners, CBRE Investors, Wisconsin
State Investment Board, LA County Employees Retirement Association,
San Francisco Employees Retirement System, Oregon PERS and others.
We are actively involved in representing both the sponsors of core,
opportunity and other funds and investors in such funds, including such
entities as Colony Capital, Legacy Partners, Westbrook Real Estate
Partners and others. In addition, as the real estate industry has
increasingly become an integral part of the national capital markets,
Orrick has become one of the leading firms in the representation of
parties involved in mortgage-backed security transactions, public and
private REITs, and other real estate structured finance transactions.
Founded in 1983, PIRCHER,
NICHOLS & MEEKS (the "Firm")
is perhaps the only substantial real estate law firm in the United States
that has, throughout its existence, focused on representing equity capital
sources in real estate transactions on a nationwide basis. The firm also
represents a number of real estate lenders.
With offices in both Los Angeles and Chicago, Pircher, Nichols & Meeks
employs more than 65 attorneys who specialize in real estate-related
matters. Over 55 of those attorneys are exclusively dedicated to real
estate transactional matters.
Pircher, Nichols & Meeks represents a number of real opportunity funds
in transactions throughout the United States and abroad. The Firm is
involved in single-asset transactions for real estate opportunity fund
clients, as well as portfolio acquisitions. The Firm's work for real estate
opportunity funds includes (1) joint venture transactions, (2) public to
private REIT acquisitions, (3) purchases, sales, leasing and financing
(origination and workouts for both borrowers and lenders) of real
property throughout the United States as well as abroad, and (4)
transactions in which the seller is in bankruptcy.The Firm also represents
private equity fund sponsors with formation matters.
Pircher, Nichols & Meeks offers to work with each client to create forms
of agreements that reflect the client's business objectives and practices.
The Firm also offers a number of programs to its opportunity fund
clients, including presentations on promote structures and exit strategies
in joint ventures.
The Los Angeles office is located at 1925 Century Park East, Suite 1700,
Los Angeles, CA; Phone: (310) 201-8900, Fax: (310) 201-8922. The
Chicago office is located at 900 North Michigan Avenue, Suite 1050,
Chicago, IL; Phone: (312) 915-3112, Fax: (312) 915-3348. For additional
information, please visit www.pircher.com.
PROPERTY & PORTFOLIO RESEARCH, INC. (PPR) is
an independent real estate research and portfolio
strategy firm that provides leading global institutional
real estate market participants with objective research on real estate
cycles and their implications for investment strategy. We help clients
apply our cutting-edge market research, analytics, and strategic thinking
to stay ahead of market trends and maximize risk-adjusted returns.
RBC CAPITAL MARKETS' real estate
investment banking team provides a complete
set of financing solutions tailored to the public
and private real estate industry across North
America. Since 2004, we have raised over $8 billion for our clients. RBC
Capital Markets is the corporate and investment banking division of
Royal Bank of Canada, one of the world's largest providers of financial
services. Operating since 1869, RBC is a leading international bank with
more than $378 billion in assets and one of the highest credit ratings of
any financial institution (Moody's Aa2, Standard & Poor's AA). For more
information please see www.rbccm.com/realestate.
REAL CAPITAL ANALYTICS,INC.
(RCA) monitors commercial
and apartment real estate sales transactions in nearly real-time across all
U.S. markets. Clients access a daily updated database of these property
trades as well as timely, insightful investment market reports at the
national and metro levels. Our client roster includes most life companies
and large commercial banks as well as hundreds of investment firms,
REITs, brokers and appraisers. RCA subscribers have access to the
industry's most comprehensive reports and tools, including:
Capital Trends Monthly • Containing fresh analysis and rotating content,
Capital Trends Monthly identifies the trends and quantifies the forces at
work in today's capital markets. Office, industrial, retail and apartment
reports are issued near the 22nd of each month.
Market Trends & Trades • Each quarter, over 200 one-page market-
specific reports are issued analyzing pricing, cap rate, volume trends as
well as who are the most active buyers and sellers of office, industrial,
retail and apartment properties.
Property Trade Search • The most current online database of significant
property transactions available to commercial real estate professionals.
Subscribers can easily create custom reports that summarize the most
recent investment activity in any market nationally, including prices, cap
rates and terms, plus the buyers, sellers and brokers involved.
REALFOUNDATIONS is a full-service
management consultancy focused
exclusively on comprehensive, creative solutions for corporate and
commercial real estate. From homebuilders, owner/operators and
construction to service providers and capital markets, RealFoundations
offers innovative business intelligence, process analysis, improvement
and solution implementation, strategic information, systems planning and
integration, merger / acquisiton strategy and due diligence. is a full-
service management consultancy focused exclusively on
comprehensive, creative solutions for corporate and commercial real
estate. From homebuilders, owner/operators and construction to
service providers and capital markets, RealFoundations offers innovative
business intelligence, process analysis, improvement and solution
implementation, strategic information, systems planning and integration,
merger / acquisiton strategy and due diligence.
Trust, confidence, knowledge and experience are
the foundation for credibility and accomplishment in
business. REZNICK GROUP, formerly Reznick
Fedder & Silverman, has more than 25 years of
experience providing accounting, tax and business advisory services to
real estate clients nationwide. Reznick Group professionals provide a full
range of specialized services to real estate investment trusts (REITs),
developers, owners, investors, lenders, syndicators, government agencies
and nonprofit organizations. Our extensive experience enables us to
provide strategic guidance to each of our clients while consistently
meeting client expectations.
Key services provided include Audit and Assurance,Tax Compliance and
Consulting, including State and Local Tax, Due Diligence, Internal Audit
and Sarbanes-Oxley Act Section 404 Compliance, Financial Advisory,
Management Advisory,Transaction Structuring and Real Estate Advisory.
Executives in public and private REITs also realize benefits from our
comprehensive services designed specifically for their needs.
Ranked among the top 20 public accounting firms in the nation-Reznick
Group is on the move, continuing to grow nationally, expanding our
services and building upon our leadership as real estate industry leaders.
With offices in seven cities and approximately 900 professionals our
national reputation allows us to attract and retain the best and brightest
in the industry which means our clients benefit from industry best
practices resulting in outstanding client service.
For more information about Reznick Group services, seminars and
conferences, or to view our insights on issues that impact your industry,
visit www.reznickgroup.com.
THE SCHONBRAUN MCCANN
GROUP LLP is a national consulting
firm dedicated 24/7 to real estate
and finance. We offer an unsurpassed breadth of services to meet the
increasingly complex needs of these industries. With some 175
professionals, it is the country’s largest dedicated real estate firm. We
represent leading public and private real estate entities including more
than 60 REITs, as well as financial institutions, investment banks,
opportunity funds, pension advisors, developers and private owners.
Public Accounting Report ranks SMG among the 100 largest firms in the
U.S.; Crain’s ranked the firm among the NY area’s 25 largest firms.
As of December 31, 2004, SOMERA has
acquired a diversified portfolio consisting of
42 properties with an original cost of over $1
billion. Somera has a consistent history of
making successful real estate investments using a value-added strategy,
and will continue to build its real estate investment portfolio through a
series of closed end private equity investment funds.
STANDARD CHARTERED BANK offers
customized solutions for Opportunity Funds for
your international banking and commercial
needs. With over 1,200 offices in more than 56
countries, we can customize sound, effective solutions for your banking
needs. No matter what they are - Foreign Exchange, Options, Interest
Rate Derivatives, Structured Solutions, Syndications, Cash Management,
Custody - our expertise and over 150 years of experience will give your
business the edge. Please contact Jim Conti (212 667 0644) or Robert
Gilbert (212 667 0493) for further details.
IMN Email: mail@imn.org Tel: 212-768-2800 Fax: 212-768-2484 l 15
 STARWOOD CAPITAL GROUP GLOBAL, LLC (together
with its predecessor entities, "Starwood") is a privately held
investment management firm that specializes in real estate
related investments on behalf of select private and
institutional investment partners. Founded in 1991,
Starwood is one of the nation's most active and successful real estate
investment firms, having acquired a highly diversified portfolio totaling
more than $14.0 billion in real estate assets (excluding over $20 billion
acquired through Starwood sponsored public entities). During the past
fifteen years Starwood has closed and/or advised on over 300
transactions ranging in size from $1 million to $14.6 billion, and has
acquired equity interests in residential lots, multifamily and condominium
units, hotels, office, retail and industrial space, golf and leisure-related
properties. Starwood has sponsored eight commingled opportunistic
real estate funds with assets in the U.S., Europe and Asia.
STERLING AMERICAN PROPERTY INC, a real estate
investment affiliate of Sterling Equities and American
Securities LP, has a 30-year history of national real estate
development, acquisition and asset management. Since
1991, its four consecutive real estate funds have invested
more than $3.0 billion in assets throughout 43 states, often in
conjunction with strong regional joint venture partners. Sterling
American has recently launched its fifth fund, Sterling American
Property V. Fund V is a discretionary fund in excess of $450 million that
will invest in all forms of real estate, with an emphasis on office and
multifamily opportunities. As much as 25% of its capital may be
deployed for capital development opportunities. Sterling American
Property Inc. is recognized for its ability to respond quickly and with
entrepreneurial agility to opportunities and market changes.
TREMONT REALTY CAPITAL, LLC is a
national real estate investment and advisory
firm with offices in Boston, Chicago, New York, Annapolis, Hartford,
Scottsdale and Sacramento. Tremont makes direct debt and equity
investments and provides institutional advisory services for middle
market clients.
DELUXE CONTINENTAL BREAKFASTS
COURTESY OF:
l
16 To Register For This Forum, Please Visit: www.imn.org/usop/m
Direct programs include high leverage bridge loans ranging from $3MM-
$50MM with 90% LTV with terms up to 5-years, short and long term
mezzanine loans from $2MM-$30MM with terms up to 10-years and
90% LTV and $1MM-$20MM equity capital with 98% LTC and terms up
to 18-months.
The UBS INVESTMENT BANK's Global Real Estate,
Lodging and Leisure team is a global market leader in
real estate M&A, advisory, and equity and debt capital
markets. With one of the industry's largest dedicated real estate teams
with more than 65 professionals in New York, London, Sydney, Tokyo,
Hong Kong and Singapore, UBS provides preeminent cross-border
strategic advice and capital raising solutions for our corporate and
institutional clients.
As an integral part of the real estate team, UBS has a dedicated team of
experienced professionals that exclusively raise equity capital for private
equity real estate funds. UBS works with a select group of "blue chip" fund
sponsors, including mezzanine debt, value-added funds and opportunity
funds to raise capital from institutional investors around the world.
WACHOVIA BANK's Real Estate Financial Services
group delivers a broad array of products and services
with a solutions-oriented approach provided through
100 experienced Relationship Managers housed in over
33 markets located across the United States. These
Relationship Managers function as client advocates for more than 2,000
Commercial and Residential real estate clients providing traditional
banking products and services such as construction financing, mini-perm
financing and depository products, as well as a seamless delivery of the
bank\'s Capital Markets, Wealth Management, and Capital Management
capabilities. In 2005, the Real Estate Financial Services group will originate
over $30 billion in debt commitments to its real estate clients, upholding
its longstanding capital commitment to the real estate industry.Wachovia,
the Charlotte, N.C.-based banking company, is one of the top two real
estate lenders in the country with more than $50 billion in loan
commitments.
 Media Partners
INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK THE FOLLOWING MEDIA PARTNERS FOR THEIR
GENEROUS SUPPORT OF THE SEVENTH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM
L EAD M EDIA PARTNERS
THE INSTITUTIONAL REAL ESTATE
LETTER is a monthly publication
covering the $4.8 trillion institutional
real estate market. Written for the
plan sponsor community, The Letter gives pension fund advisers,
consultants and others serving this industry inside information on
investment patterns, trends and strategies.To subscribe, please call 925-
933-4040 and ask for client services.
M EDIA PARTNERS
ALBOURNE VILLAGE, a virtual hedge fund community
with nearly 30,000 active residents, is a free and
independent website for anyone interested in alternative
investments. It incorporates a virtual pub and library to
exchange news, views and IP, a job centre, conference centre and
School.The Data Farm offers a daily update on key hedge fund indices
alongside Albourne Partners’ ‘Weather Forecasts’, which estimate how
conducive the prevailing underlying market environment is for a variety
of hedge fund trading strategies. The Village is also home to a vast
number of established industry contacts. Don't just join the Village, be
the Village. www.village.albourne.com.
SPOT NEW OPPORTUNITIES IN
REAL ESTATE FINANCE Every
week, COMMERCIAL MORTGAGE
ALERT delivers hard-to-get, money-making leads to professionals in the
global CMBS and REIT-debt markets. Start your FREE trial subscription
to see how Commercial Mortgage Alert: * Tips you off to the latest
developments in the booming CMBS market. * Covers conduits and
other lenders battling for mortgage business. * Identifies REITs preparing
to tap the market for unsecured bonds. To start your free-trial
subscription, call 201-659-1700 or visit www.CMAlert.com.
COMMERCIAL REAL ESTATE DIRECT is
the leading source of up-to-the-minute news
and information on the commercial real
estate markets. We provide the information professionals need to make
better decisions.We'll tell you who's lending, who's buying and selling and
what they're paying and what the major CMBS players are doing.
EUROWEEK is the only newspaper written
specifically for the international capital
markets. It delivers hard news on the deals, the people and the driving forces
behind the world's toughest markets. Essential reading for all those involved
in international finance.To see for yourself go to www.euroweek.com.
FINANCIAL ADVISOR is the monthly magazine
created exclusively for advisors by one of the
IPE REAL ESTATE is the new
quarterly property publication,
bought to you by Investment &
Pensions Europe. IPE Real Estate will explore key issues ranging from the
differences in direct and indirect investment through to benchmarking,
performance and fees.With regular investor interviews, regional focuses,
news analysis, major surveys and international market results, IPE Real
Estate aims to provide Europe’s institutional investors and pension funds
with a comprehensive information source.
For further information, please call +44 (0)20 7261 0666 or visit
www.ipe.com - the free access internet site for Europe’s pensions
industry. Register free for the daily news alert!
most experienced and respected financial publishing teams ever
assembled. Recently ranked first among the most widely read
publications for independent advisors in a comprehensive study by
Tiburon Strategic Advisors, FA helps advisors manage and grow their
practices while assisting clients in aligning their financial and personal life goals.
For more information, call 732-450-8866, ext. 200 or visit www.fa-mag.com.
GLOBAL MARKETING GROUP, LTD.
GMG, NYC, established in 1971 provides
innovative business and marketing solutions
for financial institutions, developers, entrepreneurs, Fortune 500
Companies and governments. Global’s ability is to develop solutions
where others are stymied. GMG utilizes their SOS Plan to quickly solve
challenges. It defines the Situation, outlines Objectives and creates the
Strategy. They publish SOLUTIONS, a monthly e-newsletter providing
innovative ideas and opportunities. Global Marketing Group, Ltd.Tel. 212
247 6060 Email: kmiller@sosplan.com Website. SOSPlan.com.
HEDGEWEEK is a web site of significant
news and topical features on the hedge fund
industry including updates on new fund launches, investment trends,
regulatory news and distribution strategies, and a regular series of
market surveys. Hedgeweek produces a weekly newsletter which is the
most comprehensive executive weekly briefing covering essential news
and features within the Hedge Fund industry. All quantitative data on
products is sourced from Hedge Fund Research.
Click here to access www.hedgeweek.com
Click here to subscribe www.hedgemedia.com/HedgeWeek/subscribe.asp
N AT I O N A L H OT E L E X E C U T I V E
M AG A Z I N E is the internet's most
recognized hotel trade publication, with a focus on hotel openings and
acquisitions, executive appointments, hotel business news, and technology.
We provide a weekly round-up of hotel industry events, and send out an
email news broadcast each Monday. Our Hospitality Forum presents a
select line-up of hotel analysts, spokespeople and industry leaders each
month. Symposium attendees receive a 50% discount on subscriptions,
available at www.hotelexecutive.com.
IMN Email: mail@imn.org Tel: 212-768-2800 Fax: 212-768-2484 l 17
M EDIA PARTNERS ( CONTINUED )
INVESTMENT MANAGEMENT
WEEKLY is a "must-read" for
institutional money managers looking for new business leads as well as plan
sponsors and consultants who want to stay abreast of the industry as a
whole. Each weekly issue provides news briefs, feature stories and listings
covering manager searches and selections, asset allocation strategies,
personnel shifts, and general industry trends. For further information please
visit us on our website at www.imweekly.com.
INSTITUTIONAL REAL ESTATE NEWSLINE is a
weekly electronic newsletter. IREN provides a digest of
topical news and up-to-date information on institutional investment in real
estate gleaned from a variety of news sources. Topics covered include
manager searches, mergers, joint ventures, research, legislation, property
transactions, development and industry conference updates.To subscribe,
please call 925-933-4040 and ask for client services.
IRETO is an international non-profit commercial real
estate investment association that connects people,
capital, markets and information around the globe. Our
website and web magazine keeps professionals informed on industry-wide
events. Quarterly, IRETO also publishes "The IRETO Report", a
comprehensive guide to market and investment strategies. IRETO will
publish a special European Sale-Lease-Back Issue for this event.
MONEY MANAGEMENT EXECUTIVE,
formerly Mutual Fund Market News, is a
news publication covering the business of mutual funds, separately
managed accounts, 529s, 401(k)s, and alternative investments.Through its
weekly print newsletter, daily push email service, and website that’s
updated daily, MME informs its readers about competitive strategies, sales
and marketing, distribution, new products, compliance, regulations and back
office operations and technology. For further information please visit us on
our website at www.mmexecutive.com.
MORTGAGE MAG is a series of web sites devoted exclusively
to real estate lending. We offer extensive links in critical areas
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IMN’S THE SEVENTH ANNUAL US REAL ESTATE OPPORTUNITY
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 GLOBAL ORGANIZERS OF INSTITUTIONAL
FINANCE & INVESTMENT CONFERENCES

nnual
eventh A
e S
T US REAL ESTATE
h
OPPORTUNITY
& PRIVATE FUND
INVESTING FORUM
June 27-28, 2006 • Pier Sixty, Chelsea Piers
New York, NY

www.imn.org/usop/m
(Agenda Is Updated Daily Online)

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