On Demand Series: CRE CLO 101: Part 3- Structure, Evolution, and Key Takeaways

Thank you

This final video in the series will discuss how CRE CLOs typically use a “debt-for-tax” structure, as opposed to a “real estate mortgage investment conduit,” or REMIC, tax structure. Details of this type of structure will be reviewed as well as a high-level comparison of the CRE CLO structure to pre-crisis CRE CDOs and CMBS and large-loan floaters. A comparison on static, lightly managed, and managed CRE CLO’s will be reviewed including the basic reinvestment criteria and the evolution of these CRE CLO transaction types post-crisis (2012 to present day). This webinar and series will end on the major key takeaways learners should know on CRE CLO’s.

Description

This final live webinar in the series will discuss how CRE CLOs typically use a “debt-for-tax” structure, as opposed to a “real estate mortgage investment conduit,” or REMIC, tax structure. Details of this type of structure will be reviewed as well as a high-level comparison of the CRE CLO structure to pre-crisis CRE CDOs and CMBS and large-loan floaters. A comparison on static, lightly managed, and managed CRE CLO’s will be reviewed including the basic reinvestment criteria and the evolution of these CRE CLO transaction types post-crisis (2012 to present day). This webinar and series will end on the major key takeaways learners should know on CRE CLO’s.

Contributors

Jeehae Lee, Partner, Deputy Chief Investment Officer, Bridge Debt Strategies

Ms. Lee serves as Partner and Deputy Chief Investment Officer of Bridge Debt Strategies Fund Manager LLC. She has more than 17 years of experience in real estate, securitization and financial services. Ms. Lee was an Executive Director at Morgan Stanley where she worked from 2004 to April 2014. From 2013 to April 2014, Ms. Lee was the senior manager responsible for loan pricing, hedging, and structuring for the Commercial Real Estate Lending group within the Fixed Income Division. During her tenure at Morgan Stanley, she was a voting member of the U.S. credit committee and was deeply involved in creating loan pricing models, managing the securitization pipeline, interfacing with rating agencies and investors, and originating loans for securitization. From 2009 to 2013, Ms. Lee was a key contributor in the Commercial Real Estate Lending group at Morgan Stanley where she managed significant portions of the securitization process and helped create new lending procedures for the group. From 2004 to 2009, Ms. Lee was involved in loan acquisitions, underwriting and restructuring of loans, as well as risk management and risk reporting. Ms. Lee received her Bachelor of Arts from Brown University and her Master of Business Administration from Columbia University.
Akshay Maheshwari, Senior Director (CMBS), Kroll Bond Rating Agency

Akshay Maheshwari is a Senior Director in the commercial real estate (CRE) ratings group at Kroll Bond Rating Agency (KBRA). He has nearly eight years of experience in CMBS across a variety of transaction types, including conduit, agency, single-asset single borrower, CRE collateralized loan obligation (CLO), large loan, small balance commercial, and single-family rental securitizations.

At KBRA, Mr. Maheshwari is a leader in the CRE Analytics team, which conducts pool-level analysis and credit modeling of transactions across new issuance and surveillance. He has participated in the ratings process of nearly $300 billion in CRE securities across 400+ transactions. Mr. Maheshwari has also played leading roles in development of ratings methodologies and credit models, as well as fundamental CRE research across U.S. and Europe. He has co-authored numerous ratings, surveillance, and methodology reports.

Akshay holds a master’s degree in Financial Risk Management from University of Connecticut, and a bachelor’s degree in Chemical Engineering from Nirma University.
Patrick C. Sargent, Partner, Alston & Bird LLP

Pat Sargent is a partner in the Finance Group of Alston & Bird LLP. He focuses on structured finance and capital markets transactions, covering all aspects of commercial real estate finance and securitization, as well as structured financings of other diverse asset types. He has represented issuers, underwriters, lenders, servicers, investors, and national credit rating agencies in public and private structured finance transactions and other debt and equity transactions. Pat has served on the Board of Governors of the Commercial Real Estate Finance Council, having previously served as its President, on the board of directors of the Structured Finance Association, and on the Mortgage Bankers Association Commercial Mortgage Board of Governors. He is also a frequent speaker and author on commercial real estate finance issues, and has been consistently recognized by listing in The Best Lawyers in America and other peer review organizations.

Thank you

Description

Contributors

Jeehae Lee, Partner, Deputy Chief Investment Officer, Bridge Debt Strategies

Akshay Maheshwari, Senior Director (CMBS), Kroll Bond Rating Agency

Patrick C. Sargent, Partner, Alston & Bird LLP