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On-Demand: Part 2 - CMBS 101: An Introduction to Commercial Mortgage Backed Securities

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This video will cover the second and final portion of CREFC's CMBS 101. The following topics will be reviewed by leading industry experts:

  • Rating Agency and B-Piece Buyer Process
  • Structuring and Servicing Standard
  • CMBS Legal Documents
  • Regulatory Matters


  • Fred Perreten, Senior Director, CMBS, Kroll Bond Rating Agency

    Fred is a Sr. Director in the new issue CMBS group at Kroll where he oversees the rating process for all CMBS product types, including conduits, SASBs, CRE CLOS, and SFR. In addition, Fred works on cross-sector transactions within Kroll that include a commercial real estate component, such as telecom infrastructure. Previously, Fred was the Sr. CRE Credit Officer for NatCity’s CMBS originations desk and was a Director in the new issue CMBS group at Fitch, where he rated deals from all of the major shelves. Fred started his career at REIS, the market data provider, where he produced market forecasts for use in the valuation of RTC assets. Fred has an MBA in Finance from NYU and received a BA from Hamilton College.

  • Steven Firestone, Assistant Teaching Professor, Drew University

    Steve Firestone is an Assistant Teaching Professor of Finance and the Director of the Master of Science in Finance program at Drew University. His research focuses on market and credit risk, fixed income valuation, behavioral finance, and real estate economics. Prior to joining Drew, Steve served for seven years as a U.S. Treasury official in the Office of The Comptroller of the Currency, providing effective oversight of institutional trading and lending activities at some of the country’s largest banks. His tenure in government service followed a twenty-year career in the financial markets as a fixed income trader, portfolio manager, and investment banker. Steve has also been committed to public service, having previously served on the Site Plan Review Advisory Board in Princeton, N.J., the Zoning Board of Adjustment in Hoboken, N.J. and both the Planning Commission and Zoning Board in Charlotte, N.C. He received a B.A. in Economics from Bucknell University, an M.B.A in Finance and Public Policy from Indiana University, and is working towards his Doctorate of Business Administration at Drexel University. Steve completed his Chartered Alternative Investment Analyst (CAIA) designation in 2009 and is active in the CAIA Association, the International Association for Quantitative Finance, and the Commercial Real Estate Finance Council where he serves on the Education Committee. He is also an avid runner, completing two TCS NYC Marathons.

  • Milan Patel, Vice President, Starwood Property Trust

    Milan is a Vice President in Starwood Property Trust’s Real Estate Investing & Servicing division, where he is responsible for the acquisition, credit management and underwriting of CMBS B-Pieces and other CRE debt investments. Milan previously held various roles within Starwood and its subsidiaries, including Asset Management with LNR Partners and Originations with Starwood Mortgage Capital. Milan is also the Co-Head of Starwood’s Analyst Rotational Program.

March 23, 2022
Wed 2:00 PM EDT

Duration 1H 0M

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