| |
Symposium
Faculty
Below is a list of the faculty who will speak at the Symposium,
information on the company or organization with which each is affiliated and a
summary of the topics that will be covered. Time will be allowed at the
end of each presentation for questions from the audience. You will see
that the faculty includes two economists, commercial real estate market
research experts, lenders, appraisers and attorneys and each speaker will focus
upon the current economic situation and the near term prospects for multifamily
investments
|
|
|
Douglas Goodman, Ph.D.
Professor of Economics
University of Puget Sound, Tacoma
|
Dr. Goodman teaches Money & Banking, Monetary Theory
and Econometrics at UPS. Together
with Professor Bruce Mann, he is responsible for the Pierce County Economic
Index, an annual forecast for the economy of Pierce County. Professor Goodman is an
exceptional and entertaining public speaker.
Professor Goodman will present an overview of the
recession, the banking crisis and the government response, all put in
historical perspective. He will
discuss what forces will affect the recovery in the near term and what forces
will shape the post-recession regional economy that would affect multifamily
investors.
///
|
|
|
|
James Cook
U.S. Director of Research
Colliers International, Phoenix
www.colliers.com
|
Colliers International is one of the largest commercial
real estate brokerage firms in the world, with 294 offices in 61 countries and
$1.6 billion in revenue. In Puget
Sound, Colliers International has offices in Seattle, Bellevue,Tacoma and
Olympia.
James Cook is the United States Director of Research for
Colliers International. He
compiles all data for national research reports and oversees all local
researchers in every major U.S. market.
Mr. Cook will review how the recession has affected
commercial real estate investments by product type (multifamily, retail,
industrial and office) and region.
He will review the opinions of experts nationwide regarding the recovery
of commercial real estate markets and discuss how this recession differs from
the lows of real estate cycles in the past.
--
|
|
|
|
Reid Erickson
Executive Managing Director
PGP
Valuation, Inc., Seattle
John Campbell
Managing Director
PGP
Valuation, Inc., Seattle
http://www.pgpinc.com/about
PGP Valuation, Inc. is one of
the largest real estate appraisal firms in the world, with 250 associates in 3
countries. Last year, PGP
Valuation conducted 10,000 appraisals.
PGP Valuation’s regional office is in
Seattle.
Reid Erickson and James
Campbell will discuss how properties are being appraised in today’s
changing market conditions and in light of the relative absence of comparable
sales, including the effect of foreclosures and distress sales on the market
value of non-distressed properties, how appraisals are affected by the entity
for whom they are being performed and that entity’s standards and what
standards/criteria we should expect after the market
improves.
|
|
|
|
|
William Robinson
Appraiser/Principal
APT
Appraisal & Consulting LLC, Seattle
APT Appraisal &
Consulting LLC specializes in multifamily appraisal and consulting in the state
of Washington. Appraisals are
performed for lending, consulting, partnership buyouts, tax assessment appeals,
estate planning and court testimony. Bill Robinson has appraised over 2,500 apartment
buildings in Washington.
Mr. Robinson will address
current market values and pricing trends for apartments in south King, Pierce,
Thurston and Kitsap Counties.
|
|
|
|
|
Peter
Norrie
Managing Director
Cohen Financial, Portland
Edwin
Gambee
Director
Cohen Financial, Portland
http://www.cohenfinancial.com/
Cohen Financial is a national real estate capital services company and
an originator of commercial real estate debt and equity transactions with eight
offices in major markets around the country. One of Cohen Financial’s specialties is the financing
of multifamily properties. The
regional office of Cohen Financial is in Portland.
Peter Norrie
and Ed Gambee will discuss the current lending environment for commercial loans
and multifamily financing in particular:
loan to value ratio, debt coverage ratio, underwriting standards of the
lenders, sources of financing and whether a “cash back” re-fi is
possible today. They will offer
the opinions of experts in the industry for the ability to borrow for
multifamily properties once the market recovers: will we ever be back to the “good old
days?”
|
|
|
|
|
Melanie R. Chinn
Vice President, Commercial Real Estate
Wells Fargo Bank, Bellevue
https://www.wellsfargo.com/
Ms. Chinn is a Vice President
of Commercial Real Estate with Wells Fargo Bank. She has extensive experience with all aspects of banking and
commercial real estate lending, and supervises a team of commercial
bankers.
Ms. Chinn will discuss the
banking and lending crisis and the government response, differentiating between
the residential and commercial sectors.
The looming crisis in the CMBS (commercial mortgage backed securities)
market caused by maturing loans and how it will affect new financing and
refinancing will be covered. Ms.
Chinn will further discuss how banking and lending are different today than in
days past and how they will be different in the future and how that will affect
multifamily and other commercial investments.
///
|
|
|
|
|
Brett L. A. Manning, CFA
Associate Vice President, Institutional Sales & Strategy
Federal Home Loan Bank, Seattle
http://www.fhlbsea.com/
The Federal Home Loan Bank of Seattle is a member-owned
cooperative, serving more than 375 community financial institutions. It is part of a network of similar
institutions around the country.
The Bank’s members—commercial banks, savings institutions,
credit unions, and insurance companies—are its customers. The FHLB
provides them with access to wholesale funding that they can use to make home
mortgages, small business, and other loans to the members of their communities.
Brett L.A. Manning’s undergraduate degree was in
Finance. He was an Honors graduate
of UW’s Pacific Coast Banking School and is a Chartered Finacial
Analyst. At the FHLB, Mr. Manning
co-manages the
sales and strategy platform for the Bank’s largest institutional national
accounts, manages the execution of structured product offerings and new product
development for the Bank, develops catered financial strategy for large
borrowers and provides economic commentaries and research for the Bank’s
external publications and presentations.
It would not be
inappropriate to describe the FHLB as “your bank’s
bank.” Mr. Manning will
discuss the future of interest rates and what will cause them to go up, go down
or stay the same.
|
|
|
|
|
Carl Peterson
Attorney at Law
|
Jason
Whalen
Attorney at
Law
Eisenhower
& Carlson PLLC, Tacoma, WA
http://www.eisenhowerlaw.com/
With 30 attorneys in Tacoma and Seattle, Eisenhower
& Carlson PLLC has been representing businesses, business people and high
net worth individuals for 90 years.
Mr. Peterson’s practice emphasizes real estate matters. In addition, he represents lenders and
borrowers with regard to real estate financing matters. Mr. Whalen’s practice emphasizes
real estate litigation and bankruptcy.
Mr. Peterson and Mr. Whalen will discuss the legal
issues that must be considered when buying promissory notes, stepping in to
pending foreclosures and investing in distressed real estate in
general.
///
|
|
|
|
Tom Cain
Principal
Apartment Insights Washington LLC, Seattle,
WA
http://www.apartmentinsightswa.com
In 2004 Cain Inc. and Phoenix-based, RealData, Inc., formed a
partnership to bring RealData's online apartment research service, Apartment
Insights, to the Seattle area. RealData brought its 18-year history of
providing accurate, in-depth property specific research, its cutting edge
technology, and its national subscriber base. Cain Inc. contributed its
extensive database and years of experience of apartment research and analysis
in the Seattle area.
Tom Cain began his career in real estate in
apartment brokerage in 1969 at the company known today as CB Richard
Ellis. In 1977 he and Mike Scott formed Cain and Scott, Inc. as an
apartment brokerage. The company's Apartment Investment Study
published in 1980 was the first of its kind in the country to monitor apartment
values in a local market using cap rates and gross rent multipliers on an
ongoing basis. The following year Tom joined the Central Puget Sound Real
Estate Research Committee to provide data on apartment value trends. He
served in this role for 25 years.
In 1982 Tom was given the
opportunity to take over the official apartment vacancy survey then held by
another member of the Research Committee. He helped oversee the
development, surveying and publishing of Cain and Scott's research
products. In 1995 Mike Scott and his wife left the company with the
research and publications division and formed Dupre + Scott Apartment
Advisors. Cain Inc. closed its brokerage operation in 2005 to focus
solely on research.
In 2008, the Central Puget Sound Real Estate
Research Committee replaced Dupre + Scott. It appointed Tom Cain of
Apartment Insights Washington to provide apartment vacancy data for its
semi-annual Report. The nonprofit Research Committee has been the
official source of apartment vacancy information in the Seattle area since it
was founded in 1949.
Mr. Cain will present detailed data on rents, vacancies, concessions and
new/pending construction for the south King, Pierce, Thurston and Kitsap County
markets. Mr. Cain will discuss
apartment trends and how rents and vacancies in these submarkets will fare in
the near term.
///
|
|
|
|
|
Glenn E. Crellin
Director
Washington State University Center for Real Estate
Research
http://www.wcrer.wsu.edu/
The WCRER was created in 1989
by WSU’s Board of Regents to fulfill the University’s mission of
research, education and service to the real estate industry. The goal of the Center is to conduct
academic research and analysis useful to the real estate industry and to
present it in an understandable format. Mr. Crellin, who is an economist, has been
Director of the Center since 1993.
Prior to becoming Director, for 16 years Mr. Crellin conducted or
managed research for the National Association of Realtors in Washington,
D.C.
Mr. Crellin will discuss both
the residential and multifamily markets, state wide and locally. He will analyze concerns about the
effects of distress in the commercial markets and commercial lending and how
this will affect the residential market (and vice versa). It is expected that Mr. Crellin will
help put the presentations of all the other speakers in focus for the
audience.
///
|
|
|
|
|