Josh Fuller, Director at Pensam Funding, will be participating in a panel discussion during the Commercial Real Estate Finance Council’s (CREFC) Commercial Real Estate Finance Summit in Santa Monica, CA on May 9, 2018.
Mr. Fuller will be featured in panel titled “B-Piece Investing: Evaluation of Long-Term Risk. v. Reward”. Discussion topics include:
- How has increased investor demand repriced the risk appetite? Is demand alone driving the high level of liquidity in deep credit CMBS including single-B and below bonds?
- Has the lack of supply in one market (CMBS) turned to a surplus in others (CLO / Freddie)? Has it made people pivot their investment thesis?
- How has underwriting changed this late in the cycle on new issuance? Has there been a divergence in underwriting standards between CMBS and the Agencies? How do you look at deals differently knowing that you are the B buyer? How are groups pricing in risk for 5+ years with the speed of the deterioration of specific asset classes and markets over the last 5 years?
- Market share – self scout? Where is the comfort level in exposure? How have previous successes and failures affected your investment thesis going forward?
Other panelists include:
Darren Gluck, Head of B-Piece Acquisitions, Silverpeak Argentic
Jordan May, CMBS Investments, Prime Finance
Julio Siberio, Vice President, CMBS Portfolio Manager, PIMCO