Real Estate Investment Funds Debt Financing Strategies: NAV, Subscription, and Hybrid Facilities
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will discuss debt financing options available to real estate investment funds, the common structures and terms for these fund financing products, and the advantages and disadvantages of each. The panel will focus on the increasing popularity of net asset value (NAV) financing and the relationship of fund finance to mortgage debt at the property level.
Outline
- Market overview: real estate funds and opportunistic investing
- Common fund financing products and structures and terms, including:
- Subscription credit facilities
- Management fee lines of credit
- Partner lines of credit
- NAV credit facilities
- Hybrid credit facilities
- Considerations: including the interaction between mortgages and fund financing
- Examining the rise in the use of NAV facilities
- Practitioner takeaways
Benefits
The panel will review these and key considerations:
- What are the common fund financing options available to real estate investment funds, and how do they interact with property-level (mortgage) debt?
- How are fund financings structured and what are some of the benefits to real estate investment funds that utilize fund financing?
- Why has NAV financing become an increasingly popular option for fund financing and what are the key considerations and strategies when utilizing NAV facilities?
Faculty
Leah Edelboim
Partner
Cadwalader, Wickersham & Taft
Ms. Edelboim has more than a decade of experience in fund finance transactions, having worked on some of the largest... | Read More
Ms. Edelboim has more than a decade of experience in fund finance transactions, having worked on some of the largest deals with the biggest syndicates. She advises banks and other financial institutions on syndicated, club and bilateral subscription credit facilities, as well as NAV facilities, hybrids, management fee lines, GP Financings, Capital Relief Trades and other, often bespoke, fund finance transactions. With significant experience in both borrower- and lender-side representations, Ms. Edelboim has often been called upon to help clients devise creative structures that reflect evolving regulatory requirements and investor trends. She also has deep experience advising ratings agencies and providers of financial guaranty and other insurance products in fund finance transactions. Ms. Edelboim’s industry leadership is reflected in her frequent role as faculty member, panelist, speaker and author on cutting-edge fund finance issues.
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Brent Shultz
Partner
Haynes and Boone
Mr. Shultz has successfully negotiated and closed billions of dollars of complex debt financings for his clients.... | Read More
Mr. Shultz has successfully negotiated and closed billions of dollars of complex debt financings for his clients. He counsels clients in connection with fund finance, including capital commitment-secured credit facilities, NAV credit facilities, hybrid subscription facilities, management lines of credit, general partner financings and employee co-investment facilities. Mr. Shultz is a noted voice in the fund finance arena, has published numerous articles on fund finance topics and has served as a panel moderator at the Fund Finance Association’s Global Symposium. He leverages this expertise and thought leadership to help his clients navigate the most complicated and cutting-edge fund financing structures.
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Phillip Titolo
Managing Director, Head of Insurance Solutions
Hunter Point Capital
Prior to joining HPC, Mr. Titolo was a Managing Director and Head of Direct Private Investments at MassMutual Life... | Read More
Prior to joining HPC, Mr. Titolo was a Managing Director and Head of Direct Private Investments at MassMutual Life Insurance Company, where he founded and led the company’s Direct Private Investments business, now known as Barings Portfolio Finance. Growing the business to $26 billion AUM, he led a 30 person global team that originated capital-efficient, investment-grade portfolio loans and minority GP equity investments for the MassMutual general account. Prior to joining MassMutual, Mr. Titolo held alternative investment roles at Hartford Investment Management, Credit Suisse, and United Technologies corporate pension.
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