On-Demand: CRE CLO 101: Part 1 - Parties and Process, and Investor Base and Relative Value Considerations

Thank you

A review of the parties within a typical CRE CLO transaction will kick off this first of three webinars. Key participants include: Sponsor, Arranger, Rating Agencies, Servicer and Special Servicer, and Collateral Manager. The CRE CLO collateral managers (and affiliates) take on several roles over the life of a transaction and these will be defined and discussed (ie Asset Originator, Distressed Loan Seller, Future Funding Obligor, etc). Pre and post-closing timelines will be discussed as well as investment considerations.

Description

In this first of three live webinars faculty will begin with providing an overview of CRE (Commercial Real Estate) CLOs (collateralized loan obligations), their evolution and role in capital markets. Characteristics of the underlying collateral will be discussed, followed by a discussion on the credit analysis of CRE CLOs. This webinar will end with a comparison of CRE CLOs with other forms of CRE securitizations.

Contributors

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

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

Patrick C. Sargent, Partner, Alston & Bird LLP