Michael J. DeMarco (Panelist)
Managing Director, Fortress Investment Group
Prior to Fortress, Michael was a Managing Director at Lehman Brothers for 14 years covering all aspects of the real estate industry. In his career as an investment banker, he was involved in over $10 billion in public equity raises, $20 billion of high yield and CMBS financings and advised on over $25 billion of M&A assignments. His clients included General Growth Properties, Douglas Emmett, Macerich, Simon, Vornado, Capital Automotive, Crescent, and U Store IT. While at Lehman Brothers, Michael covered Fortress as a banker and was involved in Brookdale's IPO and advised on the purchase of Intrawest. He holds a BBA from Pace University and a MBA from the University of Chicago. Michael also is a CPA in New York State.
David A. Twardock (Panelist)
President, Prudential Mortgage Capital Company
Dave Twardock is the President of Prudential Mortgage Capital Company, responsible for managing all of Prudential’s commercial real estate finance activities.
Dave joined Prudential in 1982, and held numerous positions of increasing responsibility in real estate equity and debt in Chicago, New York and ultimately in Prudential’s headquarters in Newark, NJ. From 1996 through 1998, Dave led the efforts to dramatically change Prudential's equity real estate holdings to reduce direct ownership and increase positions in public and private real estate operating companies. Since assuming his current position in December, 1998, he has continued to lead Prudential Mortgage Capital’s growth through an acquisition (2000), introduction of new or refined products and expansion into niche lending markets. His visionary work in commercial real estate finance earned him a chapter in the book Maverick Real Estate Financing: The Art of Raising Capital and Owning Property like Ross, Sanders and Carey (Bergsman, 2005).
Dave is on the Board of Directors of Boston Properties. He is past chair of the Real Estate Roundtable Capital Markets Committee, past recipient of Commercial Property News Financial Services Executive of the Year, and a member of the Urban Land Institute, the International Council of Shopping Centers, the American Hotel & Lodging Association, and the Economics Club of Chicago.
Dave holds a Bachelor of Science Degree in Civil Engineering from the University of Illinois and an MBA in Finance and Behavioral Science from the University of Chicago.
Lawrence B. Wolfe (Panelist)
Senior Managing Director and Partner, Eastdil Secured
Larry Wolfe is a Senior Managing Director and Partner with Eastdil Secured where he has international responsibility for the firm’s lodging and resort investment banking and brokerage businesses. In his 20 year career at Eastdil Secured, Larry has completed over 400 hotel and resort transactions totaling over $50 billion in proceeds. The firm continues to focus on advising owners of resorts, urban hotels and full service suburban hotels on debt and equity recapitalization options. In 2006 and 2007 Eastdil Secured completed over $25 billion of sales, financing and mergers and acquisitions advisory assignments. In January 2007 Larry was honored as the recipient of the “Jack A. Shaffer Financial Advisor of the Year” at the American Lodging Investment Summit (ALIS) in Los Angeles.
Eastdil Secured is a full service real estate investment bank formed by the 2006 merger of Eastdil Realty and Secured Capital, with principle offices in New York and Los Angeles. Since it’s founding in 1967, Eastdil Secured has remained true to its mission: the financing, disposition, merger and acquisition of real estate properties and companies. Eastdil Secured provides its clients with creative solutions, sound strategic advice, financial counsel and timely execution and placement. Firm wide annual transaction activity is in excess of $100 billion. Eastdil Secured owns a minority interest in Green Street Advisors, the leaders in buy-side REIT research and in 1999 Eastdil Realty merged with Wells Fargo Bank. The alliances allow Eastdil Secured to offer its clients the full spectrum of real estate advisory and investment banking services.
Larry is a native of Boston and currently resides in Westchester County, New York with his wife Carol (GSB’87) and three children. He is a graduate of The Johns Hopkins University where he holds Economics and Engineering degrees and the University of Chicago where he holds an MBA in Finance.
Constantine Korologos (Speaker)
Managing Director, Real Estate Consulting and Corporate Finance, Deloitte Financial Advisory Services LLP
Mr. Korologos is with the Real Estate Consulting practice of Deloitte Financial Advisory Services LLP (Deloitte FAS) and is also a managing director, with Series 7 and 63 registrations, for Deloitte Corporate Finance LLC, the FINRA member subsidiary of Deloitte FAS. He has over 23 years of real estate experience and is a specialist in our real estate and related capital markets’ industry segments. He currently is focused on real estate capital markets activities including buy and sell side diligence for distressed real estate backed notes and asset transactions, debt workout and restructure, valuation, and real estate litigation support.
Prior to his current position, Constantine was a Managing Director and Global Head of Real Estate Rating Agency Execution with Wachovia Securities, and a Managing Director/Principal with Bear Stearns & Co. where he managed the ratings process for CMBS and was involved in loan origination, credit, underwriting and bond distribution. Other related experience included roles with GE Real Estate as a Director in their Capital Markets Group, Moody’s Investors Service as a Vice President and Senior Analyst in their Commercial Mortgage Backed Securities group, and with Equitable Real Estate Investment Management as chief appraiser and asset manager for the New York Region.
In addition to his extensive professional experience, Constantine is an Adjunct Professor of Real Estate with NYU’s Masters Degree Program in Real Estate. He had been a teacher for over nine years, and has taught course in Advanced Real Estate Finance, Real Estate Capital Markets and the Real Estate Finance and Investment Capstone Course. He served as an expert witness in real estate valuation cases, has spoken on numerous industry panels and continues to guest lecture with several professional organizations.
Al Nickerson (Speaker)
Managing Director, Five Mile Capital Partners LLC
Mr. Nickerson joined the commercial real estate group of Five Mile in 2006. Five Mile is an alternative investment and asset management company that specializes in investment opportunities in asset-based lending, real estate, debt products, structured finance and financial services private equity. Prior to joining Five Mile, Mr. Nickerson served as a Director and head of the high yield real estate debt group at Citigroup Property Investors where his primary responsibilities included investment in high yield commercial mortgage backed securities ("CMBS"). He joined Travelers Group (a predecessor by merger to Citigroup) in 1994 where he held various real estate investment positions responsible for the origination of commercial mortgages, B-notes and mezzanine loans as well as the acquisition of investment grade and below investment grade CMBS. In addition, he served on the investment committee and board of directors for two commercial real estate mezzanine debt funds. Prior to his work with Travelers Group, Mr. Nickerson spent four years performing workouts on portfolios of non-performing commercial mortgage loans with Aetna and The Travelers Insurance Company. He holds an MBA from The University of Chicago Booth School of Business and a BS in Business Administration from the University of Connecticut.
Joseph L. Pagliari, Jr. (Moderator)
Clinical Professor of Real Estate, Chicago Booth
Prof. Pagliari is both a both a CPA and a CFA, with a research focus on real estate portfolio management. His article "The Pricing of Non-Core Real Estate Ventures" was published in The Journal of Portfolio Management; "Public versus Private Real Estate Equities: A More Refined, Long-term Comparison" written with Kevin Scherer and Richard Monopoli was published in Real Estate Economics; "Public v. Private Real Estate Equities: A Risk/Return Comparison" written with Kevin Scherer and Richard Monopoli appeared in the Journal of Portfolio Management; and "Twenty Years of the NCREIF Property Index" written with Frederich Lieblich, Mark Schaner, and James R. Webb, was published in Real Estate Economics.
Based on over 25 years of industry experience, Pagliari's research goal is to attempt to answer important real estate investment questions from a rigorous theoretical and empirical perspective. He also hopes to share that knowledge with students so they can learn to make thoughtful decisions about commercial real estate investing.
He co-authored several chapters in the Handbook of Real Estate Portfolio Management, of which he is also the editor. Pagliari also has co-written material published in Real Estate Investment Trusts, Pension Fund Investing, and Megatrends in Retail Real Estate.
Pagliari serves on the editorial advisory boards of the Journal of Real Estate Research and Journal of Real Estate Portfolio Management. He is also active in numerous professional associations including the American Real Estate Society, the American Real Estate and Urban Economics Association, and the National Council of Real Estate Investment Fiduciaries. He has presented papers at meetings held by AREUEA, NCREIF, and NAREIT.
Pagliari earned a bachelor's degree in finance from the University of Illinois-Urbana in 1979. He earned an MBA from DePaul University-Chicago in 1982 and a PhD in finance from the University of Illinois-Urbana in 2002.
Confirmed panelists to date include: Michael DeMarco (Fortress), Constantine Korologos (Deloitte), Al Nickerson (Five Mile Capital Partners LLC), David Twardock (Prudential Mortgage), Larry Wolfe (Eastdil Secured) and Professor Joe Pagliari, Jr. (Chicago Booth).