Commercial Real Estate Hot Topics
US commercial real estate lenders have weathered the stress induced by the coronavirus pandemic, with stabilized asset quality, return to profitability, solid capital buffers and strengthened liquidity. But the operating environment is still characterized by significant uncertainty, particularly for offices and other sub-sectors most directly affected by the health crisis. The panel will discuss key developments and trends in lenders’ commercial real estate portfolios.
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Agenda13:05 - 14:00EDT14:00EDT
End
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SpeakersKeith Banhazl Managing Director, Head of Commercial Real Estate Finance Moody’s Ratings
Joseph Pucella Associate Managing Director, North America Banks and Specialty Finance Moody's Ratings
Katie Keenan Senior Managing Director Blackstone
Patrick Mattson Manager Director KKR
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Joseph Pucella is an Associate Managing Director based in New York who oversees the North American team covering specialty finance companies. From 2007 to 2022, Joseph was a lead analyst for various US financial institutions, including regional and community banks, credit unions, Federal Home Loan Banks, commercial real estate lenders and business development companies. He joined Moody’s in 2004 as an accounting specialist. Prior to joining Moody’s, Joseph held positions at Credit Suisse, Deloitte, and Arthur Andersen. Joseph is a Certified Public Accountant and graduated cum laude from Villanova University with a Bachelor of Science in Accountancy.
Katie Keenan is a Senior Managing Director in the Real Estate Debt Strategies group at Blackstone and President of Blackstone Mortgage Trust (NYSE: BXMT). As President of BXMT, Ms. Keenan focuses on the REIT’s investments, operations and strategy. Ms. Keenan also originates loans and other investments for BXMT as well as for other investment vehicles managed by Blackstone’s Real Estate Debt Strategies Group.
Before joining Blackstone in 2012, Ms. Keenan was a Vice President at G2 Investment Group, focusing on real estate and private equity investment activities. Prior to that, she worked at Lubert-Adler Real Estate Funds and in the Real Estate Investment Banking Group at Lehman Brothers.
Ms. Keenan graduated cum laude with an A.B. in History from Harvard College. She sits on the Advisory Board of NYPEN Real Estate and is a member of WX.
Patrick Mattson is a Managing Director at KKR and is the Chief Operating Officer of the Real Estate Credit group and the President and Chief Operating Officer of KKR Real Estate Finance Trust Inc. (NYSE: KREF). He is a member of the Real Estate Credit Investment Committee and Portfolio Management Committee. Prior to joining KKR, Mr. Mattson was a managing director at Rialto Capital Management and led the mezzanine debt platform. Prior to Rialto, he was at Morgan Stanley and held various positions within the commercial real estate groups, most recently on the securitized products trading desk where he was responsible for the structuring, distribution and pricing of new issue Commercial Mortgage Backed Securities (CMBS). Prior to Morgan Stanley, he was at Deloitte & Touche focused on the firm's CMBS practice. Mr. Mattson received a B.A. from the University of Virginia and is a CFA charterholder. He currently serves as Vice Chairman of the Mortgage Bankers Association (MBA) Capital Council and as a member of the MBA Commercial/Multifamily Board of Governors.
Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Joseph Pucella is an Associate Managing Director based in New York who oversees the North American team covering specialty finance companies. From 2007 to 2022, Joseph was a lead analyst for various US financial institutions, including regional and community banks, credit unions, Federal Home Loan Banks, commercial real estate lenders and business development companies. He joined Moody’s in 2004 as an accounting specialist. Prior to joining Moody’s, Joseph held positions at Credit Suisse, Deloitte, and Arthur Andersen. Joseph is a Certified Public Accountant and graduated cum laude from Villanova University with a Bachelor of Science in Accountancy.
Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Joseph Pucella is an Associate Managing Director based in New York who oversees the North American team covering specialty finance companies. From 2007 to 2022, Joseph was a lead analyst for various US financial institutions, including regional and community banks, credit unions, Federal Home Loan Banks, commercial real estate lenders and business development companies. He joined Moody’s in 2004 as an accounting specialist. Prior to joining Moody’s, Joseph held positions at Credit Suisse, Deloitte, and Arthur Andersen. Joseph is a Certified Public Accountant and graduated cum laude from Villanova University with a Bachelor of Science in Accountancy.
Katie Keenan is a Senior Managing Director in the Real Estate Debt Strategies group at Blackstone and President of Blackstone Mortgage Trust (NYSE: BXMT). As President of BXMT, Ms. Keenan focuses on the REIT’s investments, operations and strategy. Ms. Keenan also originates loans and other investments for BXMT as well as for other investment vehicles managed by Blackstone’s Real Estate Debt Strategies Group.
Before joining Blackstone in 2012, Ms. Keenan was a Vice President at G2 Investment Group, focusing on real estate and private equity investment activities. Prior to that, she worked at Lubert-Adler Real Estate Funds and in the Real Estate Investment Banking Group at Lehman Brothers.
Ms. Keenan graduated cum laude with an A.B. in History from Harvard College. She sits on the Advisory Board of NYPEN Real Estate and is a member of WX.
Patrick Mattson is a Managing Director at KKR and is the Chief Operating Officer of the Real Estate Credit group and the President and Chief Operating Officer of KKR Real Estate Finance Trust Inc. (NYSE: KREF). He is a member of the Real Estate Credit Investment Committee and Portfolio Management Committee. Prior to joining KKR, Mr. Mattson was a managing director at Rialto Capital Management and led the mezzanine debt platform. Prior to Rialto, he was at Morgan Stanley and held various positions within the commercial real estate groups, most recently on the securitized products trading desk where he was responsible for the structuring, distribution and pricing of new issue Commercial Mortgage Backed Securities (CMBS). Prior to Morgan Stanley, he was at Deloitte & Touche focused on the firm's CMBS practice. Mr. Mattson received a B.A. from the University of Virginia and is a CFA charterholder. He currently serves as Vice Chairman of the Mortgage Bankers Association (MBA) Capital Council and as a member of the MBA Commercial/Multifamily Board of Governors.