Over the past decade, global real estate markets rebounded from the depths of the global financial crisis with the help of strong investment, financing, and development activity. The last 12 months, however, have introduced unique uncertainties. A new US administration, Brexit, financial deregulation, and rate hikes are just a few examples of recent challenges to the status quo. This panel will discuss investing through uncertainty and how to view risk and opportunity in today's real estate markets.
Managing Director, Blackstone
Olivia John is a Managing Director in the Real Estate Group and is based in New York. Ms. John currently focuses on new investment opportunities in the multifamily sector. Since joining Blackstone in 2007, Ms. John has been involved in analyzing real estate investments in several property sectors and has worked on various transactions, including the Extended Stay Hotels acquisition and the Hilton Worldwide refinancing and IPO. From 2010-2012, Ms. John was based in Blackstone’s London office, where she worked on the RBS U.K. loan portfolio acquisition. More recently, Ms. John has played a key role in the creation and expansion of LivCor, Blackstone’s apartment portfolio company.
Ms. John graduated summa cum laude from the Wharton School at the University of Pennsylvania, where she received a BS in Economics and was also a Joseph Wharton Scholar.
Managing Director, Savanna
Mr. Kramer is a Managing Director at Savanna where he is a member of the investment committee and is responsible for new investments and managing assets in Savanna’s portfolio. Mr. Kramer’s responsibilities include acquisition underwriting and due diligence, financial modeling and deal structuring. In addition, Mr. Kramer oversees and coordinates the development, leasing and repositioning of Savanna properties. Prior to joining Savanna in 2006, Mr. Kramer was an Associate Director at Fitch Ratings in the Commercial Mortgage Group. In the Commercial Mortgage Group, Mr. Kramer was responsible for rating securities backed by commercial real-estate assets. Prior to the Commercial Mortgage Group, Mr. Kramer worked in the Residential Mortgage Group at Fitch Ratings.
Mr. Kramer graduated with a BA in Economics from Brown University.
Managing Director, Metropolitan Real Estate
Sarah Schwarzschild is a Managing Director of Metropolitan and a senior member of the investment team. Mrs. Schwarzschild is responsible for sourcing and evaluating investment opportunities globally.
Prior to joining Metropolitan, Mrs. Schwarzschild led Partners Group’s real estate Secondaries team in the U.S., where she was responsible for acquisitions as well as portfolio management of Partners Group’s dedicated secondary capital totaling over $2 billion. In addition, she was involved in management and business development activities for the real estate secondary practice globally. Prior to joining Partners Group, Mrs. Schwarzschild was an Assistant Vice President in the acquisitions team in the Global Opportunity Funds group at RREEF. She began her career at Rothschild as an investment banking analyst in the Mergers & Acquisitions and Private Placement groups.
Mrs. Schwarzschild received a B.A. (summa cum laude) from the University of Pennsylvania and an M.B.A. with honors from the Tuck School of Business at Dartmouth.
Jordan Lang '13
Principal, McCourt Global Properties
Jordan Lang supports acquisition, development, and asset management at McCourt Global Properties (MG Properties), the real estate investment and development arm of McCourt Global.
Jordan joined McCourt Global in 2013 and plays an important role in the acquisition and continuing development of significant mixed-use sites, including 360 Tenth Avenue in New York City, 1201 Brickell Bay Drive in Miami, The Stage in London and the firm’s Waller Creek properties in Austin, Texas, together totaling over 6 million square feet. Additionally, Jordan is a member of the MG Properties team responsible for the identification and evaluation of new markets, investment opportunities, and strategic partnerships.
Before joining MG Properties, Jordan served in several roles at Prudential Mortgage Capital Company in San Francisco where he conducted financial analysis and secured and monitored debt offerings totaling over $2 billion. Additionally, he managed $300 million in non-performing, specially-serviced loans on which he coordinated asset management responsibilities, including property management, budget preparation, leasing, and dispositions.
Jordan earned an MBA from Columbia Business School and a B.A. from the University of California, Berkeley.
Joel joined KKR in 2015 and is a Director within the Real Estate Credit division. Based out of New York, Joel is responsible for new business development and relationship management, focusing on the sourcing, structuring, and negotiating of first mortgage, mezzanine debt, and preferred equity investments across all major property types for institutional and private clients in the U.S.
Throughout his career, Joel has had extensive experience investing in real estate credit, with direct responsibility for the origination of over $3.2 billion of credit investments. Prior to KKR, Joel was a Region Manager for GE Capital Real Estate based in New York, where he was responsible for leading their northeast commercial team, and establishing their investment strategy, with a focus on first mortgage and mezzanine loans. Joel had direct responsibility and leadership for the closing of over $1.3 billion in commercial real estate transactions between 2014 and 2015. In addition, during his tenure at GE Capital Real Estate, Joel served in leadership capacities on both the Compliance and Government Relations teams.
Prior to his responsibilities as a Region Manager, Joel served as a Senior Director for GE Capital Real Estate, focused on sourcing first mortgage and mezzanine loans. Based out of Atlanta, Joel had direct responsibility for the closing of over $1.6 billion in commercial real estate transactions between 2006 and 2014.
Joel joined GE in 2002 as part of GE Capital’s Financial Management Program (“FMP”), where he worked in various business functions including: finance, accounting, and business development. While in the FMP program Joel received high distinctions for delivering value in several diverse GE Capital business segments including: Commercial Real Estate, Aviation Services, and Commercial Finance Corporate. Upon program completion, Joel worked as an Associate Director at GE Capital Real Estate where he was responsible for all aspects of transaction analysis including: cash flows, asset evaluations, market research, return projections, property valuation, and credit worthiness of investment partners on over $6 billion of opportunities.
Joel graduated from the University of Kentucky in May 2002 earning a Bachelor of Business Administration degree with majors in Finance and Marketing. He is a graduate of the ULI Center for Leadership program, was named top “45 under 40” by Real Estate Forum in 2013, and is active in both the industry and community. Joel resides in New York with his wife Carolyn and two children, Evelyn and Andrew.
Moderator: Chris Mayer
Paul Milstein Professor of Real Estate, Columbia Business School
Faculty Director, The Paul Milstein Center for Real Estate
Professor Mayer is Paul Milstein Professor of Real Estate and Finance and Economics at Columbia Business School. His research explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation. Dr. Mayer is also a principal at Longbridge Financial, a new and innovative company focused on developing and delivering reverse mortgage products to senior homeowners in a responsible manner. Professor Mayer also serves as a Visiting Scholar at the Federal Reserve Bank of New York, a Research Associate at the National Bureau of Economic Research, and a member of the Academic Advisory Board for Standard and Poor's. He has received funding from the National Science Foundation and Pew Charitable Trusts.
Dr. Mayer has been active in advising policymakers on the financial crisis, testifying six times before committees of the U.S. Senate and House of Representatives, writing on the causes of the housing and credit bubbles for the Financial Crisis Inquiry Commission, and authoring numerous op-ed articles on housing and credit markets. He frequently appears in the media, including regular appearances on National Public Radio, Bloomberg, the Washington Post, and ABC News and commentary in The Wall Street Journal and The NY Times. Dr. Mayer previously served as Senior Vice Dean at Columbia Business School and held positions at The Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He holds a BA in Math and Economics from the University of Rochester with highest honors and a PhD in Economics from MIT.