Freddie, Fannie and HUD: Shifting Political Winds & Seniors Housing Finance - Registration
Thursday, April 14, 2011 at 1:00 - 2:30 pm (Eastern)
The Obama administration recently delivered a report to Congress outlining the options for dealing with the financial problems at both Fannie Mae and Freddie Mac. Included in this report was the plan to “wind down” Fannie and Freddie to help bring private capital back to the housing market...
Although the problem was in the residential housing portfolio, not in seniors housing, the proposed wind down could have a substantial impact on the liquidity of the capital markets for seniors housing providers. What was not disclosed was the timing of a potential wind down, whether seniors housing would be included and when new loans would come to an end, if at all. What was made apparent was that any new funding would be more expensive for borrowers, with the intent to level the playing field with private capital.
Because there are few financing alternatives, especially in the skilled nursing market, HUD has been the lender of choice, especially with its attractive rates and terms. HUD LEAN was introduced 18 months ago with great fanfare and the hope of decreasing the time it takes to get approvals. Now, however, the wait is almost as long as it was pre-LEAN, and the backlog continues to grow. The capital starved seniors housing industry is now coming out of its mini-recession, and the last thing a strengthening market, combined with an aging population, needs right now is for capital sources to dry up. So, what’s next for the seniors housing and care industry?
REGISTER TODAY and get the answers to these questions and much more from our panel of industry leading experts—without ever having to leave your desk:
|●||What are the odds that Fannie and Freddie loan volume for seniors housing will start to decline, if at all?|
|●||What does “level the playing field” mean in terms of higher rates charged by Fannie and Freddie?|
|●||Will underwriting criteria change?|
|●||Will higher rates at Fannie and Freddie really bring more private capital back into the market?|
|●||What is going on at HUD with the backlog and will it get straightened out?|
|●||PLUS….your chance to ask the leading experts your questions on seniors housing financing.|
Panel of Experts:
Matthew Whitlock, Senior Vice President of CB Richard Ellis, joined the Senior Housing Group in July, 2008. The 18-year senior housing industry veteran was Director of Acquisitions for a nationwide owner and operator of premier senior housing communities and was responsible for all aspects of the Acquisitions Division, acquiring over 28 communities valued in excess of $2 billion. Most recently in his capacity as Vice President and Director of Senior Housing for a major full-service commercial banking group, Whitlock originated over $3.5 billion in senior housing mortgages.
James F. Sherman, Senior Managing Director, joined Red Mortgage Capital in June 2000. He has more than 40 years of experience in the seniors housing and health care industry, and is an expert in providing financial advisory services in seniors housing and health care finance. Beginning in 1969, he worked as a Certified Public Accountant advising health care, long term care and seniors housing clients on accounting issues, third party government reimbursement issues, and real estate and corporate finance issues. He has experience in health care and seniors housing in both the public and private sectors. During his career, he has advised clients and completed financings totaling hundreds of millions of dollars. These financings include conventional bank debt for new construction and acquisitions, bond financings, taxable and tax-exempt financings, Fannie Mae, and FHA guaranteed financings utilizing several of the programs for housing, health care and hospitals. Mr. Sherman is a graduate of Macalester College and received his Certified Public Accountant certificate. He is a recognized leader in the seniors housing industry, having served on the boards of many professional organizations, including a term as President of the National Association of Seniors Living Industries.
Daniel J. Biron is Managing Director of Lancaster Pollard Mortgage Company. Mr. Biron is responsible for overseeing the firm’s platform of services, including HUD and FannieMae mortgage programs, U.S. Department of Agriculture programs, and Lancaster Pollard’s proprietary programs. He also is responsible for facilitating loan origination and developing new financing options to ensure providers have access to the most creative and appropriate solutions. Mr. Biron has nearly 25 years of health care finance experience, including 16 years in various finance capacities with national nursing home operators. His extensive background in health care operations brings a unique perspective to his position as Managing Director of Lancaster Pollard Mortgage Company’s health care programs. Prior to joining Lancaster Pollard Mortgage Company, Mr. Biron was a Director at Credit Suisse within the Real Estate, Finance and Securitization Group, in which he was responsible for structuring and negotiating over $5 billion in public to private securitizations of skilled nursing and assisted living portfolios. Prior to Credit Suisse, he was Senior Vice President of Administration for Life Care Centers of America, a long-term care provider with greater then 300 facilities nationwide, Mr. Biron oversaw a $500 million bridge financing to HUD, the first of its kind in the HUD health care finance arena and numerous other responsibilities. Mr. Biron serves as a Board of Director of the National Investment Center for the Senior Housing & Care Industry (NIC) and the American Senior Housing Association (ASHA). He has spoken at the annual conferences for NIC , American Seniors Housing Association and American Health Care Association.
Brian Beckwith is CEO of Formation Capital (formerly Senior Managing Partner of GE Capital, Healthcare Financial Services). Brian Beckwith has been active in healthcare mergers, acquisitions, investing and lending for the past 16 years in the United States and Europe. Most recently Mr. Beckwith led the lending and investing efforts for healthcare real estate and senior housing for GE Capital, where he also oversaw $7 billion in loans and investments. Prior to this role, from 2005 through 2008, he led the risk team and then the entire healthcare lending and investing operations for GE Capital in Europe. Based in London, he invested in healthcare real estate, provided senior debt to private equity sponsored healthcare services companies, and provided equipment leasing throughout Europe. Additionally, Mr. Beckwith led new deal underwriting and portfolio management for GE Capital’s domestic healthcare lending operations from 1998. Prior to joining GE Capital, he spent 6 years with an Atlanta based valuation consulting firm with a focus on healthcare and with Delta Air Lines’ Capital Markets group. Mr. Beckwith serves, or has served, on the boards of the American Senior Housing Association (ASHA), the National Investment Center for the Senior Housing and Care Industry (NIC), and the Alumni Board of the Terry College of Business at the University of Georgia. He is an active speaker for ASHA, NIC and many other industry organizations. Mr. Beckwith is a graduate of the University of Georgia (BBA) and Georgia State University (MBA).
Stephen M. Monroe is a respected and often quoted industry leader. He is the managing editor and partner at Irving Levin Associates, Inc., a research and publishing firm founded in 1948. The firm specializes in the seniors housing and health care investment markets and delivers timely market intelligence to subscribers through financial newsletters, acquisition reports and databases. Mr. Monroe is the editor of The SeniorCare Investor, the leading industry newsletter, and The Senior Care Acquisition Report, an often quoted annual study of acquisition trends in the senior care market, and executive editor of Senior Living Business. These publications have won numerous industry awards.
Register below or call 1-800-248-1668.
Freddie, Fannie and HUD: Shifting Political Winds & Seniors Housing Finance
Thursday, April 14, 2011 at 1:00p-2:30p ET