EDUCATIONAL BREAKFAST SEMINAR
"The State of Commercial Real Estate Financing in 2009: A Conversation
with Pat Goldstein"
||March 25, 2009
- 10:00 AM
||Lessons Learned from the Last Downturn
(Or, Are We Condemned to Repeat History?)
A Conversation with Pat Goldstein
Patricia F. Goldstein, one of the leading executives in the New York real estate finance industry, lived through the downturn of the Nineties, as well as the booms that preceded and followed it. She will share her thoughts on what she learned, as our guest.
In the Nineties, Pat oversaw workouts and OREO portfolios for Citicorp’s entire real estate lending business, including $32 billion worth of loans. She guided the bank’s strategy in workout negotiations and for the resulting real estate portfolio. And she helped shape the bank’s new business and new products as the real estate market found its way out of the trough of the Early Nineties and entered the boom cycle that just recently ended.
Today Pat oversees real estate and all credit functions nationally for Emigrant Bank. As she looks out at today’s commercial real estate financing market, she sees themes she has seen before. But is it different this time? Maybe.
Pat will share her views of the marketplace, expectations for the future, her strategies for dealing with troubled borrowers and troubled portfolios, as well as perhaps some war stories, during an hour-long conversation. She’ll comment on what it will take to survive in this market; how to get deals done; and how the commercial real estate finance industry might find its way out of its current predicament.
James Freel, Past President of MBA NY and Senior Vice President and Manager of the New York office of KeyBank’s Asset Recovery Group, will ask questions and host the conversation with Pat.
Joshua Stein, chair of MBA NY’s education committee and a real estate partner with Latham & Watkins LLP, will introduce our special guests and coordinate their presentations.
Patricia F. GoldsteinHead of Commercial Real Estate & Chief Credit Officer
Patricia Goldstein joined Milstein Brothers Realty Investors in 2001 to run a new venture in acquisitions and development. In 2004, Ms. Goldstein changed her responsibilities and was appointed Senior Executive Vice President and Chief Credit Officer for Emigrant Bank with the Real Estate Department reporting directly to her. Since that time she has developed a vibrant Real Estate group nationally lending on all types of commercial real estate. At Emigrant, Pat is also in charge of credit decisions for the real estate group as well as Emigrant’s other lending franchises. Emigrant Bank is one of the largest privately held banks in the United States and is chaired by Howard Milstein.
Ms. Goldstein previously served as Division Executive of Citicorp Global Real Estate, with responsibility for investment decisions on the bank’s new real estate opportunities, including CMBS worldwide and loan syndication, as well as workouts and OREO portfolios. She developed extensive experience with all asset classes for both investment and direct real estate owned properties. She also managed sales/leasebacks, emerging market financing transactions and real estate transactions with large global customers. She managed a global real estate organization with offices in the U.K., Canada, Spain, Italy, France, Germany, Poland and Japan. In all she spent 28 years at Citicorp both in the 1970’s and the 1990’s. For most of her career, Pat worked at Citicorp where she served as division executive of Citicorp Global Real Estate, with responsibility for the firm’s $23B real estate portfolio. Pat has also held leadership positions as EVP & COO of M.J. Raynes and SVP & Treasurer of Olympia & York.
Presently, Ms. Goldstein is a Governor of the Urban Land Institute where she was previously a Trustee. She is a member of the Real Estate Roundtable and a former Chairman of the Real Estate Advisory Committee of the New York Retirement Fund. Ms. Goldstein is also a member of NAREIT, Zell/Lurie Real Estate at Wharton, WX (New York Women Executives in Real Estate), NYU Women’s Initiative Steering Committee (Alumni Association Committee), Finance Committee of ULI, and New York University Real Estate Institute Advisory Board.
Photos from the event!