James Murren, chairman and CEO of MGM Resorts International, who followed Goodman with the day’s keynote address, echoed those sentiments. "We’re seeing the seeds of things improving in Las Vegas," he said. Murren oversaw the development of CityCenter on the Las Vegas Strip, one of the largest privately funded sustainable developments in the world.
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| James Murren |
The lending experts who participated in the commercial financing panel discussion see improvement in the national market, but there’s still a lot of uncertainty about the market’s long-term prospects. "We’re being much more aggressive than we were a year or two ago from a financing standpoint," said John Manganiello, senior vice president and market executive for Bank of America Merrill Lynch. But fear of a "lending gap" in 2015 tempered the positive outlook among panelists. The good news? "It’s an opportunity for CCIMs," said Richard Podos, founder of Lance Capital LLC. "Craft solutions that the next guy can’t figure out."
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| Commercial Financing panel |
Deal or No Deal: Trends and Issues That Are Impacting Commercial Real Estate was led by Brian Bailey, senior financial policy analyst with the Federal Reserve Bank of Atlanta. After an in-depth examination of each commercial real estate sector and commercial mortgage-backed securities, among other topics, Bailey concluded that the real estate market is improving. However, the pace of that recovery is highly dependent on property type and location.
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| Wayne D’Amico, CCIM (left) inaugurated as 2013 CCIM Institute President |
At Celebrate Live! attendees recognized new designees and Wayne D'Amico, CCIM, who was inaugurated as CCIM Institute's 2013 president. The theme of the event was "Your Opportunity to Excel." It was also an opportunity for CCIMs to shake it on the dance floor.
Video clips and slides from select sessions will be available on live2012.ccim.com soon.
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