Washington DC Meeting: An Options Based Model for Valuing Commercial Mortgage Loans

Time: 6:00 PM sharp
Location: Chinatown Garden, 618 H Street, NW (near Gallery Place Metro.)

[call 202-737-8887 for directions]

RSVP mailto:DC@QWAFAFEW.org

a QWAFAFEW discussion led by

Steve L’Heureux and Mark S. Coleman

An Options Based Model for Valuing Commercial Mortgage Loans

Steve L’Heureux is co-founder of Chatham Research and a quantitative investment analyst with nearly twenty years of experience in commercial real estate and structured financial investment products. During the past three years, Steve has provided private consulting services to several of the nation’s largest commercial real estate investment advisors, economic research houses and regional investment banks. Prior to that, Steve spent nine years at AEW Capital Management, L.P., in Boston, where he managed a portfolio of $400 million of CMBS, provided oversight for the securitization of $300 million of commercial whole loans, and supervised the valuation and sale of large REMIC residual interests and whole loan pools representing more than $6 billion of MBS, CMBS, Sub-Prime Loan Pools and Credit Swaps. Steve had developed proprietary analytics for the valuation and risk management of commercial mortgage and structured financial products. While at AEW, he structured and marketed several high-yield, institutional, investment vehicles including commercial mortgage REITs and mezzanine mortgage investment programs. Steve is a graduate of McGill University with a Bachelor of Arts with Honors in Economics and has a Master of Arts in Economics from the University of Toronto. In addition to published work on commercial mortgage defaults, Steve has taught the OTC Derivatives module of the CFA Level Three review program.

Mark Coleman is co-founder of Chatham Research. He is an applied econometrician with over 16 years experience developing sophisticated and original analytical and quantitative solutions for business and investment problems in commercial real estate, quantitative finance, investment and securities research, and econometric forecasting. His professional expertise is in applied commercial real estate research, where he has developed some of the industry’s leading proprietary supply and demand forecasting systems, and commercial mortgage and CMBS risk models. During his career, Mark has worked at some of the real estate industry's leading investment and information firms, including: F.W. Dodge, The REIS Reports. Aldrich, Eastman & Waltch, Donaldson, Lufkin & Jenrette, DRI/McGraw-Hill, and The Penobscot Group. Mark has an M.A. in Economics from Boston College, and a B.A., cum laude, in Applied Mathematics and a B.A., cum laude, in Economics from the University of Massachusetts at Amherst.

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