Mr. Michael E Straneva This is Me

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1. 1. webcast.ey.com

   webcast.ey.com/thoughtcenter/p - [Cached]

   Published on: 5/13/2008   Last Visited: 5/13/2008

   Michael E Straneva is a Partner and co-leader of Ernst & Young LLP's Real Estate Advisory Services practice where he focuses on representing companies, senior lenders, and creditors in real estate transactions.Michael is a CPA, State Certified Real Estate Appraiser, and Certified Insolvency and Reorganization Advisor.He serves, or has served, on the boards of such organizations as the Association of Insolvency Advisors (AIA), National Association of Real Estate Companies, the Phoenix chapter of the National Association of Office Parks and Industrial Parks, and the Downtown Phoenix Partnership Development Corporation.Michael has acquired experience in a wide variety of hospitality and transaction advisory assignments and has restructure experience with a variety of large financial institutions.

2. 2. nreionline.com

   nreionline.com/finance/reit/mo - [Cached]

   Published on: 11/28/2007   Last Visited: 11/28/2007

   Investors' response to the subprime meltdown has been typical, says Michael Straneva, head of Ernst & Young's real estate transactions group in Phoenix. "There's been a reaction and an overreaction; there's been fear and greed. Before the Federal Reserve's Sept. 18 short-term interest rate cut, the markets were in a fear mode. After the Fed's cut, cooler heads prevailed.
   
   "That caused returns to come more in line and people to put more money back into REITs," says Straneva.

3. 3. preview.nreionline.com

   preview.nreionline.com/industr - [Cached]

   Published on: 12/12/2007   Last Visited: 12/12/2007

   Market evidence argues both for and against Fitch's default projections, according to Mike Straneva, Americas director of transaction real estate at Ernst & Young. Because cap rates are already at historic lows, significant price growth through cap-rate compression is unlikely, says Straneva.
   
   That could make refinancing difficult for highly leveraged assets and increase defaults, particularly if cap rates increase, Straneva says. "If your cap rate on an apartment portfolio was 6% when you bought it and now the cap rate is 7.5%, you just had a whole lot of value go out of your property," he says.
   
   Yet, commercial real estate fundamentals remain healthy nationwide and could support double-digit rent growth in some tight markets, such as Los Angeles' office market. That will create positive cash flow to help borrowers stay in the black.
   
   "People aren't going to be bailed out by cap rates," Straneva emphasizes.