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11 th
Karen J. Barry,
Barry
Commercial
Real Estate/
Appraisal
Propertyshop
April 9 & 10, 2013, Calgary
Construction
Financing
Explore the latest trends, developments and risks to look for in construction
fi nancing
Workshop Included: Financing, Procurement Options & Risk Sharing
George Hall,
MSW
Developments
Jonathan R.
Huggett,
JR Huggett
Company
participating organizations Two-Day Event!
Appraisal Propertyshop
AXIOM Cost Consulting Inc.
Barry Commercial Real Estate
Canadian Mortgage Capital (Alberta) Ltd.
Flatiron Corporation
JR Huggett Company
MaxComm Group
McMillan LLP
Meridian Merchant Capital Canada Ltd.
MSW Developments
Revay and Associates Limited
Western & Pacifi c Financial Corporation
who should attend
Professionals involved in construction fi nancing, real estate investment and development, private real estate
developers and managers, mortgage lenders, real estate market and business consultants
course highlights
Randy Lennon,
Meridian
Merchant
Capital Canada
Ltd.
David
Repetowsky,
Western &
Pacifi c Financial
Corporation
• Financing construction and development
• Trends in the availability of capital for construction
• Managing the legal aspects of fi nancing
• Taking mezzanine fi nancing to the next level
• Managing risk and mastering due diligence
• Raising capital through joint ventures
• Financing a P3 project
• Determining the fi nancing best suited for your needs
Stephen Revay,
Revay and
Associates
Limited
Steve Small,
Flatiron
Corporation
Andrew E.
Stead,
McMillan LLP
Daniel Stewart,
Canadian
Mortgage
Capital (Alberta)
Ltd.
Course Leader
Mark Kolke,
MaxComm
Group
Garrett Ayers,
AXIOM Cost
Consulting Inc.
“Excellent presentation on
a tough topic!”
“Good content and
materials - presented in a
very practical manner.”
“Excellent insight into the
market and future trends.”

FACULTY
COURSE LEADER
MARK KOLKE
Mark Kolke is President of MaxComm
Realty Advisors, a commercial real estate
consulting fi rm. He has experience in P3s as
an owner’s representative, consortium organizer,
bidder and consulting to proponents
in pursuit of infrastructure projects and in
proposal preparation.
CO-LECTURERS
GARRETT AYERS
Garrett Ayers heads the loan monitoring
division at AXIOM Cost Consulting. He has
provided Project Cost Monitoring work on
many of the country’s landmark projects in
both the Toronto and Calgary markets.
KAREN J. BARRY
Karen Barry is President of Barry Commercial
Real Estate and Appraisal Propertyshop.
Together these companies provide
clients with commercial valuations, appraisals,
sales and leasing for Alberta properties.
COURSE PROGRAM
FINANCING CONSTRUCTION AND DEVELOPMENT
Too often, borrowers do not give construction loan requests the
proper time and effort required to maximize their chance of success.
Timing is crucial, as the more time you have, the better chance to
identify risks and successfully mitigate them. This session will outline
the recent trends in the fi nancing of construction and development
projects.
• Sources of debt fi nancing and equity investment for construction
• Features of loan packages that will satisfy concerns of lenders
• Tools for creating a well documented construction budget
• Construction underwriting process
• Pricing the risk for construction and development
SUPPLEMENTARY COURSE MATERIAL
GEORGE HALL
George Hall is Director, Finance at MSW
Developments. He has thirty plus years of
accomplishment as CFO and Controller with
local, national and international construction
corporations.
JONATHAN R. HUGGETT
Jonathan Huggett, Principal of J.R. Huggett
Company, is an Engineer and infrastructure
specialist with over 25 years experience in the
delivery of public infrastructure.
RANDY LENNON
Randy Lennon is Managing Director & Co-
Founder of Meridian Merchant Capital
Canada Ltd. He is a 30 year entrepreneur who
has founded and built successful enterprises
in a number of fi elds.
DAVID REPETOWSKY
David Repetowsky is Managing Director at
Western & Pacifi c Financial Corporation. He
has had in excess of 30 years in commercial
banking, real estate and mortgage banking
and specializes in Commercial mortgage
fi nancing.
Federated Press is now providing delegates with access to an innovative new
database containing at least 25 interactive multimedia presentations by leading
experts including approximately 20 hours of lectures on the topics covered by
this course, including all slides and speakers’ papers. See the list of presentations
on page 4.
STEPHEN REVAY
Stephen O. Revay, Vice-President, Western
Region, Revay and Associates Limited,
has been active for the past 32 years in the
analysis of progress, productivity and cost on
numerous construction projects.
STEVE SMALL
Steve Small, Vice-President of Business
Development, Canadian Region, Flatiron Corporation,
is an internationally experienced and
proven leader in the management and delivery
of large infrastructure projects.
ANDREW E. STEAD
Andrew Stead is a Partner in the Litigation and
Business Law practice groups of McMillan’s
Calgary offi ce. His practice focuses on commercial
dispute resolution and commercial and
product liability defenses.
DANIEL STEWART
Daniel Stewart is Managing Partner at Canadian
Mortgage Capital (Alberta) Ltd. He has
over 35 years experience in real estate lending,
feasibility analysis, project marketing and
sales management in Western Canada and
U.S. markets.
APPRAISAL CONCERNS ON FINANCING CONSTRUCTION
PROJECTS
If a project is well formulated and thoroughly appraised, a good followthrough
on the subsequent stages of the project cycle will see to its
goals being achieved. This session will explore appraiser concerns on
fi nancing construction projects.
• Careful checking of the basic data, assumptions and methodology
used in project preparation
• In-depth review of the work plan, cost estimates and proposed
fi nancing
• Assessment of the project’s organizational and management aspects
• Validity of the fi nancial, economic and social benefi ts expected from
the project
Audio/video segments clickable slide by slide
Papers and overheads also included
Print any of the material for your own use

COURSE PROGRAM
SKATING THROUGH THE CONSTRUCTION FINANCING
MAZE
Finding the most appropriate sources of funding, structuring the
deal, papering and above all closing the financing can be challenging.
Whether debt or equity, or a combination, your financing source
becomes a partner in the success of the project. This session will
explore ways to determine what loan type and structure is most appropriate,
as well as how to create winning strategies for finding the
right capital source.
• Determining the capital type best suited for your needs
• Best practices for approaching lenders/investors/sources of
capital
• Choosing a source of capital
• Choosing the right advisors/intermediaries and how to work
effectively with them
PUBLIC PRIVATE PARTNERSHIPS: ARE THEY AN
EFFECTIVE FINANCING VEHICLE?
The PPP marketplace in Canada has come into its own, drawing
players from all over the world. Pursuit costs are high, success is
rare, but rewards can be rich. For owners, particularly governments
and NGOs, the refinement in analytical tools, life-cycle costing and
political optics make for interesting drama. This session will help participants
understand how each stakeholder views P3, how projects
come about, morph, succeed and fail.
• When is P3 the best approach?
• Variations on the P3 concession: JVs, partnerships, design, build,
own, operate, finance and transfer
• What P3Canada is, or isn’t, doing to help
• “Have” and “have-not” provinces
CAUSES OF CONSTRUCTION PROJECT OVERRUNS:
PROTECTING YOUR INVESTMENT
Every construction project is susceptible to unidentified risks. Failure
to mitigate and properly manage these risks will lead to cost overruns
and expensive delays in project delivery. This session will explore the
common causes of construction project overruns and present ways
to avoid and address them to minimize their impact on success.
• Major reasons for cost overruns in construction
• Best practices for protecting projects against cost overruns
• Importance of realistic project cost estimates from the outset
• Common errors in budgeting/estimating a project
• Improving risk tracking and monitoring for emerging risks
DEALING WITH CONSTRUCTION LIENS
This session will provide an overview of the lien provisions under
the Construction Lien Act and how they affect projects and project
financing. There will also be a discussion of how to deal with
construction liens once asserted so as to lessen the impact of them
upon project completion.
• Overview of the Construction Lien Act: lien remedies, trust
remedies
• Holdbacks
• Dealing with liens: vacating liens, lien actions, statutory limits on
liability, practical tips
• Priorities between mortgagees and lien claimants
EFFECTIVELY MANAGING THE FINANCING
Effective management of the financing can either make or break a
construction project. Most risks and potential difficulties that arise in
construction financing come from the actual project management and
cash flow management of the project itself. This session will examine
the steps you can take to ensure that the financing is managed effectively
and efficiently.
• Ensuring that you have the required capital in place on a timely basis
• Taking proper steps to deploy the capital when required
• Controls put in the proposed financing to address risks
• Tools for creating a well thought out and documented construction
budget
• Staying on top of lender requirements throughout the project
• Allowing for a reasonable contingency allowance
KEY ISSUES IN MEZZANINE FINANCING
Mezzanine financing is now an integral part of construction financing
for developers & builders. This session will examine this non-traditional
source of capital and the key role it can play in your next venture.
• Latest mezzanine and high-ratio financing vehicles: who is actively
providing this type of financing and how it is priced
• Pros & cons: mezzanine vs. other financing options
• Interim financing best practices: minimizing risk
MANAGING RISK AND PERFORMING APPROPRIATE DUE
DILIGENCE
There is a need for all members of a large P3 consortium to clearly understand
the risks each party retains through the contract. This session
will cover the process that various members of large P3 consortium
follow; typical risks; how these issues are resolved in the standard P3
structure; how to ensure full due diligence; and a contingency approach
to price the works.
• Typical P3 organization structure
• Various legal agreements that require appropriate due diligence
reviews
• Standard ‘go / no go’ provisions for contractors on P3 projects
• Standard legal review checklists
• Different approaches to dealing with owners on risk transfer
• Typical contingency pricing method adopted by contractors
WORKSHOP
FINANCING, PROCUREMENT OPTIONS & RISK SHARING
Value for money is maximized through choosing the optimal procurement
method and risk allocation. This workshop will examine financing
considerations associated with procurement options and risk sharing
decisions.
• Impact of choice of procurement options on financing
• Allocating risk to the party best able to manage that risk
• Reducing individual risk premiums and the overall cost of the project
• Real life solutions to risk allocation
• How different procurement options transfer similar risks

MULTIMEDIA
Your registration includes an interactive multimedia CD-ROM comprising the following presentations from recent Federated Press courses and conferences.
They are presented in their entirety with complete audio and accompanying slides.
For an additional $175 to the registration fee, you can receive the multimedia proceedings of the course on CD-ROM, containing all presentations given at event.
If not registered for the event, the cost of this CD-ROM, which also includes the presentations described below, is $599.
Financing Construction & Development
Brian Moir
ATB Corporate Financial Services
Surety Bonds & Risk Management
Douglas R. Sanders, P Eng
Borden Ladner Gervais LLP
Taking Mezzanine Financing to the Next Level
Ian E. MacRae
MacLeod Dixon LLP
Managing the Legal Aspects of Construction
Financing
Rebecca Braun
Hopewell Residential Communities Inc
Public Private Partnerships as an Expedient
Vehicle
Mark Kolke
MaxComm Group
Financing Challenges for PPPs in the Current
Market
Louis Belanger
Stonebridge Financial Corporation
Determining the Financing Best Suited for Your
Needs
Chris Bennett
McMillan LLP
Structuring a Cross-Border Construction
Financing
Bruce E. Darlington
Davis LLP
Overview of Financing and Industry Procurement
Trends
John Mollenhauer
Toronto Construction Association
Trends in the Availability of Capital for
Construction
Shamshad Madhok
PricewaterhouseCoopers LLP
Determining the Feasibility of a Construction
Project
Will Smith
Smith to the Power of 100
Managing the Legal Aspects of Construction
Financing
Ian E. MacRae
Macleod Dixon LLP
Dealing with Builders Liens
John N. Craig
Bennett Jones LLP
Trends in the Availability of Capital for
Construction/Raising Capital Through Joint
Ventures
Gary Morrison
Ernst & Young Corporate Finance (Canada) Inc.
Managing Risk & Mastering Due Diligence
Steven D. Ness
Surety Association of Canada
Mitigating Risk in Construction Financing: The
Lender’s Perspective
Sabrina A. Gherbaz
Torys LLP
Registration: To reserve your place, call Federated Press toll-free at 1-800-363-0722.
In Toronto, call (416) 665-6868 or fax to (416) 665-7733. Then mail your payment along with the
registration form. Places are limited. Your reservation will be confirmed before the course.
Location: SHERATON CAVALIER CALGARY HOTEL 2620 32nd Avenue NE, Calgary, AB T1Y 6B8
Conditions: Registration covers attendance for one person, the supplementary course material
as described in this document, lunch on both days, morning coffee on both days and
refreshments during all breaks. The proceedings of the course will be captured on audio or
video. Multimedia proceedings with all slides and handouts can be purchased separately on a
CD-ROM which will also include the course material.
Time: This course is a two-day event. Registration begins at 8:00 a.m. The morning sessions
start promptly at 9:00. The second day ends at 4:00 p.m.
TO REGISTER FOR CONSTRUCTION FINANCING
Name
Title Department
Approving Manager Name
Approving Manager Title
Organization
Address
City Province Postal Code
Telephone Fax e-mail
Please bill my credit card: AMEX VISA Mastercard
# Expiration date:
Signature :
Payment enclosed: Please invoice. PO Number:
WHEN CALLING, PLEASE MENTION PRIORITY CODE:
11CF1304/E
MAIL COMPLETED FORM WITH PAYMENT TO:
Federated Press P.O. Box 4005, Station “A”
Toronto, Ontario M5W 2Z8
Residential Construction Financing
Bruno Iacovetta
MCAP
Risks Associated with Pre-Sale Contracts
Brian D. MacKay
Davis LLP
Construction Project Risk Identification Checklist
Ed Martingano
Oxford Properties Group
Change Orders, Delay & Impact Claims
Harold Dorbin
Marsh USA Inc.
Structuring Finance
Jeffrey W. Lem
Davies Ward Phillips & Vineberg LLP
Real Estate Joint Ventures
Jeffrey Shore
Goodmans LLP
Negotiating Financing in an Unpredictable
Environment
Lou Iafrate, MRICS, AACI
Altus Group
Managing Construction Risk in Real Estate
Development
Steven D. Ness
Surety Association of Canada
Developing Multi Residential Buildings
Derek A. Lobo
Derek A. Lobo & Associates (DALA)
Cancellation: Please note that non-attendance at the course does not entitle the registrant
to a refund. In the event that a registrant becomes unable to attend following the deadline for
cancellation, a substitute attendee may be delegated. Please notify Federated Press of any
changes as soon as possible. Federated Press assumes no liability for changes in program content
or speakers. A full refund of the attendance fee will be provided upon cancellation in writing
received prior to March 26, 2013. No refunds will be issued after this date.
Discounts: Federated Press has special team discounts. Groups of 3 or more from the same
organization receive 15%. For larger groups please call.
Payment must be received prior to April 2, 2013
Phone: 1-800-363-0722 Toronto: (416) 665-6868 Fax: (416) 665-7733
/
REGISTRATION COSTS
NUMBER OF PARTICIPANTS:
COURSE: $1975
COURSE + PROCEEDINGS CD-ROM:
$1975 + $175 = $ 2150
PROCEEDINGS CD-ROM: $599
NOTE: Please add 13% HST to all prices.
Proceedings CD-ROM will be available 30 days
after the course takes place
Enclose your cheque payable to
Federated Press in the amount of:
GST Reg. # R101755163
PBN#101755163PG0001
For additional delegates please duplicate this form
and follow the normal registration process