| Most recent Comments - Federal Capital Partners | ||
|---|---|---|
| Date | Deal | Comment |
| 09/19/2024 | 7201 Wisconsin Avenue - Co-Developer | Sent investment summary -- pwitham |
| 10/03/2022 | Innovation - Equity | Unfortunately, this one still not sizing up for FCP. Since we last looked (June 2022) the world has changed a lot and thus FCP has narrowed our strike zone. This site and play is a bit pioneering in our view – we get the GMU play but this is not the same as building suburban infill in FFX county or Arlington or Alexandria. So, numbers aside, it makes for a tough putt given the aforementioned uncertainty / market risks. With respect to the numbers, the program here is much more palatable being wood over podium but the basis PSF still does not have any cover with (now dated) Class A values in better locations. Before interest rates / cap rates ran up, Class A values in Tysons, Vienna and Alexandria were $450 to $500 psf. Those values are not achievable anymore and the subject’s cost basis is about ~$450 psf (when adding contingency to get to 5.0% of the hard costs which is a FCP requirement). We’d need to see a path to an exit price of $550 to $600 psf at this site to get our target levered IRR and I can’t see that path right now. -- pwitham |
| 08/23/2022 | Innovation - Equity | Fabrice sending to Lacy Rice -- pwitham |
| 08/28/2021 | 8000 Wisconsin Avenue, Bethesda, MD | FCP has been interested in this project for over a year and a half. They have had two lunches with Ahmet and Lyle trying to endear themselves for a first look. Since they will only play a pref equity or construction mezz role, it hasn\'t been until recently when some lenders would only consider a first trust structure to the construction loan that there was a potential for structured finance. I talked to Billy Herbert yesterday about the opportunity, the first trust structure considered and sent him the original package as well as the revised spreadsheet for a first trust. Since they know the site and Ahmet well, he hopes to have some indication of interest by the end of next week. -- don.atchison |
| 10/09/2020 | Naples Manor - Equity | We cannot do more than 85% LTC and need checks larger than $7.0MM – if my math is right on the below, the max we would be able to do at 85% is $4.2MM. The pay down will also be an issue. I agree it seems like an interesting deal, but unfortunately it’s square peg/round hole with our current capital. -- pwitham |
| 10/05/2020 | Naples Manor - Equity | Email sent -- pwitham |
| 09/30/2020 | 800 9th Street, SW | Sent Request for Proposal -- pwitham |
| 09/10/2020 | 800 9th Street, SW | Due Diligence link sent -- pwitham |
| 09/01/2020 | Martins View Apartments | $3M is too small so trying to get them interested in the larger deal with Naples Manor -- pwitham |
| 08/27/2020 | Martins View Apartments | Email sent -- pwitham |
X