---

---

---

Date	10/03/2014
Greenwich Coverage
E-teaser Status
CA Status
IOM Status
Term Sheet Status
Categories	Term Sheets Received Executed Confidentiality Agreement Received Detailed Discussions Initial Discussions Groups that have Passed Uncategorized
Investment Criteria
Our cost of capital is totally dependent on the profile of the deal and the underlying risk of the investment. It would be really hard for me to give you a concrete answer to this other than saying that we are not usually competitive on fully stabilized deals located in in-fill locations in the DC area as I cannot make sense of purchasing a 5.0% cap. We typically look for deals in the value-add space that can generate a 13% to 17% IRR over a 5 year hold. Target returns for development has a very wide range.
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
11-5-2014 - Had lunch with Mike Snyder today. Graduated undergrad from Notre Dame in 2007, and spent time living in South Florida (Near Boca Raton), working for a family office/private equity group that developed a large portion of Boca Raton. Moved up to the DC area, and has been here for 4 years. Of the 3 people on the investment committee, 1 of them worked in online retailing, and as such they are not strong believers in brick & mortar retail locations/investments. Overall, their investment profile is roughly 30% quick turn (3,5, or 7 year investment horizons), and 70% is geared towards long term ownership. They recently refinanced a deal 95% LTC and received a 20 year note on it. They are mostly looking at multifamily deals (both apartment and condos), and their main play in The Lauren was that their price-point was equivalent to a typical single family house and larger square footage than most condos in the area. They think the play was for families to move horizontally from their house, into the amenity rich area of Bethesda. The fastest they have closed a deal was in 10 days, so they can move quickly.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/28/2014	LP Equity investor looking to invest between $1 - $10 million. Above $10 million they would bring on a partner, or could invest on the GP side as well for the right deal (but not typical). They are developing a luxury condo project in Bethesda (The Lauren) which has 40 condos each at 2,400 square feet. There are 3 people on their investment committee, and they can do up to 95 x 5's on the equity side. Over the past 2 years they have been primarily doing multifamily deals, but have looked at office as well. -- duke
11/06/2014	Had lunch with Mike Snyder today. Graduated undergrad from Notre Dame in 2007, and spent time living in South Florida (Near Boca Raton), working for a family office/private equity group that developed a large portion of Boca Raton. Moved up to the DC area, and has been here for 4 years. Of the 3 people on the investment committee, 1 of them worked in online retailing, and as such they are not strong believers in brick & mortar retail locations/investments. Overall, their investment profile is roughly 30% quick turn (3,5, or 7 year investment horizons), and 70% is geared towards long term ownership. They recently refinanced a deal 95% LTC and received a 20 year note on it. They are mostly looking at multifamily deals (both apartment and condos), and their main play in The Lauren was that their price-point was equivalent to a typical single family house and larger square footage than most condos in the area. They think the play was for families to move horizontally from their house, into the amenity rich area of Bethesda. The fastest they have closed a deal was in 10 days, so they can move quickly. -- duke
11/10/2014	From Mike: "Our cost of capital is totally dependent on the profile of the deal and the underlying risk of the investment. It would be really hard for me to give you a concrete answer to this other than saying that we are not usually competitive on fully stabilized deals located in in-fill locations in the DC area as I cannot make sense of purchasing a 5.0% cap. We typically look for deals in the value-add space that can generate a 13% to 17% IRR over a 5 year hold. Target returns for development has a very wide range." -- duke

---