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Date	09/22/2015
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
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
11/04/2015 - Good call with Philip Todd. He is a UVA graduate, and is pretty familiar with the area down there. He did not receive the initial email, but I have sent it to him again. Additionally, he mentioned his colleague Jock Naponic would be looking at this with him and I included him on the email. He requested, and I have sent, the market study as well as the financial proforma. They will circle back around once they have had a chance to review it in further detail/have any questions. They work with many of the major mezzanine lenders, and would be comfortable with having that structure in place so long as the equity/mezz funded prior to their funding. - 11/10/15 - Left voicemail to follow up

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/21/2015	Sent initial email -- duke
11/03/2015	Sent initial email to Philip Todd -- duke
11/04/2015	Left voicemail for Philip Todd -- admin
11/04/2015	Good call with Philip Todd. He is a UVA graduate, and is pretty familiar with the area down there. He did not receive the initial email, but I have sent it to him again. Additionally, he mentioned his colleague Jock Naponic would be looking at this with him and I included him on the email. He requested, and I have sent, the market study as well as the financial proforma. They will circle back around once they have had a chance to review it in further detail/have any questions. They work with many of the major mezzanine lenders, and would be comfortable with having that structure in place so long as the equity/mezz funded prior to their funding. -- admin
11/10/2015	left vm -- duke
11/19/2015	They like this deal, but are capped at 50-55% LTC on a non-recourse basis. They would like to re-evaluate once there is more clarity on the mezzanine lender. -- duke
12/08/2015	Call with Philip Todd. With recourse they would likely top out at 65-70% of the capital stack. He will discuss that concept with the rest of his team, and will be back to us with feedback. Still interested in knowing who the mezz/equity player is prior to issuing a full term sheet. -- duke
12/14/2015	Received email from Todd on Friday saying they after reviewing their underwriting again they are a pass on this. Have reached back out for clarification. -- duke
12/14/2015	Passed - Upon further review of their underwriting, they were unable to get comfortable with the projected rents, occupancies, absorption, and job growth in relation to the overall market, and where they would most likely be in terms pricing/proceeds, this deal would not be accretive enough for their Bank. Additionally they are not prepared to issue terms on this specific deal without a mezz group already in place that they have worked with in the past. -- duke

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