---

---

---

Date	02/12/2015
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 )
05/29/2015 - Spoke with Jason Baker to tell him that we would consider a bifurcated loan. He is going to review the underwriting with his Bethesda office and be back to us next week. 6/8/15 - Left Voicemail.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
05/12/2015	6/5/15 - Initial email sent -- duke
05/12/2015	Call with Jason Baker - He has looked at the deal, and likes the location. He said that one area they are going to struggle with is the fact that there won't be any fresh cash equity in the transaction. Apparently there are new Basal 3 regulatory requirements that categorize loans as "High Volatility Commercial Real Estate Loans" if the owners do not have cash equity of at least 15% of the stabilized valuation. Once a loan is categorized as that, it causes the loan to be substantially less profitable as it increases the capital holdbacks, and thus the bank will need to charge a higher rate. He does not think the new regulations apply to life companies, but just to traditional banks. In order to avoid this, we would need to potentially bring on a preferred equity piece to bring our cash equity balance up to $19.9M. If we are able to bring additional cash equity in the deal, then he would be interested in it. He used to live in DC (went to school here), and knows the area well. Pacific Western Bank acquired/merged with Capital Source to form a new $18B bank. All of their servicing and asset management is still run out of their Chevy Chase office. -- duke
05/29/2015	Spoke with Jason Baker to tell him that we would consider a bifurcated loan. He is going to review the underwriting with his Bethesda office and be back to us next week. -- duke
06/15/2015	left voicemail -- duke

---