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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 )
12/17/2015 - Terms Received - They would be prepared to lend $75,000,000 / 75% LTC / Max of 65% LTV (as stabilized). Their interest rate would be LIBOR + 625 bps with a 1% origination fee and a 1% exit fee. The term would be a 3 + 1 + 1 and would be a non-recourse loan except for Completion Guarantee and traditional bad boy carve-outs. They would require call protection through the initial term, and it would be Interest Only during the initial term and then 30 year amortization during the extension options. January 2016 - ACORE is also looking at this from a mezzanine standpoint, but would still want their last dollars in around the same level. They may be able to push proceeds up to $80 million if they were to use the phase II collateral. He was not sure whether or not their team would be interested in a land loan in that location, but said he would speak internally. As he was still not getting us to the full proceed levels, our efforts this past month have been around other groups.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
11/09/2015	Attempting to arrange a meeting in NY this week. Stuart Silberberg and Jason Miller are reviewing the transaction, and will be back to us with questions. -- duke
11/12/2015	Good meeting with Jason Miller in NY. This development appears to fit nicely within their program, which is a stretch first mortgage and non-recourse. They target loans above $50 million, so this size construction loan appears to be in their sweet spot. They are a relatively new group (as of May), and have recently received an allocation of $1.5 billion from their parent company Tokyo Marine Life Insurance. -- duke
11/19/2015	Still reviewing. Senior loan proceeds would likely top out at 65-70%. If able to do participation, they could potentially fund the entire capital stack. -- duke
12/01/2015	He remains interested, and is working towards providing some indicative terms within the next week or so. Their funds will likely top out from a senior perspective around 65-70% LTC unless he is able to structure in some participation on the back end whereas they would be able to provide the full capitalization. He did mention that he is currently struggling a bit with the supply story down in Prince William County, and thinks it would be difficult to project with accuracy the oncoming supply beyond 2017/2018. He would like to dive in a bit further on his own, but appreciated the offer to speak with Kettler/Noell/IDI regarding the supply story for Woodbridge. -- duke
12/09/2015	Left voicemail ensuring he received the RFP email. -- duke
12/14/2015	left voicemail -- duke
12/17/2015	Terms Received - They would be prepared to lend $75,000,000 / 75% LTC / Max of 65% LTV (as stabilized). Their interest rate would be LIBOR + 625 bps with a 1% origination fee and a 1% exit fee. The term would be a 3 + 1 + 1 and would be a non-recourse loan except for Completion Guarantee and traditional bad boy carve-outs. They would require call protection through the initial term, and it would be Interest Only during the initial term and then 30 year amortization during the extension options. -- duke
03/09/2016	left voicemail for Jason Miller -- duke

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