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Date	10/07/2014
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
$5 Billion Real Estate Allocation for their fund Their Strikezone: Hairier / complicated is better, and like they like structured deals. They have been working on some convertible debt, as well as optioning land and taking it through entitlements. They would do master planned developments. They would do development in general, but selectively. He wants to meet any retail operators in DC as they don\\\'t know anyone here. He would also not rule out food lion as a grocery anchor tenant. Need to hit at least $25M in profit
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
31-Mar-14 - Good call with Nick Azrack. For a venture like the PRP opportunity, he would want to seed a relationship with a number of assets as he sees PRP as being quite efficient at raising capital, and thus he would not want to rely on future deals together as he thinks PRP may be able to find a cheaper source of capital. He did want to explore the ability to do preferred equity vs standard equity. Their fund is $27 Billion, of which the real estate portion is about $5 Billion. They have holdings in all of the markets of the PRP properties, so it would merely be a matter of pricing to determine if they would be interested in it.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/07/2014	Good call with Nick Azrack. For a venture like the PRP opportunity, he would want to seed a relationship with a number of assets as he sees PRP as being quite efficient at raising capital, and thus he would not want to rely on future deals together as he thinks PRP may be able to find a cheaper source of capital. He did want to explore the ability to do preferred equity vs standard equity. They fund is $27 Billion, of which the real estate portion is about $5 Billion. They have holdings in all of the markets of the PRP properties, so it would merely be a matter of pricing to determine if they would be interested in it. Their Strikezone: Hairier / complicated is better, and like they like structured deals. They have been working on some convertible debt, as well as optioning land and taking it through entitlements. They would do master planned developments. They would do development in general, but selectively. He wants to meet any retail operators in DC as they don't know anyone here. He would also not rule out food lion as a grocery anchor tenant. -- duke

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