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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 )
11/24/2015 - Meeting with James Norton. He will be meeting with his syndication's guy, and will try to send us indicative terms in early December. In general, they would be able to lead a deal of this size, but would only look to hold about $35-40 million on their books. Their non-recourse capital tends to top out around 50% LTC, and their recourse capital would likely end up in the 65% LTC range for a transaction like this. At 65% LTC they would likely require a 20-30% repayment guarantee. With having said this, they can be very competitive on pricing. 12/08/15 - Left voicemail to ensure he received the RFP email. Expect to hear back prior to next Wednesday.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/21/2015	Sent initial email -- duke
10/22/2015	Initial response from Howard: "After a quick review my initial reaction is 1. The loan is over our project limit for this type of project risk. 2. Mezzanine financing is unacceptable 3. Construction loans like this one need a strong personal or corporate payment guarantee which I don’t see in this preliminary package. I think we will have to pass on this one. Thanks for the opportunity to look at it. We are looking for low leverage refinancing of stabilized properties with or without institutional ownership. We can do nonrecourse at about 60% of cost. Can offer low floating rate or fixed with a swap transaction. Coverage depends on property type." -- duke
11/05/2015	A few issues that might preclude them from doing this loan: 1) Loan is too large for their legal lending limit (so they would have to club it); 2) Do not allow Mezzanine financing behind them; 3) Non-recourse likely to be an issue at these proceed levels (Can do non-recourse up to a maximum of 60% LTC). Arranging a meeting to discuss how to overcome these issues. -- duke
11/20/2015	Requested a meeting for the week of the 23rd. -- duke
11/24/2015	Meeting with James Norton. He will be meeting with his syndication's guy, and will try to send us indicative terms in early December. In general, they would be able to lead a deal of this size, but would only look to hold about $35-40 million on their books. Their non-recourse capital tends to top out around 50% LTC, and their recourse capital would likely end up in the 65% LTC range for a transaction like this. At 65% LTC they would likely require a 20-30% repayment guarantee. With having said this, they can be very competitive on pricing. -- duke
12/08/2015	left voicemail to ensure he received our RFP email. -- duke
12/14/2015	left voicemail -- duke

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