Rivergate - Mezz / Equity

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Canyon Capital Realty Advisors

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Frank Liudelete
Jacob Feingolddelete
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Date10/27/2015
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
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Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
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DEAL TRACKING COMMENTS
DateComment
12/01/2015Sent initial email -- duke
12/02/2015left voicemail -- duke
12/08/2015Their team is reviewing the transaction, but has some serious concerns regarding the supply and demand dynamics in that market. They are looking at the Beacon at Groveton ($2.15 psf), the Shelby, and the Parker in Alexandria, and view 420 units as a large number of units to introduce to that market at once time. He will continue to review the package, and requested the market study which I have sent. He will review, and will be back to me regarding scheduling a conference call with IDI, Noell, or Kettler. -- duke
12/14/2015left voicemail -- duke
12/17/2015left voicemail -- duke
01/12/2016Left voicemail -- duke
01/15/2016Passed - They are unable to get comfortable with the large number of units for a market such as Woodbridge. As well, their investment committee views the project as a bit too pioneering for them. They mentioned that they really liked the IDI team, and appreciated the call with them and Kettler, they are just struggling on this one from a location standpoint. -- duke
04/14/2016Left voicemail for Frank Liu to re-engage -- duke
04/15/2016Good conversation with Frank Liu. He said that IDI is basically their ideal sponsor in that they are a really reputable group, are not flashy, and fly a bit below the radar. They are a bit hesitant on multifamily development in an area like Woodbridge unless they understand there is a compelling story behind it. We spoke for a long time, and he is going to dig into the supplemental package. He would like to visit the competitive set, but did mention that this is a tough month for travel for him. He will be checking his schedule, and will be back to us next week. -- duke