---

---

---

Date	10/16/2014
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
In general they have 4 buckets of money: 1) Citibank capital - Multifamily tax credit deals on behalf of Citibank for fee owners in Illinois, Ohio, & California. 2) CALPERS Emerging Managers: Invest capital on behalf of CALPERS with emerging managers (<$1 Billion of assets) on a programmatic basis. They currently have 4 different managers and are only focused in California. Focus is on Office, Multifamily, and Retail 3) Canyon Value Mortgage: Senior financing up to 75% LTC and Mezz up to 85% LTC (All non-recourse). lots of construction/renovation projects. Pricing on senior piece starts around 9% and Mezz piece starts around 11% and they like to hold the entire mortgage (both senior & mezz). With this capital they can close within a couple of weeks (1 month for construction). They have not done much in DC due to pricing. Separate account client funding = unlimited dry powder on this 4) Canyon Urban Opportunity Fund: Preferred equity investments where they can go up to 90% of the capital stack. Pricing tends to be mid-teens, but they are not looking for upside above that. Typically once they hit their returns they are out. Good for long term investors, and less of a fit for condo projects. Equity check size range is $10-$30 million.
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
10-23-14 - Call with Jacob Feingold - Would take a look at 2501 M Street as a preferred equity piece and they can go up to 90% of the capital stack with mid-teens pricing (no kicker). As it is a conversion of an office into residential, he would want to ensure that there are significant contingencies in the budget. Wants us to send him the financials in excel as well as the market information.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/24/2014	Call with Jacob Feingold - Would take a look at 2501 M Street as a preferred equity piece. As it is a conversion of an office into residential, he would want to ensure that there are significant contingencies in the budget. Wants us to send him the financials in excel as well as the market information. In general they have 4 buckets of money: 1) Citibank capital - Multifamily tax credit deals on behalf of Citibank for fee owners in Illinois, Ohio, & California. 2) CALPERS Emerging Managers: Invest capital on behalf of CALPERS with emerging managers (<$1 Billion of assets) on a programmatic basis. They currently have 4 different managers and are only focused in California. Focus is on Office, Multifamily, and Retail 3) Canyon Value Mortgage: Senior financing up to 75% LTC and Mezz up to 85% LTC (All non-recourse). lots of construction/renovation projects. Pricing on senior piece starts around 9% and Mezz piece starts around 11% and they like to hold the entire mortgage (both senior & mezz). With this capital they can close within a couple of weeks (1 month for construction). They have not done much in DC due to pricing. Separate account client funding = unlimited dry powder on this 4) Canyon Urban Opportunity Fund: Preferred equity investments where they can go up to 90% of the capital stack. Pricing tends to be mid-teens, but they are not looking for upside above that. Typically once they hit their returns they are out. Good for long term investors, and less of a fit for condo projects. Equity check size range is $10-$30 million. -- duke

---