8000 Wisconsin Avenue, Bethesda, MD

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CIBC

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Jeremy Caruthers delete
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Date07/29/2021
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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Investment Criteria
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
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DEAL TRACKING COMMENTS
DateComment
08/02/2021Liz Smart is in the institutional investment group and passed me to Jeremy Carruthers who got back to me and said they were digging into the package -- don.atchison
08/04/2021followed up yesterday with Jeremy to see if he had questions, but no response yet -- don.atchison
08/13/2021Jeremy has emailed me that he hopes to have feedback by Aug 13th -- don.atchison
08/18/2021the contact, Jeremy Caruthers, is from Bethesda. His father (passed away a couple of years ago) owned Somerset Development company whose office is a couple of blocks from the project, so Jeremy knows the site well. CIBC is find with a leasehold mortgage. We discussed the actual sources/uses and I sent him the revised S/U for the leasehold structure. He asked for financial info on Ahmet, which I sent him. -- don.atchison
08/25/2021I scheduled a call today with Lyle Jackson and Jeremy Caruthers of CIBC and two of his associates (Mark and Katie). They wanted in depth info on Aksoylu experience and ongoing projects since they aren't familiar with Aksoylu as a borrower. Lyle took them through Ahmet's background, business experience, development experience, and the fact that he was general contractor on all his projects. Lyle did a good job of framing his answers and providing them with a picture of an experienced, hardworking, successful developer. The folks at CIBC said they want to take this info to their credit people and see if they can get authority to issue a term sheet. -- don.atchison
08/28/2021Jeremy Caruthers called to tell me that although they like the project and location, credit can't accept Aksoylu's lack of experience with this type project, so they are passing. He was talking to credit about a $90.3MM leasehold loan at L+300 (no floor). I asked if the Sponsor augmented his team with a fee development group if this would be sufficient and Jeremy thought so. I have asked him if having Greystar involved as fee co-developer or construction manager would be acceptable, and am awaiting his reply. -- don.atchison
08/30/2021got an email from Jeremy on Saturday 8-28; they know Greystar and they will be fine in some capacity in the development process. He suggested we talk to Greystar and see if they are interested and what the parameters of their involvement would be so he can get a definite read from credit. -- don.atchison
04/13/2022Awaiting terms from a mezz/pref lender before revising term sheet -- pwitham