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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 )
11/24/15 - I received the following response from Chris: "Duke – We’re going to pass on this. Focusing our construction dollars on existing clients and/or closer to our core markets.." 12/1/15 - Left voicemail to follow up with Chris as they initially appeared to be a strong candidate. Our initial conversation indicated they could potentially get up to 65% LTC on a non-recourse basis, and he indicated that he liked the story behind the infrastructure being implemented down in Woodbridge.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
11/02/2015	Sent initial email -- duke
11/03/2015	Matt Galligan runs the group, and has passed it over to Chris Nederperm (sp?) to review. Trading voicemails with Chris. -- duke
11/06/2015	left voicemail for Chris -- duke
11/06/2015	Good conversation with Chris. They have been pretty active on the multifamily construction side, and are continuing to look for new deals in the area. They would likely top out at 65% LTC, but could potentially do non-recourse. They often do allow mezzanine financing to come behind them, but they look to limit it to 80% of the capital stack as they like to see at least 20% equity in the deal from the sponsor. I mentioned the phase II land, and he said they could likely structure something to allow for that additional land to fill up the stack and allow for slightly more mezz proceeds. While he is up in NYC now, he used to live in Dumfries 30 years ago, so he is somewhat familiar with the area down there and is interested in the project. He is going through the package, and will be back next week with any questions he has. -- duke
12/04/2015	Passed - Reserving their construction dollars for existing clients and in their core markets -- duke

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