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Date	02/12/2015
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 )
06/01/2015 - Call with Pankil. While he initially thought it might not be a fit as his pricing will likely be mid-to-high single digits. We were able to turn him around, and encouraged him to continue working on it. He likes the location, and $80 million is right down their sweet spot. Their capital is non-recourse, and they can typically go up as far as 85% of the capital stack. They do have a high exposure to construction financing at the moment, but will continue to look at it. He said they were lending on a development in Manhattan at 70% LTC and were able to charge 7% on that. Someone from his team will be in town on Wednesday, and we are working to set up a property tour with him at that time. 6/8/15 - Left Voicemail.

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DEAL TRACKING COMMENTS
Date	Comment
05/06/2015	Left voicemail and sent introductory email -- duke
05/08/2015	left voicemail -- duke
05/12/2015	Spoke with Dino, was a bad time but he will call me back this afternoon -- duke
05/13/2015	Dino emailed me letting me know that Pankil will be running with this on their end and should be touching base with me shortly. -- duke
05/19/2015	Good call with Pankil. He will be circling up internally, and hopes to be back to me with some general feedback either later today or tomorrow. Their financing is typically non-recourse, and is priced in the mid-to-high single digits. Had never heard of HITT Contracting, and asked about their bonding capabilities. I sent him over their Surety Bonding Qualification Letter. -- duke
05/27/2015	Left voicemail -- duke
05/29/2015	Send Pankil an email informing him that we are trying to receive term sheets the 2nd/3rd week in June, as well as to offer to give him a tour of the building should he wish. -- duke
06/01/2015	Call with Pankil. While he initially thought it might not be a fit as his pricing will likely be mid-to-high single digits. We were able to turn him around, and encouraged him to continue working on it. He likes the location, and $80 million is right down their sweet spot. Their capital is non-recourse, and they can typically go up as far as 85% of the capital stack. They do have a high exposure to construction financing at the moment, but will continue to look at it. He said they were lending on a development in Manhattan at 70% LTC and were able to charge 7% on that. Someone from his team will be in town on Wednesday, and we are working to set up a property tour with him at that time. -- duke
06/05/2015	Left voicemail -- duke
06/11/2015	Called at 3:30pm and he was hopping on a conference call, said he would return my call around 5-5:30pm -- duke
06/23/2015	Passed - After reviewing the deal, his team determined that it was too small for their construction platform. They target upwards of $100 million for construction loans. If this were a bridge loan with minor renovations, they would look at something between $50-$75M. -- duke

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