Deal Info | Greenwich

DEAL TRACKING COMMENTS
Date	Comment
08/23/2022	Fabrice sending to Lacy Rice -- pwitham
10/03/2022	Unfortunately, this one still not sizing up for FCP. Since we last looked (June 2022) the world has changed a lot and thus FCP has narrowed our strike zone. This site and play is a bit pioneering in our view – we get the GMU play but this is not the same as building suburban infill in FFX county or Arlington or Alexandria. So, numbers aside, it makes for a tough putt given the aforementioned uncertainty / market risks. With respect to the numbers, the program here is much more palatable being wood over podium but the basis PSF still does not have any cover with (now dated) Class A values in better locations. Before interest rates / cap rates ran up, Class A values in Tysons, Vienna and Alexandria were $450 to $500 psf. Those values are not achievable anymore and the subject’s cost basis is about ~$450 psf (when adding contingency to get to 5.0% of the hard costs which is a FCP requirement). We’d need to see a path to an exit price of $550 to $600 psf at this site to get our target levered IRR and I can’t see that path right now. -- pwitham

Date	04/07/2022
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 )

Innovation - Equity