Westwood II & III

Back to company page Go to Deal Tracking Report

Company Navigation within Deal

<< Previous Company | Next Company >>

Fulton Bank

Add contact to Deal
None
Add files...
 
Date03/25/2020
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 )
Insert Comment
DEAL TRACKING COMMENTS
DateComment
03/27/2020Memo sent -- pwitham
04/03/2020Here are some general thoughts on this deal: • Nice real estate and excellent sponsors. • As things stand at present: o Would be looking at term of 5 years. o Would have to underwrite without any retail tenants. Are all the office tenants still paying? o I/O period of 12 months. o Fixed rate would need to be a swap, which would be a better rate than on balance sheet. o TI/LC reserves would need to be established if not being transferred from the current lender. o Timing: VA is in lockdown until June. Need to be able to see the property. Third party property reports would somehow need to arrange inspections. -- pwitham
07/09/2020Major concerns are the age of both buildings and the rollover risk in the next couple of years (2022 I believe) vs. the new product coming online. For this reason, I’m a “pass” on this one. My penciled in loan amount was significantly below your ask. We would also be looking for some level of recourse. -- pwitham