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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 )
11/20/2015 - Keybank believes this project might be perfect for a HUD 221D4 program which can go up to 83.3% of the capital stack and pricing would likely be in the 5.1%- 5.25% range, and would have a 40 year term (interest only during construction, and then 40 year fully amortizing note thereafter). The loan would be fully assumable with a 50 bps fee, and would likely have a lockout period followed up by a declining prepayment schedule through year 10. After the 10th year, the loan can be repaid with zero penalty. The loan also only requires a completion guarantee from the contractor, and bonding company. This loan would be classified as a large loan (>$75 million), and as such would require additional review from the HUD headquarters. The process could take a total of 5-6 months to close, but could potentially be expedited. The process is as follows: 1) KeyBank as a HUD servicer would schedule a concept meeting with HUD in early December; 2) 30-45 days for 3rd party studies and review (if we want to really expedite the process, we could engage these 3rd party studies prior to having the concept meeting with HUD); 3) Upon receipt of 3rd party studies it would be submitted to HUD and within 30 days we should receive a commitment from HUD at which point we would be able to lock the interest rate. Thereafter, it would take approximately 30-45 days to close the loan. As such, if we engaged them and arranged a concept meeting with HUD for the first week in December, we could potentially close by April/May. 12/17/15 - Indicative terms received, and they are coming out around $79 million in loan proceeds at approximately 5% interest rate.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
11/20/2015	Keybank believes this project might be perfect for a HUD 221D4 program which can go up to 83.3% of the capital stack and pricing would likely be in the 5.1%- 5.25% range, and would have a 40 year term (interest only during construction, and then 40 year fully amortizing note thereafter). The loan would be fully assumable with a 50 bps fee, and would likely have a lockout period followed up by a declining prepayment schedule through year 10. After the 10th year, the loan can be repaid with zero penalty. The loan also only requires a completion guarantee from the contractor, and bonding company. This loan would be classified as a large loan (>$75 million), and as such would require additional review from the HUD headquarters. The process could take a total of 5-6 months to close, but could potentially be expedited. The process is as follows: 1) KeyBank as a HUD servicer would schedule a concept meeting with HUD in early December; 2) 30-45 days for 3rd party studies and review (if we want to really expedite the process, we could engage these 3rd party studies prior to having the concept meeting with HUD); 3) Upon receipt of 3rd party studies it would be submitted to HUD and within 30 days we should receive a commitment from HUD at which point we would be able to lock the interest rate. Thereafter, it would take approximately 30-45 days to close the loan. As such, if we engaged them and arranged a concept meeting with HUD for the first week in December, we could potentially close by April/May. -- duke
12/08/2015	left voicemail to set up the conceptual meeting with HUD -- duke

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