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Date	10/16/2014
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 )
10-30-14 - Unlikely - Call with Michael Givner and Mike Hyung. Overall ended the call not overly optimistic about the fit. They were struggling with the PRP sponsorship on a condo development deal as PRP has never done one before. He really likes that location, but thought the all-in basis was a bit high. With needing $1,000 psf on the exit, he would likely only be able to structure it as preferred equity / mezz and would only be able to take it up to 80 - 85% of the stack, leaving PRP with 15-20%. He had asked the following questions, which if we continue discussions I will need to provide: 1) What was PRPs deposit on the contract; 2) Can it be re-developed / expanded by-right? ; 3) What are the ceiling heights (I said currently about 8ft, but will expand up to 9ft with more efficient VAV boxes); 4) Support for PRPs sponsorship from a residential condo development standpoint

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
10/23/2014	PW & DF left Michael a voicemail. Will follow up with an email. -- duke
10/24/2014	DF sent Michael the IOM and sales comps package -- duke
10/27/2014	DF left Michael a voicemail -- duke
10/27/2014	Received call from Michael. He forwarded to his colleague Michael Hyung to review, and they will give me a call back either today or tomorrow. -- duke
10/29/2014	Left voicemail for Michael. -- duke
10/30/2014	Unlikely - Call with Michael Givner and Mike Hyung. Overall ended the call not overly optimistic about the fit. They were struggling with the PRP sponsorship on a condo development deal as PRP has never done one before. He really likes that location, but thought the all-in basis was a bit high. With needing $1,000 psf on the exit, he would likely only be able to structure it as preferred equity / mezz and would only be able to take it up to 80 - 85% of the stack, leaving PRP with 15-20%. He had asked the following questions, which if we continue discussions I will need to provide: 1) What was PRP's deposit on the contract; 2) Can it be re-developed / expanded by-right? ; 3) What are the ceiling heights (I said currently about 8ft, but will expand up to 9ft with more efficient VAV boxes); 4) Support for PRP's sponsorship from a residential condo development standpoint -- duke

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