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Date	10/27/2015
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 )
12/09/2015 - They want to hear back regarding the senior loan terms prior to submitting a term sheet. In general, he thinks they will be in the 14% range, with 8% pay and 6% accrual. They can structure it as either preferred equity or mezzanine, and the pricing would be the same regardless ; 01/15/16 - Left multiple voicemails to re-engage them after the holidays. Terry has been traveling, and will be back in the office next Tuesday, will follow-up then.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
12/02/2015	Spoke with Terry's assistant who informed me that he is indeed the proper contact to speak with. I left him a voicemail and sent him the introductory email. -- duke
12/02/2015	Good initial call, and he asked that I send him the package which will go out by FedEx tomorrow. He likes the sponsorship (although was not familiar with IDI prior to the call), and would need to study the market in Woodbridge. I have sent him the market study and financial model as he was asking about the untrended rents, and wanted to ensure we were underwriting to today $'s. He said they may struggle to follow behind a $65 million senior note as they always have to consider the doomsday scenario whereby they have to pay off the senior loan in order to protect their position, and $65 million would be a large check size for their fund. Not out of the question, but something they will need to consider. -- duke
12/09/2015	They want to hear back regarding the senior loan terms prior to submitting a term sheet. In general, he thinks they will be in the 14% range, with 8% pay and 6% accrual. They can structure it as either preferred equity or mezzanine, and the pricing would be the same regardless. They are working to close a loan this week, but wants to pick up the conversation next week once there is more clarity on the senior. -- duke
01/07/2016	Received email, and scheduled to speak on Monday -- duke
01/12/2016	left voicemail -- duke
01/14/2016	Left voicemail -- duke
01/19/2016	Left voicemail -- duke
01/20/2016	Good conversation with Terry Baydala. He was indeed skiing last week at Jackson Hole, thus his delay in getting back to me. He has studied and likes the deal, the sponsorship, and finds the infrastructure investments being made by the county to be intriguing. He said an $18 million mezzanine loan would be on the larger side for them, but certainly doable. He would be priced between 12-14% with an 8% pay rate and the remainder accrued. He unfortunately stated that he would not be able to issue a term sheet until he sees an executed term sheet with the senior lender. -- duke
02/04/2016	Positive conversation. While he does require to see an executed term sheet from the senior lender prior to issuing a term sheet, he is continuing to have his team review the transaction and he likes the deal. He mentioned that a 6.7% untrended return on cost is in the acceptable range, but he is still getting his team comfortable with the rents and the market study. He understands the timing pressure related to the precast concrete production schedule, and will work to expedite this internally. He requested the appraisal as well as a copy of the un-executed term sheet that was issued. He also mentioned that they typically require warm bodies to stand behind the completion and carve out guarantees. He said it wouldn't necessarily be a deal killer to have a substantial entity stand behind those, but he did say it would be much harder to push through their committee. -- duke

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