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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 )
02/01/2016 - Passed - They were unable to get comfortable with the underwriting. Offers to speak with IDI and Kettler/Noell were offered on multiple occasions to no avail. They were underwriting to an average of $1.70 psf rents, and were using the trended operating expense budget and a 3% management fee. They were looking to be somewhere in the high 7% range from a debt yield standpoint, and were only comfortable going up to the low-mid $70 million's in proceeds.

Insert Comment

DEAL TRACKING COMMENTS
Date	Comment
01/07/2016	left voicemail -- duke
01/08/2016	Received voicemail, they do indeed to construction mezzanine loans. Sending him the package, following up. -- duke
01/08/2016	Jeff emailed that their preference would be to follow a $65 million senior loan, and that their pricing would likely be in the low-mid teens. I responded that both appear to be a fit. As well, he asked about the land basis in the property, and I sent over the explanation of the basis with the restructuring. -- duke
01/12/2016	left voicemail -- duke
01/14/2016	Left voicemail -- duke
01/15/2016	They are reviewing the deal internally, and subject to positive feedback would propose having a call with Kettler and IDI sometime next week. -- duke
01/19/2016	Left voicemail -- duke
01/20/2016	Left voicemail providing Jeff with the update regarding the GMP negotiations as well as the current status regarding building permits. Received a follow-up email thanking us for the details, and that they will try to be back to us in the next several days. Their team has been bogged down with a closing the past week. -- duke
01/20/2016	Left voicemail, and provided the update on the GMP discussions as well as the current status regarding building permits. -- duke
01/25/2016	01/22/16 - Positive emails going back and forth, they are continuing to dig in. They asked about IDI's basis in the property, sales comps, how we justify being approximately 10-20% premium above the rest of the market on rents, and whether terms with a senior lender had been agreed on. We responded to each question, and are awaiting further questions or feedback. We have offered a call back with IDI and Kettler, and are waiting to hear back. -- duke
02/01/2016	Passed - They were unable to get comfortable with the underwriting. Offers to speak with IDI and Kettler/Noell were offered on multiple occasions to no avail. They were underwriting to an average of $1.70 psf rents, and were only comfortable going up to the low-mid $70's in proceeds. -- duke

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