8000 Wisconsin Avenue, Bethesda, MD

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Square Mile Capital

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Matthew Drummonddelete
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Date07/29/2021
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 )
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DEAL TRACKING COMMENTS
DateComment
08/03/2021Followed up -- pwitham
08/03/2021Thought that the leverage was too low for their capital. Encouraged them to rethink it with higher leverage to include the Plank piece and the sponsor equity. -- pwitham
08/10/2021Do not do synthetic ground lease construction loans. If it were fee simple they would be comfortable going up to 70-75% LTC. The deal seems a good fit for their program. -- pwitham
08/10/2021Have requested that they look at the Fee Simple deal at 75% LTC. Their terms would be low to mid 500 bps over LIBOR with a floor of 10-20bps. -- pwitham
08/17/2021Followed up with revised sources and uses based on a Fee Simple deal. -- pwitham
08/30/2021Conference call scheduled for Tuesday 8/31 -- pwitham
08/31/2021Good conference call. They have been inundated with closings but have promised to get us feedback by mid to end of next week. LTC sweet spot would be 70-75% LTC at around 500 over Libor. -- pwitham
04/13/2022Trying to stretch proceeds beyond $153M -- pwitham