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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 )
12/09/2015 - Good conversation with Jeff. They are working on a closing this week, but said he would try to get us indicative terms on this by next Wednesday. This loan is right within their wheelhouse from an asset class standpoint, as well as sizing for them, and they would be able to hold the entire loan on their books. They would require some level of recourse, but would let us know on Wednesday what level he thinks would be required. He mentioned that due to Basel III, they are sometimes required to structure the loan whereby all cash flow above debt service is held in reserve rather than being distributed, up to a certain hurdle. Mentioned this may not be as large of a hurdle in this situation as IDI is looking to sell the asset upon stabilization, but is certainly something to consider.

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DEAL TRACKING COMMENTS
Date	Comment
11/05/2015	10/21/15 - Initial email sent -- duke
12/09/2015	Good conversation with Jeff. They are working on a closing this week, but said he would try to get us indicative terms on this by next Wednesday. This loan is right within their wheelhouse from an asset class standpoint, as well as sizing for them, and they would be able to hold the entire loan on their books. They would require some level of recourse, but would let us know on Wednesday what level he thinks would be required. He mentioned that due to Basel III, they are sometimes required to structure the loan whereby all cash flow above debt service is held in reserve rather than being distributed, up to a certain hurdle. -- duke
12/17/2015	Term sheet received. They would be 65% LTC and would be priced at L + 275 bps with 25% repayment guarantee. Upon completion and a 1.00x DSCR their rate would be reduced to L + 250 bps. They would have a 1% origination fee and the loan would be a 3, 1, 1, term loan with a 25 bps fee for each extension option exercised. They would likely require the additional phase II land to be held as collateral, and due to HVCRE, would require cash flow to be held in reserve rather than distributed until the loan is repaid. -- duke

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