10-23-14 - Call with Jacob Feingold - Would take a look at 2501 M Street as a preferred equity piece and they can go up to 90% of the capital stack with mid-teens pricing (no kicker). As it is a conversion of an office into residential, he would want to ensure that there are significant contingencies in the budget. Wants us to send him the financials in excel as well as the market information.

11-10-14 - PW & DF spoke with Bert Crouch. 2501 M had fallen through the cracks thus far due to a closing last week and some other pressing items on their agendas. Jed Melson has been assigned to run point on it, and should be reaching out to us tomorrow to go over the deal (he is in CA doing a property tour today). They are considering GP investments these days, and are actually looking to close two of them shortly. He would be interested in the SF multifamily development deal.

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

10-21-14 - Call with Matthew Drummond - He has made a few calls/done some market research. He thinks it looks interesting, but their interest would be as a preferred position. They can go up as far as 92-95% of the capital stack, and suggested 94% for this one (Approx. 80x20 deal on the equity side back with PRP). They need to hit a 1.7x multiple, and would target mid to high teens total returns. They have done and continue to do straight equity, but he doesnt think they would do it for a condo deal. Their pref. equity does not have a current pay (it can accrue), and they would look for an 11% pref.

10-21-14 - LB sent Quentin the initial email and package. Quentin responded on 10-22-14 stating that they would definitely take a look at it, but that he was traveling over the next 2 days. Call scheduled for Friday with Quentin and Jerry Murphy

No contacts in database as of yet

No contacts in database as of yet

10-23-14 - Passed - They do not do condos

11-6-14 - Passed - 2501 M Street is not a fit for the first couple of deals the new development fund is looking to do.

10-22-14 - Passed - Could not get comfortable with the idea that lower level floors would be selling for more than the top floors. Thought it would make sense considering the basis will be $300 psf to be the low cost provider of office space in that area

10-27-14 - Passed - Too small from an equity standpoint, timing is too short, and they are conservative on their pricing estimates for the condo sellout

10-16-14 - Passed - He had seen the deal from Fabrise Vasquez, and he knows Paul. Did not appear to be very interested in it though.