PW sent summary email on 2.17.15

2/17/15 - Good initial conversation with Rick Schoen. They have just been paid back from a loan that they had in Charlottesville so have experience in this market.

02/27/2015 - Left voicemail for Dino Paparelli

02/23/2015 - Good conversation with Dan Maples. While Charlottesville is not one of their target markets, they would consider it for the right deal. $27MM was right in their wheel house, and they like to structure mini-perms. They target 60-65% LTC, but said they may be able to do 65% LTC during construction, with a top up upon completion/stabilization. Said not to quote him on that, but he may be able to do that. 75% LTC during construction would be outside of their criteria. He would likely quote somewhere in the 4-4.25% interest rate range. I sent Dan the package and the video, and am awaiting feedback upon his review.

3-2-15 - Jeff Hunkele is responsible for southern VA through the Carolinas. They really like the deal, and would structure it as a traditional 3 year construction loan with a cmbs/Fannie Mae/Freddie Mac/Life company takeout. This is right down the middle of their size range. 85% of their construction lending is multifamily. 75% LTC seems to fit their program. They would likely seek a full completion guarantee, repayment guarantee that burns down at C of O, and then again at stabilization. Requested a conference call with the client on Tuesday, March 3rd, 2015.

02/27/15 - Good call with Bill Brandt, he likes the deal, and had actually toured the Wegmans site with that developer when they were looking for a construction loan. He did a student housing deal in Charlottesville last year right on main street, so he is familiar with the market. They can do 7-10 year money on their balance sheet, so he said he would work to structure it that way.

3-2-15 - BB&T have indicated that they are very interested in the deal, and are working towards providing a term sheet prior to a site visit. Meeting scheduled for 3-2-15.

02/18/2015 - Passed - They are not doing any construction loans at this time.

02/27/2015 - Passed - They do not have a construction loan program at this time. They only provide permanent financing on stabilized properties.

02/27/2015 - Passed - They are not lending in Charlottesville. They tend underwrite loans from $10 - $200 Million, and are able to keep $50 - $75 million on their own books. They do 65-75% LTC and tend to require some level of recourse (i.e. completion guarantee + 20-30% repayment guarantee). They are able to do longer term loans as well.

02/11/2015 - Passed - They do not really have a product for construction loans right now. They can do a floater to a Fannie/Freddie takeout, but typically do not do construction loans

02/23/2015 - Passed - Cigna does not do construction loans, only equity investments. They focus on major markets, and as such would not likely go down to Charlottesville, VA. They would do equity for development, but only as Joint Venture equity, i.e. they need a local operating partner. They are a bit over allocated to multifamily development in DC right now, so it would be difficult to do any more, but they would consider office development

02/12/2015 - Passed - They are not doing construction loans (and have not been for some time now)

Not currently doing construction lending. They will do transitional loans on their balance sheet but they need to be large - $100 million +

02/12/2015 - Passed - They are currently providing construction lending, but not in Charlottesville. Also this project is small for their funds. They would be interested in DC. -

2-09-15 - Passed - They do not have a bucket of money that would go out to Charlottesville. They would consider DC, and would look to do the four main food groups (office, retail, apartment, industrial), and their typical loan amounts are between $1-20 million, 10,15,20 year fixed rate loans maxing out at 70% LTC. TJ Heather would be the guy to go through for DC deals.

Passed - Charlottesville not a market they can do construction financing. Their ideal loan size is $15-$40 Million in the 60% LTC range. They also have a participating loan program that can go up to 80-85% LTC.

02/26/2015 - Passed - Gloria said they are not doing any lending outside of their footprint, except with longstanding clients of theirs. She said that if we do have any deals in Florida to discuss, that I should reach out to Sandy Londono who oversees their commercial lending group

PW sent initial summary email 2.17.15. Passed - not in their territory yet

Being sold. Unable to do construction loans at this time.