Deal Tracking Report | Greenwich

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Coverage

Company / Firm

Comments/Status

Term Sheets Received

1

TM

Bank OZK (edit) (deal info)

7/21/15 - May not get there on the leverage due to the lack of cashflow - They could get to about 55% of cost. They will need a full springing guarantee on the loan proceeds. They would like to do the bridge loan and roll it into a construction loan. 4.50% rate

	Print/Vcard/Email	Contact	Address
1		Josh Lickeig	Austin TX
2		Kyle Peco	Austin TX

2

TM

Canyon Capital Realty Advisors (edit) (deal info)

7/17/15 - They have sent forward indicative terms and are looking for our feedback.

	Print/Vcard/Email	Contact	Address
1		Marti Page	Denver CO

3

TM

Capital Source (edit) (deal info)

7/20/15 - They view this as a land loan and can get to 50% to 55% - 6% on rate for 12 months

	Print/Vcard/Email	Contact	Address
1		Jason Baker	10250 Constellation Blvd Los Angeles CA

4

TM

Emerald Creek Capital (edit) (deal info)

7/17/15 - Term sheet received for 883 Shoreline ONLY - no interest in others at the moment.

	Print/Vcard/Email	Contact	Address
1		Jeff Seidler (800)313-2616	1 Penn Plaza 34th Floor New York NY
2		Mark Penna

5

TM

iStar Financial (edit) (deal info)

7/21/15 - Speaking to Erich tomorrow morning at 11:30am PST

	Print/Vcard/Email	Contact	Address
1		Erich Stiger	San Francisco CA

6

TM

Karlin Real Estate (edit) (deal info)

7/17/15 - Expecting Indicative terms on Monday/Tuesday

	Print/Vcard/Email	Contact	Address
1		Jesse Liu	1880 Century Park East, Suite 1016 Los Angeles CA

7

PW

Rockwood Capital Corporation (edit) (deal info)

7/21/15 - Oral terms provided on the phone - term sheet arriving tomorrow.

	Print/Vcard/Email	Contact	Address
1		David Streicher 212-402-8500	10 Bank Street White Plains NY

Executed Confidentiality Agreement Received

No result

Detailed Discussions

1

DF

Arbor Commercial Mortgage LLC (edit) (deal info)

7/20/15 - Matt was sent package and is going to throw it over to the REIT side to see if any interest.

	Print/Vcard/Email	Contact	Address
1		Ken Fazio (516)506-4262	333 Earle Ovington BLVD Uniondale NY
2		Matt Madacsci	New York City NY

2

DF

Ares Management (edit) (deal info)

7/17/15 - The phone number for Jason is incorrect....going through my contact Daniel Carr on their equity side.

	Print/Vcard/Email	Contact	Address
1		Daniel Carr	245 Park Avenue New York NY
2		Jason Choulochas (310) 432-8872	2000 Avenue of the Stars 12th Floor Los Angles CA

3

PW

Baupost Group LLC, The (edit) (deal info)

7/17/15 - Nick will be getting back to us on Monday 7/20.

	Print/Vcard/Email	Contact	Address
1		Nicholas Azrack (617) 357-4211	10 St. Hanes Avenue, Suite 1700 Boston MA
2		Suleman Iddrissu (617) 210-8310	10 St. James Avenue Boston MA

4

DF

Blackstone Group, The (edit) (deal info)

7/14/15 - Sent introductory email

	Print/Vcard/Email	Contact	Address
1		David Hammerman (310) 310-6949	1299 Ocean Avenue Santa Monica CA

5

DF

Fortress Investment Group (edit) (deal info)

7/14/15 - Sent introductory email

	Print/Vcard/Email	Contact	Address
1		Spencer Garfield

6

DF

Hudson Realty Capital LLC (edit) (deal info)

7/14/15 - Sent introductory email

	Print/Vcard/Email	Contact	Address
1		Perry Freitas	5 Union Square West New York NY
2		Richard Ortiz	NY

7

DF

Paradigm Capital Group (edit) (deal info)

7/14/15 - Sent introductory email

	Print/Vcard/Email	Contact	Address
1		Adam Glick (212) 661-0858	380 Lexington Avenue New York NY

8

DF

Parse Capital (edit) (deal info)

7/14/15 - Sent introductory email

	Print/Vcard/Email	Contact	Address
1		William Trefethen	6710 E. Camelback Road Scottsdale AZ

9

DF

SCS Strategic Capital, LLC (edit) (deal info)

7/14/15 - Sent introductory email

	Print/Vcard/Email	Contact	Address
1		Kevin Perrotta (516) 321-9928	29 Barstow Road Great Neck NY

10

DF

Terra Capital Partners (edit) (deal info)

7/15/15 - Due to a number of recent land loan closing, the full $27 million would cause them to run into some allocation issues. As such, they would likely look at this as a Mezz piece behind a senior lender. Their pricing whether they would do senior or mezzanine would start at 12%. With the likelihood of extensions on the various takedowns, I told him we would likely be able to do better than 12%.

	Print/Vcard/Email	Contact	Address
1		Adam Kies (212) 753-5100	805 Third Avenue New York NY

Initial Discussions

No result

Groups that have Passed

1

TM

A10 Capital (edit) (deal info)

7/17/15 - They focus only on value-add bridge/mezz/debt plays - not take-out by construction loans - too aggressive for them.

	Print/Vcard/Email	Contact	Address
No result

2

DF

ACRE Capital LLC (edit) (deal info)

7/17/15 - Jay is reviewing the deal, and will be back to me this afternoon once he is back in the office.

	Print/Vcard/Email	Contact	Address
1		Daniel Jacobs	6091 E. Grant Road Tuscan AZ

3

DF

Avant Capital (edit) (deal info)

7/15/15 - Passed - Too large for them. Their lending limit is $10 million (contrary to what is listed in Crittenden). Interest rates range from 7% up to 11%, Loan Fee 1%, Up to 75% LTV, 12-36 month terms, with extensions, target markets: NY, CT, DC, Boston, and other core markets, property types: multifamily, condo, office, retail, industrial, and development sites, closing timeframe 15-30 days.

	Print/Vcard/Email	Contact	Address
1		Adam Luysterborghs (203)612-9580	209 Bruce Park Ave. Second Floor Greenwich CT

4

TM

BANK OF THE WEST (edit) (deal info)

7/17/15 - Too early stage - cannot get to leverage needed

	Print/Vcard/Email	Contact	Address
1		Byron Fleck	95 S. Market Street San Jose CA
2		Guy Stevens (408)299-1633	95 S. Market Street Suite 100 San Jose CA

5

DF

BBVA Compass (edit) (deal info)

7/17/15 - Passed - While he is located within 3 miles of the properties, and likes the play, his bank would have to underwrite it based on the existing assets and in-place NOI. As such, they would likely be in the 45-50% LTC range. They will do construction, or transitional loans where there is enough capital in the budget to bring the asset up to productivity. They tend to target a 6-7% debt yield. He did however recommend we reach out to Charlie McGann over at City National on this one.

	Print/Vcard/Email	Contact	Address
1		Brian Horton	205 S. Mathilda Avenue Sunnyvale CA
2		Chuck Herndon (205)297-4934	15 S. 20th Street Birmingham AL
3		Todd Grover (303) 217-2224	999 18th Street Denver CO

6

TM

CALIFORNIA BANK & TRUST (edit) (deal info)

7/17/15 - They do not do construction loan take-outs - too ambitious of a business plan in this market - they are too conservative for this deal.

	Print/Vcard/Email	Contact	Address
1		Bart Hutchins	456 Montgomery Street San Francisco CA

7

TM

CITY NATIONAL BANK (edit) (deal info)

7/22/15 - Cannot do land loans.

	Print/Vcard/Email	Contact	Address
1		Charlie McGann	150 California San Francisco CA

8

TM

Colony Capital (edit) (deal info)

7/17/15 - For this particular deal, might be a bit too far outside the box for us. As mentioned, the bridge lending platform is aimed specifically at value-add plays rather than pre-development deals with contemplated takeouts by construction debt. We are looking at a potential pre-development specific LIBOR-based bridge platform that too would be securitized but imagine its a ways off. Where I do think we will prove helpful, however, is in 6-months give or take when they begin to line up construction debt for the vertical and we can put out $25- $30mm of construction mezz to get the sponsor levered upwards of 90% of the cap stack should they have interest. Would love to be part of the discussion at that time when appropriate.

	Print/Vcard/Email	Contact	Address
No result

9

TM

First Republic Bank (edit) (deal info)

7/20/15 - Pass - this deal is considered a land loan due to lack of income on the assets.

	Print/Vcard/Email	Contact	Address
1		Brian McNamee	111 Pine Street San Francisco CA

10

TM

Key Bank (edit) (deal info)

7/22/15 - Cannot do land loans.

	Print/Vcard/Email	Contact	Address
No result

11

TM

LoanCore Capital (edit) (deal info)

7/20/15 - - Floating Rate Funds is not going to be able to do this deal - - They are a $1B dollar in floating business - Conduit business and holding assets are out of this business. Tim

	Print/Vcard/Email	Contact	Address
1		Jean Baker

12

TM

Mesa West Capital (edit) (deal info)

7/22/15 - They do not want to do land loan with a construction take-out. Also, there is not enough income coming off the portfolio.

	Print/Vcard/Email	Contact	Address
1		Ronnie Gul
2		Steve Fried (310)806-6300	11755 Wilshire Blvd Suite 1670 Los Angeles CA

13

TM

TDA Investment Group (edit) (deal info)

7/21/15 - Too entrepreneurial and too much brain damage - but probably not a great fit.

	Print/Vcard/Email	Contact	Address
1		Rob Perkins	2025 Pioneer Court San Mateo CA

14

-

Thorofare Capital (edit) (deal info)

7/15/15 - PASS - They are finishing putting out the last 20% of LP capital committed to Thorofare Asset Based Lending Fund III LP and the CIO does not want any more ground up construction, development or land in the Fund. Current preference is especially strong for defensive, cash-flowing deals where the going-in debt yield is in the high single digits to low double digits.

	Print/Vcard/Email	Contact	Address
No result

15

TM

UBS Realty Investors LLC (edit) (deal info)

7/15/15 - Our participating debt program might be a fit when they are ready to seek a construction/permanent financing, but we don't have debt capital to put at risk as it relates to pre-development phase projects.

	Print/Vcard/Email	Contact	Address
1		John Jordan	455 Market Street San Francisco CA
2		Rodney Chu	San Francisco CA
3		Tom Barreira	455 Market Street San Francisco CA

16

TM

USAA Real Estate Company (edit) (deal info)

7/15/15 - 1) They do not like land deals - although income is coming off 2) Term is too short to hit their ERM 3) FAR basis is too high for them to get comfortable 4) Overall not a good fit.

	Print/Vcard/Email	Contact	Address
1		Alex Rapoport	9830 Colonnade Blvd San Antonio TX

17

TM

Westbrook Partners (edit) (deal info)

7/14/15 - They are pure equity - no debt facilities - we need to note that in their corporate write-up.

	Print/Vcard/Email	Contact	Address
1		Miles Treaster (415) 986-4549	One Embarcadero Center San Francisco CA

Uncategorized

1

TM

Invesco (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Chantal Byrne	San Francisco CA
2		Chris Cole	101 California Street San Francisco CA

2

PW

Ladder Capital (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Scott Chisholm

3

PW

NATIONAL REAL ESTATE ADVISORS (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Mark McAllister (202)467-0610	900 7th Street Washington DC

4

PW

Natixis Real Estate Capital LLC (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Michael Magner (212) 891-5706	9 West 57th Street, 36th Floor New York NY
2		William Chen (212) 891-5734	9 West 57th Street New York NY

5

PW

ORIX USA (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Tom Wiegand	1717 Main Street Dallas TX

6

PW

Prime Finance (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Jeff Williams (212)231-9076	1330 Avenue of the Americas New York NY

7

PW

RCG Longview (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

Most Recent Comments - Calvano MV Portfolio - Bridge Debt
Date	Company	Comment
07/22/2015	Key Bank	Cannot do land loans. -- Tim
07/22/2015	CITY NATIONAL BANK	Cannot do land loans. -- Tim
07/22/2015	Mesa West Capital	They do not want to do land loan with a construction take-out. Also, there is not enough income coming off the portfolio. -- Tim
07/21/2015	Mesa West Capital	Ronnie\'s team is reviewing now. -- Tim
07/21/2015	iStar Financial	Speaking to Erich tomorrow morning at 11:30am PST -- Tim
07/21/2015	Bank OZK	May not get there on the leverage due to the lack of cashflow - They could get to about 55% of cost. They will need a full springing guarantee on the loan proceeds. They would like to do the bridge loan and roll it into a construction loan. 4.50% rate -- Tim
07/21/2015	TDA Investment Group	Too entrepreneurial and too much brain damage - but probably not a great fit. -- Tim
07/21/2015	Rockwood Capital Corporation	Oral terms provided on the phone - term sheet arriving tomorrow. -- Tim
07/20/2015	Capital Source	They view this as a land loan and can get to 50% to 55% - 6% on rate for 12 months -- Tim
07/20/2015	Capital Source	They view this as a land loan and can get to 50% to 55% - 6% on rate for 12 months -- Tim