Deal Tracking Report

Coverage

Company / Firm

Comments/Status

Term Sheets Received

Don

7/15/16 - Reviewing UW

	Print/Vcard/Email	Contact	Address
1		Craig Oram

Executed Confidentiality Agreement Received

No result

Detailed Discussions

No result

Initial Discussions

Tim

Arbor Commercial Mortgage LLC (edit) (deal info)

7/15/16 - Should be getting comments back on Monday. Interested in debt side.

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1		Linda Gorbenko	Los Angeles CA

Tim

Basis Investment Group, LLC (edit) (deal info)

7/15/16 - Reviewing underwriting now.

	Print/Vcard/Email	Contact	Address
1		Shaunak Tanna (212) 915-0699	75 Broad Street New York NY

Tim

Calmwater (edit) (deal info)

7/14/16 - We should be expecting a soft term sheet in the next 2/3 days. They would prefer a quicker close and not wait until September. Tim

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1		Eric Jordan	11755 Wilshire Boulevard Los Angeles CA

Tim

Canyon Capital Realty Advisors (edit) (deal info)

7/19/16 - On vacation until 7/25

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1		Marti Page	Denver CO

Tim

Grannum Capital (edit) (deal info)

7/15/16 - They are looking at this deal from a potential GP angle only.

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No result

Tim

Related Fund Management (edit) (deal info)

7/15/16 - Reviewing a preferred equity structure and expect a soft term sheet next week. This term sheet will most likely not work with bridge debt and will require an agency debt component.

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1		Patrick Martin	60 Columbus Circle New York NY

Groups that have Passed

Tim

AIG Global Real Estate (edit) (deal info)

7/15/16 - PASS: Too small of deal size and vintage of assets is not of interest. Sponsorship too new.

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1		Jesse Tejada	101 Montgomery Street, San Francisco CA

Don

Alex Brown Investment Management (edit) (deal info)

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1		Don Brennerman

Tim

Argosy Real Estate (edit) (deal info)

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1		Dave Butler	150 California Street CA

Don

Blue Vista Capital Partners LLC (edit) (deal info)

7/15/16 - PASS: The purchase price has way too much of the upside baked into it in each deal and the stabilized income still subjects BlueVista to refi risk on the exit.

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1		Shawn Townsend

Tim

Boulour Associates (edit) (deal info)

6/28/16 - Looking at DEBT option. Cannot put equity in deal due to location.

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1		Elliot Shirwo	8383 Wilshire Blvd, Beverly Hills CA

BRT Realty Trust (edit) (deal info)

6/30/16 - Only focusing on assets in South East

	Print/Vcard/Email	Contact	Address
1		Mitch Gould (516) 773-2712	60 Cutter Mill Road Great Neck NY

Don

Center Square Investment Management (edit) (deal info)

7/18/16 - PASS: No institutional exit possible, too expensive on the acquisition - cannot do 8-foot ceiling/ zero commodities and if a down-turn hits how that asset compete at those rent projections.

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No result

CenterSquare Investment Management (edit) (deal info)

7/15/16 - Meeting on Monday at 2:00pm with Don and Kimberly May

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No result

Tim

DRA Advisors (edit) (deal info)

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1		Dan Goldman

Don

Federal Capital Partners (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Wade Casstevens	5425 Wisconsin Avenue Suite 202 Chevy Chase MD

Tim

Fundrise (edit) (deal info)

7/15/16 - Cannot get the equity proceeds since their preferred equity program will not work with this transaction. They are now looking at a debt play.

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No result

Tim

G8 Capital (edit) (deal info)

7/21/16 - Reviewing

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1		Matt Rogers	Ladera Ranch CA

Don

GLENMONT CAPITAL MANAGEMENT, LLC (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Daniel Bartolini 212-582-2500	40 West 57th Street 24th Floor New York NY

Tim

HQ Capital (edit) (deal info)

7/15/16 - PASS: Too old of a vintage and the not enough volume yet for the investment committee to get comfortable.

	Print/Vcard/Email	Contact	Address
1		Tony Feng 415-781-2700

Tim

JCR Capital (edit) (deal info)

7/15/16 - Reviewing UW now.

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No result

Tim

Junius Real Estate Partners (edit) (deal info)

6/28/16 - Equity checks start at $25-$30 million

	Print/Vcard/Email	Contact	Address
1		Jeffrey Hadzima	320 Park Avenue New York NY

Tim

Kinship Capital (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

Tim

Laurus Corporation (edit) (deal info)

7/15/16 - Reviewing UW now - will be looking at this as a debt play. Expect feedback / term sheet early next week.

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No result

Tim

Mack Real Estate Group (edit) (deal info)

7/15/16 - PASS: Minimum equity check starts at $50M - like deal though

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1		Kevin Cullinan	60 Columbus Circle New York NY

Don

Newport Capital Advisors (edit) (deal info)

7/15/16 - PASS

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No result

Tim

NXT Capital (edit) (deal info)

7/15/16 - PASS - The rent lift is too large to get through the investment committee. They would be looking at rent increases much lower over that time period thus providing the returns needed.

	Print/Vcard/Email	Contact	Address
1		David Meredith	Los Angeles CA

Don

Phoenix Capital Partners, Ltd. (edit) (deal info)

7/15/16 - PASS: Not a fit for due to age and size of the deals at 50 units each

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1		Andrew Scott	15725 North Dallas Suite 230 Addison TX

Tim

Resmark Equity Partners, LLC (edit) (deal info)

7/15/16 - Reviewing // Exchanging VM with Viz.

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No result

Tim

RMA | Real Estate Investment Advisors (edit) (deal info)

7/19/16 - PASS - Cannot get comfortable with the exit cap and so returns fall away at that point. Too much upside in acquisition pricing. Lack of institutional buyer on exit. Not comfortable with multiple buildings. Negative cashflow for extended period due to high leverage - but deal is too thin so putting in more equity kills returns.

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No result

Tim

Silverpoint Capital (edit) (deal info)

7/19/16 - PASS: Not comfortable with rent appreciation strategy - value needs to be created in other way.

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No result

Tim

Somera Capital Management, LLC (edit) (deal info)

7/14/16 - PASS - They cannot get the returns needed for their funds for either of these transactions.

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No result

Don

Steelbridge Capital, LLC (edit) (deal info)

6/30/16 - Are not investing in residential deals, just office.

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No result

Tim

TDA Investment Group (edit) (deal info)

7/15/16 - PASS - if we put up mezz we prefer not sit behind $35mm of sr. And we cant do 35mm sr at this point; and there are cheaper guys to do that. And i guess you need equity like funds in any event We will review but my guess is not likely best fit right now for us.

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

Tim

Thorofare Capital (edit) (deal info)

7/19/16 - PASS - Primarily due to the low in place DY for both properties as they need to get to 500-550 spread (i.e. 5% + DY). (They closed Buckingham Apartments (same Redwood City submarket)(basis was $244k key off initial funding. $11.7mm/48 units)).

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No result

TIAA - CREF (edit) (deal info)

7/15/16 - PASS - Too small/Too old of vintage.

	Print/Vcard/Email	Contact	Address
1		Gerald Casimir (212) 916-6610	730 Third Avenue New York NY

Tim

Township Capital (edit) (deal info)

7/19/16 - Reviewing Packages - Interested in potential GP role

	Print/Vcard/Email	Contact	Address
1		Christian Wegner	Los Angeles CA

Tim

UBS Investment Bank (edit) (deal info)

7/14/16 - Can only get to 50% leverage on the Debt: Need to solve for a 5+ DY going in and a 9 DY exit

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1		Conrad Wicker	777 S Figueroa Street Los Angeles CA

Uncategorized

Tim

Angelo Gordon & Co. (edit) (deal info)

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1		Adam Schwartz (212) 692-2059	245 Park Avenue New York NY

Atlantic Creek Capital Partners (edit) (deal info)

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No result

Barrow Street Capital LLC (edit) (deal info)

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No result

Tim

Bay North (edit) (deal info)

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1		David Cronin

Blackbird Investment Group (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

Tim

CBRE Investors (edit) (deal info)

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1		Brad Cummings

Compass Real Estate (edit) (deal info)

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No result

Tim

Cross Harbor Capital Partners (edit) (deal info)

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1		Eric Boyd 949-438-2061	One Boston Place Boston MA

Tim

DDG Partners (edit) (deal info)

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1		Will Lukowski

Embarcadero Capital Partners LLC & Hamilton Partners Lp (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

Tim

Farallon Capital Management (edit) (deal info)

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1		Nick Carbone	One Maritime Plaxa San Francisco CA

Tim

Long Wharf Real Estate Partners LLC (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		Justin Smith	One Federal Street Boston MA

Oaktree Capital Management (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

ORIX USA (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

PCCP LLC (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

SilverPeak Real Estate Partners (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

Tim

Westbrook Partners (edit) (deal info)

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

Tim

Zappettini (edit) (deal info)

	Print/Vcard/Email	Contact	Address
1		John Zappettini	300 Montgomery St. San Francisco CA

Most Recent Comments - MNM Partners
Date	Company	Comment
07/21/2016	G8 Capital	Reviewing -- pwitham
07/19/2016	Canyon Capital Realty Advisors	On vacation until 7/25 -- pwitham
07/19/2016	Township Capital	Reviewing Packages - Interested in potential GP role -- pwitham
07/19/2016	Thorofare Capital	PASS - Primarily due to the low in place DY for both properties as they need to get to 500-550 spread (i.e. 5% + DY). (They closed Buckingham Apartments (same Redwood City submarket)(basis was $244k key off initial funding. $11.7mm/48 units)). -- pwitham
07/19/2016	Silverpoint Capital	PASS: Not comfortable with rent appreciation strategy - value needs to be created in other way. -- pwitham
07/19/2016	RMA \| Real Estate Investment Advisors	PASS - Cannot get comfortable with the exit cap and so returns fall away at that point. Too much upside in acquisition pricing. Lack of institutional buyer on exit. Not comfortable with multiple buildings. Negative cashflow for extended period due to high leverage - but deal is too thin so putting in more equity kills returns. -- pwitham
07/18/2016	Center Square Investment Management	PASS: No institutional exit possible, too expensive on the acquisition - cannot do 8-foot ceiling/ zero commodities and if a down-turn hits how that asset compete at those rent projections. -- pwitham
07/15/2016	AIG Global Real Estate	PASS: Too small of deal size and vintage of assets is not of interest. Sponsorship too new. -- pwitham
07/15/2016	TIAA - CREF	PASS - Too small/Too old of vintage. -- pwitham
07/15/2016	Grannum Capital	They are looking at this deal from a potential GP angle only. -- pwitham

Deal Tracking Report - MNM Partners (edit, Deal Management)