Deal Tracking Report - Westwood II & III (edit, Deal Management)

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Company Type

-- Owner / Developer

-- REIT/Public Corporation

-- Professional Services Firm

-- Capital Source

-- -- Debt Groups

-- -- -- Permanent Financing

-- -- -- Bridge Financing

-- -- -- Construction Financing

-- -- -- Mezzannine Financing

-- -- Equity Groups

-- -- -- 1st Tier - $10M & Up

-- -- -- 2nd Tier - Mid Market ($2 - $10M)

-- Other

Location

-- United States

-- -- East Coast

-- -- West Coast

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Asset Classes

-- Office

-- Industrial

-- Retail

-- Multifamily

-- Hospitality / Resort

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#CoverageCompany / FirmComments/Status
Term Sheets Received
1-A10 Capital (edit) (deal info)

7/10/20 - Revised Proposal: 4.5% Coupon, 3 Yrs IO, 25 Yr Amortization, 10 Year term.

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1 print vcard emailDan Pavlinik
2-Barclays Capital (edit) (deal info)

7/10/20 - Received Proposal but client does not want to do CMBS

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1 print vcard emailMatthew Higgins
3-Truist (edit) (deal info)

8/12/20 - Indicative terms received

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1 print vcard emailMatt Roth
4-US Bank (edit) (deal info)

7/31/20 - Needs some more time but initial indication of terms are: would look at 5, 1, 1. Current pricing is L + 250 – 275 bps with a 50 to 75 bps floor, lock out for 3 years. We would need to have a cash sweep if the DY were to fall below a certain DY threshold. Need more financial information on the borrower.

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1 print vcard emailJeff Geifman
1650 Tysons Boulevard
McLean VA
Executed Confidentiality Agreement Received
No result
Detailed Discussions
No result
Initial Discussions
1-Allegiant Asset Management (edit) (deal info)

8/3/20 - Financing memo sent

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No result
2-Ares Management (edit) (deal info)

8/3/20 - Sent memo

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No result
3-Atlantic Union Bank (edit) (deal info)

7/29/20 - Sent updated information

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1 print vcard emailAndrew Withers
4-Blue Vista Capital Management (edit) (deal info)

8/4/20 - Requesting information so they are interested.

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No result
5-CIT Commercial Real Estate (edit) (deal info)

8/3/20 - Financing Memo sent

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1 print vcard emailMatthew Galligan
6-Potomac Business Services, LLC (edit) (deal info)

7/31/20 - Reviewing again

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1 print vcard emailCrae Ramsey
7-WesBanco (edit) (deal info)

7/10/20 - Memo sent

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1 print vcard emailJack Welborn
Groups that have Passed
1-ACORE Capital, LP (edit) (deal info)

3/27/20 - Passed - Too small.

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1 print vcard emailEric Ramirez
2-Amerifund (edit) (deal info)

8/4/20 - Currently, focus is on Single Tenant Construction-to-Perm as follows

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No result
3-Bank of america (edit) (deal info)

8/4/20 - Very selective on office right now due to Covid issues

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1 print vcard emailPaul Kinyon
(703) 761 8134		8300 Greensboro Drive, Suite 300
McLean VA
4-Bank OZK (edit) (deal info)

8/4/20 - Construction and transitional assets only

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1 print vcard emailChristopher Lawton
5-Barings Real Estate Advisors (edit) (deal info)

3/27/20 - Loan size too small. Also, they cannot price a loan at the present time.

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1 print vcard emailLisa Katz
6-Basis Investment Group, LLC (edit) (deal info)

4/3/20 - No balance sheet capital for senior loans

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1 print vcard emailShaunak Tanna
(212) 915-0699		75 Broad Street
New York NY
7-Capital One Bank (edit) (deal info)

8/4/20 - Had a call with credit this morning on a premier office building in DC, 90% occupancy and basically no roll for 7 years and I could not get approval. That being said, I don't think I can be there for you. Sorry, everyone is concerned about COVID and the state of the office market going forward.

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1 print vcard emailBrian Gormley
(703) 720-6734 		1680 Capital One Drive
McLean VA
8-Citigroup (edit) (deal info)

3/27/20 - Do not have balance sheet capital

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1 print vcard emailMichael Cohen
9-Citizens Bank (edit) (deal info)

7/9/20 - Certainly have an interest, however, we are only pursuing credit tenant deals at the moment. We expect our strike zone to expand in the coming weeks. I will follow up if/when things change on our end. Comment from 6/9/20

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1 print vcard emailAndrew Nevins
2 print vcard emailDoug Davidson
10-EagleBank (edit) (deal info)

8/4/20 - Not a good fit at the present time due to future office uncertainty

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1 print vcard emailAntonio Marquez
7830 Old Georgetown Road
Bethesda MD
2 print vcard emailRyan Segars
11-First National Bank (edit) (deal info)

7/10/20 - Proposal was not approved at credit committee

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1 print vcard emailKeith Bauer
12-Fulton Bank (edit) (deal info)

7/9/20 - Major concerns are the age of both buildings and the rollover risk in the next couple of years (2022 I believe) vs. the new product coming online. For this reason, I’m a “pass” on this one. My penciled in loan amount was significantly below your ask. We would also be looking for some level of recourse.

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No result
13-FVC Bank (edit) (deal info)

7/10/20 - Passed: They are currently evaluating the Covid situation which will take between 90-120 days.

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No result
14-HSBC (edit) (deal info)

3/30/20 - Loan too small. Also focused on shorter term loans of 2-5 years.

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1 print vcard emailEric Blumenthal
(202) 496 8769		1401 I Street NW
Washington DC
15-John Hancock Life Insurance Co. (edit) (deal info)

8/4/20 - Falling way short on proceeds due to more conservative underwriting

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1 print vcard emailReid McLay
202 223 3225		 DC
16-John Marshall Bank (edit) (deal info)

7/10/20 - Loan too large for their non-recourse platform. Needs to be below $15M

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1 print vcard emailThomas Nida
17-JP Morgan Chase (edit) (deal info)

8/4/20 - Focused on Multifamily at the present time

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1 print vcard emailGreg Werly
18-Key Bank (edit) (deal info)

8/4/20 - Being very selective on office at the present time due to the uncertainty. This one is not a fit.

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1 print vcard emailScott Bois
19-MetLife Real Estate Investments (edit) (deal info)

4/3/20 - Pass - too much exposure in Tysons

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1 print vcard emailJeanine Lester
600 13th Street
Washington DC
20-Morgan Stanley (edit) (deal info)

7/10/20 - Passed - Balance sheet has a minimum of $100m

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1 print vcard emailElizabeth Roy
21-NATIXIS (edit) (deal info)

4/7/20 - Requested the Argus and Excel model

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1 print vcard emailWill Chen
22-New York Life Investments (edit) (deal info)

7/16/20 - Concerned about the vacancy in the Tysons market.

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1 print vcard emailDavid Li
51 Madison Avenue - 9th Floor
New York NY
23-Northwestern Mutual Real Estate Investments, LLC (edit) (deal info)

8/3/20 - Not doing any office at the present time.

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1 print vcard emailEric Ekeroth
(703) 269-6600		8444 Westpark Drive
Mclean VA
24-Nuveen Real Estate (edit) (deal info)

7/10/20 - Too small

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1 print vcard emailJeff Dybas
25-Pacific Life Insurance Company (edit) (deal info)

7/10/20 - Too small. Need $40m minimum

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1 print vcard emailMike Scafuri
1010 Lake Street, Suite 432
Oak Park IL
26-PGIM Real Estate Finance (edit) (deal info)

7/10/20 - Memo sent

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1 print vcard email Martin Fayer
27-pnc real estate finance (edit) (deal info)

4/29/20 - Passed - mostly servicing existing relationships at present and as such cannot look at new ones.

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1 print vcard emailKevjorik Jones
28-Principal Financial Group (edit) (deal info)

8/4/20 - Focus is on higher quality buildings with LEED certification and modern ventilation systems. I think the market is still trying to figure out the future of office as it relates to space usage and ventilation requirements. To get any traction on ‘B’ assets we’ll need to be no greater than 55% LTV on our valuation and have a 25-year maximum amortization. Very focused on rapid amortization.

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1 print vcard emailScott Pottebaum
515-235-6050		801 Grand Avenue
Des Moines IA
29-Quadrant Real Estate Advisors LLC (edit) (deal info)

7/10/20 - Think the DC area office market is weak at present so are a pass

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1 print vcard emailDavid Morris
2 print vcard emailWalt Huggins
30-ReadyCap Commercial (edit) (deal info)

8/4/20 - Focused on Multi-Family at the present time.

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1 print vcard emailOliver Harris
1320 Greenway Drive, Suite 560
Irving TX
31-Regions Bank (edit) (deal info)

7/10/20 - Currently not providing non-recourse loans due to Covid-19.

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1 print vcard emailBarry Musselman
7231 Forest Avenue
Richmond VA
32-Revere bank (edit) (deal info)

7/10/20 - Proposal was not approved at loan committee

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1 print vcard emailJack Tarquini
2 print vcard emailJohn Foley
33-Sandy Spring Bank (edit) (deal info)

7/10/20 - See comments for Revere Bank

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1 print vcard emailBrian Schott
301-774-8453		9112 Guilford Road
Columbia MD
34-TD Bank (edit) (deal info)

4/7/20 - Forwarded to Jim Cupelli, the RM who covers Atlantic Realty

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1 print vcard emailBill Brandt
2070 Chain Bridge Rd.
Vienna VA
35-TIAA Bank (edit) (deal info)

8/3/20 - Office is tough at the moment and being heavily scrutinized. At the moment when considering office and or retail credit is looking for more consistent collections from the tenancy

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No result
36-USAA Real Estate Company (edit) (deal info)

7/31/20 - Could not get comfortable with the Covid-19 issues

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1 print vcard emailAlex Rapoport
9830 Colonnade Blvd
San Antonio TX
2 print vcard emailRusty Chiles
37-Webster Bank (edit) (deal info)

8/4/20 - Not active at the present time

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1 print vcard emailPeter Burke
38-Wells Fargo Bank (edit) (deal info)

4/3/20 - This is a massive cash-out request, which in this market is likely not going to be received well at all. I would recommend, given the market chaos that exists today, that the sponsorship wait until the markets settle down, since they don’t have to pay-off until November 2021. Current pricing and leverage (i.e. low) is ugly at the moment.

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1 print vcard emailDaryl Book
Uncategorized
1-3650REIT (edit) (deal info)

7/10/20 - Memo sent

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No result
2-Alcentra (edit) (deal info)

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No result
3-American Real Estate Capital (edit) (deal info)

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No result
4-Annaly (edit) (deal info)

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No result
5-APOLLO REAL ESTATE ADVISORS (edit) (deal info)

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No result
6-Banco Santander/ Sovereign Bank (edit) (deal info)

7/10/20 - Sent memo

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1 print vcard emailJohn Gunther-Mohr
(212) 692-2564		45 East 53rd Street, 10th floor
New York NY
7-BBVA Compass (edit) (deal info)

3/27/20 - Memo sent - 3.27.20

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1 print vcard emailMatt Genett
8-BMO Harris Bank (edit) (deal info)

3/27/20 - Memo sent - 3.27.20

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1 print vcard emailKim Liautaud
9-Burke and Herbert Bank (edit) (deal info)

8/3/20 - Both Jeff Aleshire and Jeff Welsh have gone silent and not responded to numerous calls and emails.

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1 print vcard emailJeff Welch
10-Calmwater (edit) (deal info)

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No result
11-Delaware Life (edit) (deal info)

7/10/20 - Memo sent

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1 print vcard emailSteve Prinn
Reservoir Place, 1601 Trapelo Road
Waltham MA
12-Industrial Bank (edit) (deal info)

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No result
13-Knighthead Funding LLC (edit) (deal info)

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No result
14-Mesa West Capital (edit) (deal info)

7/10/20 - Memo sent

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1 print vcard emailRaphael Fishbach
15-Prime Finance (edit) (deal info)

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1 print vcard emailJohn Brayshaw
16-State Farm Life (edit) (deal info)

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1 print vcard David Graves
(309) 766-9808		One State Farm Plaza
Bloomington IL
17-Sumitomo Mitsui Banking Corporation (edit) (deal info)

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No result
18-UBS Realty Investors LLC (edit) (deal info)

7/10/20 - Memo sent

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1 print vcard emailThomas Pierandri
242 Trumbull Street
Hartford CT
19-Union Bank (edit) (deal info)

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1 print vcard emailLen Clark
New York NY
20-Washington Capital Management (edit) (deal info)

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1 print vcard emailJoe Versaggi
Most Recent Comments - Westwood II & III
DateCompanyComment
08/12/2020TruistIndicative terms received -- pwitham
08/04/2020TruistWe have our first committee meeting on this opportunity this afternoon. We won’t be in a position to issue a term sheet from this meeting but we will have a very good indication of our interest in pursuing a term sheet and, if positive, what those terms would look like. -- pwitham
08/04/2020Webster BankNot active at the present time -- pwitham
08/04/2020ReadyCap CommercialFocused on Multi-Family at the present time. -- pwitham
08/04/2020Key BankBeing very selective on office at the present time due to the uncertainty. This one is not a fit. -- pwitham
08/04/2020John Hancock Life Insurance Co.Falling way short on proceeds due to more conservative underwriting -- pwitham
08/04/2020JP Morgan ChaseFocused on Multifamily at the present time -- pwitham
08/04/2020EagleBankNot a good fit at the present time due to future office uncertainty -- pwitham
08/04/2020Bank of americaVery selective on office right now due to Covid issues -- pwitham
08/04/2020Capital One BankHad a call with credit this morning on a premier office building in DC, 90% occupancy and basically no roll for 7 years and I could not get approval. That being said, I don\'t think I can be there for you. Sorry, everyone is concerned about COVID and the state of the office market going forward. -- pwitham