Deal Tracking Report

Coverage

Company / Firm

Comments/Status

Term Sheets Received

AIG Global Real Estate (edit) (deal info)

9/15/21 - OK. Being fully transparent, pricing would probably be L+250 out the door and if pricing from competition shakes out in the L+225 range, I could probably get down to that level to try to win the deal. We couldn’t go any tighter. What I’d like to do here is stick a pin in it, and when you start getting feedback, could you keep me in the loop? If you get bids in the sub-225 range, I’ll just put my pencil down. For floaters, we typically require spread maintenance during the initial loan term, but I could probably do a 3+1+1 or something like that and have the extension option years have open prepayment.

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No result

Citizens Bank (edit) (deal info)

9/21/21 - Loan Amount: $36,000,000. Loan Sizing: As follows: (i) 65% LTV based on as-is appraised value; (ii) 1.25 DSC based on the following: in-place NOI; actual vacancy; 3.50% management fee; $0.20 psf reserves; 6.25% rate; 30-year schedule. Funding: Loan fully funded at closing. Term: Three years. Interest Rate: LIBOR + 2.50% (one month). LIBOR Floor: Zero percent. Loan Fee: 65 bps. Extension Options: Two 12-month options.

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1		Zach David

FVC Bank (edit) (deal info)

9/23/21 - Loan Amount:$36,000,000 Interest Rate: 3.25% IO: 2 Years Amortization: 25 Years Prepayment: Yr 1: 3%, Year 2: 2%, Years 3-5: Open to Prepay

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No result

NATIXIS (edit) (deal info)

9/16/21 - Loan Amount: $36,000,000 Spread: 3.50% Origination Fee 1.00% Libor Floor: 0.10% Libor Cap 2.50% Term: 36 months with 2, 1-year extensions Amortization: None Max As Is LTV: 55.0% Min NOI DY 10.25% Call Protection: 18 months

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No result

TIAA Bank (edit) (deal info)

9/21/21 - Loan Amount: $36,000,000 (57% LTV) Term: 5/30 yr Interest Rate: 2.97% - 5 yr S + 163 Prepayment: Step down – 54321% Borrower: Single asset entity Recourse: Non-recourse. Minimum 10% liquidity required. Rate Lock: 1% deposit for 60 day rate lock Escrows: Taxes and Insurance Closing Costs: $25,000 covers third party reports and lender legal DSCR Covenant: Subject to a minimum DSCR of 1.20x during the loan term. The coverage ratio will be tested annually based on the trailing 12 month property financial statements.

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No result

USAA Real Estate Company (edit) (deal info)

9/21/21 - Loan Request: $39,000,000 subject to a maximum third-party MAI LTV of 65.00% Term: 5 years I/O: 5 years Amortization: None Pricing: +210 over the five-year UST, currently 0.80% based on today's treasuries Floor Rate: 2.85% based on today's treasuries Flexible Prepay: Stepdown during the final three years of the loan (2%, 1%, last 12 months open at par) and T+50 on the YM calculation Structure: None Other: Rate lock at term sheet available. Processing Fee (non-refundable): 10 bps Rate Lock Deposit (refundable): 2.00%

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No result

Executed Confidentiality Agreement Received

No result

Detailed Discussions

MetLife Real Estate Investments (edit) (deal info)

9/13/21 - Followed up

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No result

Regions Bank (edit) (deal info)

9/10/21 - OM Sent

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No result

TD Bank (edit) (deal info)

9/9/21 - OM Sent

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No result

Initial Discussions

Northwestern Mutual (edit) (deal info)

9/15/21 - Cannot accommodate closing timeframe. Earliest date would be January 15th, 2022.

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No result

Groups that have Passed

3650REIT (edit) (deal info)

9/10/21 - Only bridge or long term loans

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No result

ACORE Capital, LP (edit) (deal info)

9/9/21 - Don’t have a good home for retail right now.

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No result

Bank OZK (edit) (deal info)

9/10/21 - Not really in their Wheelhouse.

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No result

Barings Real Estate Advisors (edit) (deal info)

9/10/21 - They do consider grocery anchored retail - selectively. However, the loan size is too small and they currently have very limited 5 year money.

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No result

John Hancock Life Insurance Co. (edit) (deal info)

9/13/21 - Followed up

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1		Reid McLay 202 223 3225	DC

John Marshall Bank (edit) (deal info)

9/20/21 - Looked at it in February and Passed.

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No result

M&T Bank (edit) (deal info)

9/13/21 - Focused on preserving liquidity for existing customers

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No result

Nuveen Real Estate (edit) (deal info)

9/13/21 - They are lending on Grocery Anchored Centers but the loan is too small n- $40M is the minimum

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No result

PGIM Real Estate Finance (edit) (deal info)

9/23/21 - Do not like the Grocer Sales PSF

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No result

Principal Real Estate Investors (edit) (deal info)

9/13/21 - Unfortunately have to pass at this time. They look for the following: 1st step: Grocery Anchored 2nd step: Tenant mix (like to see variety of tenant types) 3rd step: see how much proceeds you can get on just the anchor and national tenants Only have about $50M allocated to retail for the rest of the year so are going to pass based on not enough national tenants. Would have only got to around $16M in total proceeds.

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1		Scott Pottebaum (515)235-6050	711 High Street Des Moines IA

Quadrant Real Estate Advisors LLC (edit) (deal info)

9/10/21 - Not pursuing retail deals at this time

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No result

Truist (edit) (deal info)

9/13/21 - Followed up

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No result

US Bank (edit) (deal info)

9/14/21 - The sponsor is not on their radar screen and is likely too small.

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No result

Wells Fargo (edit) (deal info)

9/15/21 - We really aren’t looking to add retail to our balance sheet right now, but I can check.

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No result

Uncategorized

BlackRock Financial (edit) (deal info)

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No result

Capital One Bank (edit) (deal info)

9/9/21 - OM Sent

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No result

Centennial Bank (edit) (deal info)

9/10/21 - OM Sent

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1		Zack White	New York NY

CIBC (edit) (deal info)

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No result

Cigna Investment Management (edit) (deal info)

9/13/21 - Followed up

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1		Michael Doyle (860) 226-6000	280 Trumbull Street Hartford CT

Guardian Life Insurance Co. of America (edit) (deal info)

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No result

Key Bank (edit) (deal info)

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No result

State Farm Life Insurance Co (edit) (deal info)

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No result

Webster Bank (edit) (deal info)

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No result

WesBanco (edit) (deal info)

9/10/21 - OM Sent

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1		Jack Welborn

Most Recent Comments - Cascades Overlook Refinance
Date	Company	Comment
09/23/2021	PGIM Real Estate Finance	Do not like the Grocer Sales PSF -- pwitham
09/23/2021	FVC Bank	Loan Amount:$36,000,000 Interest Rate: 3.25% IO: 2 Years Amortization: 25 Years Prepayment: Yr 1: 3%, Year 2: 2%, Years 3-5: Open to Prepay -- pwitham
09/21/2021	USAA Real Estate Company	Loan Request: $39,000,000 subject to a maximum third-party MAI LTV of 65.00% Term: 5 years I/O: 5 years Amortization: None Pricing: +210 over the five-year UST, currently 0.80% based on today\'s treasuries Floor Rate: 2.85% based on today\'s treasuries Flexible Prepay: Stepdown during the final three years of the loan (2%, 1%, last 12 months open at par) and T+50 on the YM calculation Structure: None Other: Rate lock at term sheet available. Processing Fee (non-refundable): 10 bps Rate Lock Deposit (refundable): 2.00% -- pwitham
09/21/2021	TIAA Bank	Loan Amount: $36,000,000 (57% LTV) Term: 5/30 yr Interest Rate: 2.97% - 5 yr S + 163 Prepayment: Step down – 54321% Borrower: Single asset entity Recourse: Non-recourse. Minimum 10% liquidity required. Rate Lock: 1% deposit for 60 day rate lock Escrows: Taxes and Insurance Closing Costs: $25,000 covers third party reports and lender legal DSCR Covenant: Subject to a minimum DSCR of 1.20x during the loan term. The coverage ratio will be tested annually based on the trailing 12 month property financial statements. -- pwitham
09/21/2021	Citizens Bank	Loan Amount: $36,000,000. Loan Sizing: As follows: (i) 65% LTV based on as-is appraised value; (ii) 1.25 DSC based on the following: in-place NOI; actual vacancy; 3.50% management fee; $0.20 psf reserves; 6.25% rate; 30-year schedule. Funding: Loan fully funded at closing. Term: Three years. Interest Rate: LIBOR + 2.50% (one month). LIBOR Floor: Zero percent. Loan Fee: 65 bps. Extension Options: Two 12-month options. -- pwitham
09/20/2021	John Marshall Bank	Looked at it in February and Passed. -- pwitham
09/16/2021	NATIXIS	Loan Amount: $36,000,000 Spread: 3.50% Origination Fee 1.00% Libor Floor: 0.10% Libor Cap 2.50% Term: 36 months with 2, 1-year extensions Amortization: None Max As Is LTV: 55.0% Min NOI DY 10.25% Call Protection: 18 months -- pwitham
09/15/2021	Wells Fargo	We really aren’t looking to add retail to our balance sheet right now, but I can check. -- pwitham
09/15/2021	Northwestern Mutual	Cannot accommodate closing timeframe. Earliest date would be January 15th, 2022. -- pwitham
09/15/2021	AIG Global Real Estate	OK. Being fully transparent, pricing would probably be L+250 out the door and if pricing from competition shakes out in the L+225 range, I could probably get down to that level to try to win the deal. We couldn’t go any tighter. What I’d like to do here is stick a pin in it, and when you start getting feedback, could you keep me in the loop? If you get bids in the sub-225 range, I’ll just put my pencil down. For floaters, we typically require spread maintenance during the initial loan term, but I could probably do a 3+1+1 or something like that and have the extension option years have open prepayment. -- pwitham

Deal Tracking Report - Cascades Overlook Refinance (edit, Deal Management)