Deal Tracking Report - Innovation - Equity (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

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-- United States

-- -- East Coast

-- -- West Coast

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-- Industrial

-- Retail

-- Multifamily

-- Hospitality / Resort

-- Land / Entitlement / Development

-- Senior Housing / Medical

-- Other
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#CoverageCompany / FirmComments/Status
Term Sheets Received
No result
Executed Confidentiality Agreement Received
1-AEW (edit) (deal info)

9/6/22 - Sent email inviting them to the site to meet with the sponsors

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

9/21/22 - Reviewing model

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No result
3-Artemis Real Estate Partners (edit) (deal info)

9/19/22 - Email sent to Michael Vu

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No result
4-Baupost Group LLC, The (edit) (deal info)

10/3/22 - Unfortunately, I think this one will be a pass for us due to size and what looks like premiuim rents on a PSF and chunk price relative to the comps.

Print/Vcard/EmailContactAddress
No result
5-Carmel Partners (edit) (deal info)

9/21/22 - Meeting on October 18th

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No result
6-Cerberus Real Estate Capital Management, LLC (edit) (deal info)

8/18/22 - Email sent to Steve Pozatek

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No result
7-Cross Harbor Capital Partners (edit) (deal info)

9/19/22 - Email sent to Eric Boyd

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No result
8-ELV (edit) (deal info)

10/3/22 - Meeting arranged for Wednesday October 5th

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No result
9-Mandrake Capital (edit) (deal info)

10/3/22 - Interested in looking at the entire project

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No result
10-Nuveen Real Estate (edit) (deal info)

8/23/22 - Email sent to Rishi Suri

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No result
Detailed Discussions
No result
Initial Discussions
1-Berkshire Group (edit) (deal info)

9/15/22 - Email sent to Brendon Sullivan

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No result
2-Iron Point Partners, LLC (edit) (deal info)

9/13/22 - Email sent to Bill Janes

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No result
3-MSD Capital, L.P. (edit) (deal info)

8/23/22 - Email sent to Nick Newburger

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No result
4-PGIM Real Estate Finance (edit) (deal info)

9/13/22 - Follow up email sent to Rushbah

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No result
Groups that have Passed
1-Alcion Ventures (edit) (deal info)

8/18/22 - Focused on Single story, flex/industrial/lab, circa $10MM checks

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No result
2-American Realty Advisors (edit) (deal info)

8/18/22 - Do not do student housing

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No result
3-Argosy Real Estate (edit) (deal info)

8/18/22 - Email sent to Sara Doelger

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No result
4-Blue Vista Capital Management (edit) (deal info)

8/23/22 - Pass - coming to the end of a fund that has a lot of development already. Check size above $25m is a problem also.

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No result
5-Carlyle Group (edit) (deal info)

9/14/22 - Consider this location to be detached from the main student campus so not a fit for them.

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No result
6-Farallon Capital Management (edit) (deal info)

8/22/22 - Are not pursuing development deals at this time.

Print/Vcard/EmailContactAddress
No result
7-Federal Capital Partners (edit) (deal info)

10/3/22 - Unfortunately, this one still not sizing up for FCP. Since we last looked (June 2022) the world has changed a lot and thus FCP has narrowed our strike zone. This site and play is a bit pioneering in our view – we get the GMU play but this is not the same as building suburban infill in FFX county or Arlington or Alexandria. So, numbers aside, it makes for a tough putt given the aforementioned uncertainty / market risks. With respect to the numbers, the program here is much more palatable being wood over podium but the basis PSF still does not have any cover with (now dated) Class A values in better locations. Before interest rates / cap rates ran up, Class A values in Tysons, Vienna and Alexandria were $450 to $500 psf. Those values are not achievable anymore and the subject’s cost basis is about ~$450 psf (when adding contingency to get to 5.0% of the hard costs which is a FCP requirement). We’d need to see a path to an exit price of $550 to $600 psf at this site to get our target levered IRR and I can’t see that path right now.

Print/Vcard/EmailContactAddress
No result
8-Invesco (edit) (deal info)

9/13/22 - Not focused on student housing

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No result
9-Partners Group (edit) (deal info)

9/14/22 - Too small

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No result
10-PCCP (edit) (deal info)

9/14/22 - Not doing student housing development

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

9/15/22 - Investments are going through Square Mile Capital. This is not really a fit as their equity investments are currently focused on programmatic ventures rather than one off projects. Could be a fit for their debt program.

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No result
12-Vesper Holdings LLC (edit) (deal info)

9/20/22 - Only invest as Sponsors so unfortunately are a Pass

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No result
13-Wafra Investment Advisory Group, Inc. (edit) (deal info)

9/6/22 - No funds for development at present

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No result
14-Walton Street Capital, LLC (edit) (deal info)

8/24/22 - Not a fit right now

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No result
Uncategorized
1-ABR Capital (edit) (deal info)

8/18/22 - Email sent to Tom Burton

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No result
2-AIG Global Investment Corp. (edit) (deal info)

8/18/22 - Email sent to Mark Hertz

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No result
3-AIMCO (edit) (deal info)

9/13/22 - Email sent to Wes Powell

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No result
4-American Campus Communities (edit) (deal info)

9/15/22 - Email sent to William Talbot

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No result
5-Amstar Group (edit) (deal info)

9/21/22 - Email sent to Tim Slater

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No result
6-ARBS Real Estate Holdings (edit) (deal info)

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No result
7-ASB Real Estate Investments (edit) (deal info)

9/13/22 - Email sent

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No result
8-Atalya (edit) (deal info)

9/19/22 - Email sent to Young Kwon

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No result
9-Bentall Kennedy (edit) (deal info)

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No result
10-Bridge Investment Group Partners (edit) (deal info)

9/13/22 - Email sent to Matt Degraw

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No result
11-Buvermo Properties (edit) (deal info)

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No result
12-CA Ventures (edit) (deal info)

9/19/22 - Email sent to David Rose

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No result
13-Campus Living Villages (edit) (deal info)

9/19/22 - Brenton Watson heads up the US

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No result
14-Canyon Partners (edit) (deal info)

9/19/22 - Email sent to Jacob Fiengold

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No result
15-CenterSquare Investment Management (edit) (deal info)

9/14/22 - Email sent

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No result
16-Clarion Partners (edit) (deal info)

9/13/22 - Follow up email sent

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No result
17-Cornell University Endowment (edit) (deal info)

9/19/22 - Email sent

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No result
18-CROW Holdings (edit) (deal info)

9/19/22 - Email sent to Carlos Rainwater

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No result
19-DMG Investments LLC (edit) (deal info)

9/19/22 - Email sent to Jacky He

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No result
20-Fremont Realty Capital (edit) (deal info)

8/23/22 - Email sent to Ashminder Singh

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No result
21-Fundamental Advisors (edit) (deal info)

9/19/22 - Email sent to Robert Jacobsen

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No result
22-Garrison Investment Group (edit) (deal info)

9/13/22 - Email sent to Long Nguyen

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No result
23-GIC Real Estate, Inc. (edit) (deal info)

9/19/22 - Email sent to Michael Jordon

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No result
24-GLENMONT CAPITAL MANAGEMENT, LLC (edit) (deal info)

9/19/22 - Email sent to Daniel Bartolini

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No result
25-Goldman Sachs (edit) (deal info)

9/13/22 - Follow up email sent to Alex Cheek

Print/Vcard/EmailContactAddress
No result
26-GRANDVIEW CAPITAL MANAGEMENT LLC (edit) (deal info)

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No result
27-Greystar Capital Partners LP (edit) (deal info)

Print/Vcard/EmailContactAddress
No result
28-Grosvenor (edit) (deal info)

9/19/22 - Email sent to Alex Johns

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No result
29-GTIS Partners (edit) (deal info)

9/19/22 - Email sent to David Phal

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No result
30-H. Katz Capital Group (edit) (deal info)

9/19/22 - Email sent to Brian Siegel

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No result
31-Harrison Street Real Estate Capital (edit) (deal info)

9/13/22 - Follow up email sent to Justin Gronlie

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No result
32-Hart Realty Advisers (edit) (deal info)

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No result
33-Heitman Real Estate Investment Management (edit) (deal info)

9/13/22 - Email sent to John Clement

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No result
34-HQ Capital (edit) (deal info)

9/20/22 - Email sent to Alec Brown

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No result
35-JP Morgan Asset Management (edit) (deal info)

9/13/22 - Follow up email sent to Lindsey Snider

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No result
36-Junius Real Estate Partners (edit) (deal info)

9/20/22 - Email sent to Alex Mitzner

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No result
37-Kayne Anderson (edit) (deal info)

9/19/22 - Email sent to John Stevens

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No result
38-KING STREET CAPITAL, L.P. (edit) (deal info)

9/20/22 - Email sent to Kent Couling

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No result
39-L&B Realty Advisors Inc. (edit) (deal info)

9/13/22 - Email sent to Christian Metten

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No result
40-LaSalle Investment Management, Inc. (edit) (deal info)

9/13/22 - Follow up email sent to Richard Reese

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No result
41-Long Wharf Real Estate Partners LLC (edit) (deal info)

8/23/22 - Email sent to Justin Smith

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No result
42-Macquarie Capital (USA) (edit) (deal info)

9/20/22 - Email sent to Jackie Hamilton

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No result
43-Mitsui Fudosan America, Inc. (edit) (deal info)

9/20/22 - Email sent to Sean McSweeney

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No result
44-Morgan Stanley (edit) (deal info)

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No result
45-MOSAIC INVESTMENTS, LLC (edit) (deal info)

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No result
46-NATIONAL REAL ESTATE ADVISORS (edit) (deal info)

9/20/22 - Email sent to Kevin Verdi

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No result
47-Northwestern Mutual Real Estate Investments, LLC (edit) (deal info)

9/13/22 - Follow up email sent to Eric Ekeroth

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No result
48-Oaktree Capital Management (edit) (deal info)

9/13/22 - Follow up email sent to Ray Gong

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No result
49-Ohio STRS (edit) (deal info)

9/13/22 - Follow up email sent

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No result
50-Pearlmark (edit) (deal info)

9/20/22 - Email sent to Keith Page

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No result
51-Principal Real Estate Investors (edit) (deal info)

9/13/22 - Email sent to Jim Halliwell

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No result
52-PROVIDENT ADVISORS, LLC (edit) (deal info)

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No result
53-QuadReal (edit) (deal info)

9/15/22 - Email sent

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No result
54-Quartz Lake Capital (edit) (deal info)

Print/Vcard/EmailContactAddress
No result
55-Roch Capital (edit) (deal info)

9/20/22 - Email sent to Tom DiEmidio

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No result
56-Rockpoint Group (edit) (deal info)

9/13/22 - Email sent to Kyle Gardener

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No result
57-Rockwood Capital, LLC (edit) (deal info)

9/13/22 - Follow up email sent to Richard Kramer

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No result
58-Round Hill Capital Partners (edit) (deal info)

9/18/22 - Rob Reiskin is the Head of Americas

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No result
59-Saban Capital Group (edit) (deal info)

9/20/22 - Email sent to Scott Anderson

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No result
60-Singerman Real Estate (edit) (deal info)

9/20/22 - Email sent to Ian Russell

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No result
61-Somera Capital Management, LLC (edit) (deal info)

9/15/22 - Email sent to Jake Farver

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No result
62-Square Mile Capital (edit) (deal info)

9/13/22 - USAA talking to Square Mile

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No result
63-Starwood Capital (edit) (deal info)

9/20/22 - Email sent to Mark Keatley

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No result
64-The Scion Group (edit) (deal info)

9/20/22 - Email sent to Avi Lewittes

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No result
65-Tramview Capital Management (edit) (deal info)

9/20/22 - Email sent to Charles Myerson

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

9/20/22 - Initial email sent to Rodney Chu

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No result
67-Varde Partners (edit) (deal info)

9/20/22 - Email sent to Brendan Bosman

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No result
68-Virtus Real Estate Capital (edit) (deal info)

9/18/22 - Christopher Kott is the person responsible for MF/Student Housing

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No result
69-Westbrook Partners (edit) (deal info)

8/23/22 - Email sent to John Wolf

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No result
70-Westport Capital Partners (edit) (deal info)

9/20/22 - Email sent to Justin Reindel

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No result
71-Wheelock Street Capital (edit) (deal info)

9/20/22 - Email sent to James Eberhart

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No result
Most Recent Comments - Innovation - Equity
DateCompanyComment
10/03/2022Mandrake Capital Interested in looking at the entire project -- pwitham
10/03/2022Baupost Group LLC, TheUnfortunately, I think this one will be a pass for us due to size and what looks like premiuim rents on a PSF and chunk price relative to the comps. -- pwitham
10/03/2022Federal Capital PartnersUnfortunately, this one still not sizing up for FCP. Since we last looked (June 2022) the world has changed a lot and thus FCP has narrowed our strike zone. This site and play is a bit pioneering in our view – we get the GMU play but this is not the same as building suburban infill in FFX county or Arlington or Alexandria. So, numbers aside, it makes for a tough putt given the aforementioned uncertainty / market risks. With respect to the numbers, the program here is much more palatable being wood over podium but the basis PSF still does not have any cover with (now dated) Class A values in better locations. Before interest rates / cap rates ran up, Class A values in Tysons, Vienna and Alexandria were $450 to $500 psf. Those values are not achievable anymore and the subject’s cost basis is about ~$450 psf (when adding contingency to get to 5.0% of the hard costs which is a FCP requirement). We’d need to see a path to an exit price of $550 to $600 psf at this site to get our target levered IRR and I can’t see that path right now. -- pwitham
10/03/2022ELVMeeting arranged for Wednesday October 5th -- pwitham
09/21/2022Amstar GroupEmail sent to Tim Slater -- pwitham
09/21/2022Ares ManagementReviewing model -- pwitham
09/21/2022Carmel PartnersMeeting on October 18th -- pwitham
09/20/2022Vesper Holdings LLCOnly invest as Sponsors so unfortunately are a Pass -- pwitham
09/20/2022The Scion GroupEmail sent to Avi Lewittes -- pwitham
09/20/2022Vesper Holdings LLCEmail to Doug Kligman -- pwitham