Deal Tracking Report

Coverage

Company / Firm

Comments/Status

Term Sheets Received

No result

Executed Confidentiality Agreement Received

Broadview Real Estate Partners (edit) (deal info)

5/10/24 - Sent Investment Summary

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No result

Centerbridge (edit) (deal info)

5/15/24 - Sent Investment Summary

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No result

L&B Realty Advisors Inc. (edit) (deal info)

5/10/24 - Sent Investment Summary

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No result

PCCP (edit) (deal info)

5/10/24 - Sent Investment Summary

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No result

Detailed Discussions

Almanac Realty Investors (edit) (deal info)

5/10/24 - Sent Investment Summary

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No result

Apollo Global Real Estate (edit) (deal info)

5/13/24 - Fabrice sent Investment Summary

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No result

Barings Real Estate Advisors (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

Carlyle Group (edit) (deal info)

5/15/24 - Sent Investment Summary

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No result

ELV (edit) (deal info)

5/10/24 - Sent Investment Summary. Meeting on May 17.

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No result

Montgomery Street Partners (edit) (deal info)

5/6/24 - Requested Teams meeting

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No result

Ohio STRS (edit) (deal info)

5/10/24 - Awaiting CA

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No result

PGIM Real Estate Finance (edit) (deal info)

5/10/24 - Sent Investment Summary

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No result

Initial Discussions

AEW Capital Management, L.P. (edit) (deal info)

5/15/24 - Decided that there are more opportunities buying existing product at the present time

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No result

Bain Capital (edit) (deal info)

5/6/24 - One-Pager sent again to Dan Cummings

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No result

Berkshire Group (edit) (deal info)

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No result

Heitman Real Estate Investment Management (edit) (deal info)

5/6/24 - Requested Teams meeting

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No result

Iron Point Partners, LLC (edit) (deal info)

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No result

Morgan Stanley (edit) (deal info)

5/17/24 - Met in New York May 16th. Was very negative initially, especially about the Raleigh submarkets. However, as the meeting went on, they became more engaged and listened to our viewpoints about the attributes of this platform opportunity. They are receptive for development deals, but the market viabilities need to be right. Left the door open for further conversation.

	Print/Vcard/Email	Contact	Address
No result

MSD Capital, L.P. (edit) (deal info)

5/6/24 - Requested Team meeting

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No result

Northwest Mutual Investtment Management Company (edit) (deal info)

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No result

Nuveen Real Estate (edit) (deal info)

5/6/24 - Head of MF is Brian Eby. Sent email to request a call.

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No result

Principal Asset Managment (edit) (deal info)

4/11/24 - One Pager sent to Jim Halliwell

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No result

Rockwood Capital, LLC (edit) (deal info)

5/6/24 - One-Pager resent to David Becker

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No result

Walton Street Capital, LLC (edit) (deal info)

5/6/24 - One Pager sent to Josh Troxel

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No result

Groups that have Passed

Arcapita (edit) (deal info)

4/15/24 - Not currently focused on Development

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No result

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

10/10/24 - Tentative on development right now

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No result

Blackstone Group, LP (edit) (deal info)

4/19/24 - Are not doing any Joint Ventures. Will do entity level but already have a multifamily developer that does nationwide development - LivCore. They also acquired a residential REIT recently - AIR Communities that they intend to take private.

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No result

Cerberus Capital Management (edit) (deal info)

5/15/24 - They have reviewed and at this time, given the capital market environment, do not see investing in new ground-up construction. They expect there to be opportunities to acquire quality assets at a lower basis than replacement cost.

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No result

CPP Investment Board (edit) (deal info)

5/6/24 - Not pursuing development at this time

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No result

Cross Harbor Capital Partners (edit) (deal info)

5/6/24 - Focused on Mezz/Preferred and Distressed Opportunities

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No result

DWS (edit) (deal info)

5/15/24 - Would be interested in the Raleigh and Charlotte suburbs but not the markets in Virginia. Also, they need a 6.5% ROC to pursue.

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No result

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

4/16/24 - Not having any luck getting traction on apartment development at this time. Just overall concerns about supply. Don’t think this would be a fit right now.

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No result

JP Morgan- Asset Management (edit) (deal info)

4/19/24 - Not doing any development at present as they can buy existing assets below replacement cost.

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No result

Macquarie Real Estate Finance (edit) (deal info)

4/15/24 - Not currently focused on Development

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No result

Manulife Financial (edit) (deal info)

4/16/24 - Not considering development opportunities at this time.

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No result

New York Life Investments (edit) (deal info)

4/15/24 - Not really a Programmatic investor. Can look at on a deal by deal basis.

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No result

Partners Group (edit) (deal info)

4/12/24 - They are being very selective on development right now as they are finding attractive buying opportunities at meaningful discounts to development cost.

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No result

Stanford Management Company (edit) (deal info)

4/15/24 - Follow up email sent to David Captain

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No result

Stepstone Group (edit) (deal info)

4/19/24 - Do not have a 100% development fund. Would need existing cashflowing assets to be included in the deal to consider.

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No result

Wafra Investment Advisory Group, Inc. (edit) (deal info)

4/19/24 - Not doing development at this time.

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No result

Uncategorized

Aberdeen Asset Management (edit) (deal info)

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No result

AETNA Real Estate Investments (edit) (deal info)

5/6/24 - Sent follow up email to Mike Nicols

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No result

Aevitas Property Partners (edit) (deal info)

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No result

Affinius Capital (edit) (deal info)

5/6/24 - One-Pager sent to Matt Drummond

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No result

AIG Global Real Estate Investment Corp (edit) (deal info)

5/6/24 - One-Pager sent to Mike Schutz.

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No result

Alaska Permanent Fund Corporation (edit) (deal info)

4/15/24 - Follow up email sent to Tim Andreyka

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No result

Alcion Ventures (edit) (deal info)

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No result

Allstate Investments LLC (edit) (deal info)

5/6/24 - One-Pager sent again

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No result

American Realty Advisors (edit) (deal info)

5/6/24 - One-Pager sent again

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No result

Amstar Group (edit) (deal info)

5/6/24 - One-Pager sent to Tim Slater

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No result

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

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No result

Ares Management (edit) (deal info)

5/6/24 - One-Pager sent to Adrienne Collins

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No result

Artemis Real Estate Partners (edit) (deal info)

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No result

BentallGreenOak (edit) (deal info)

5/6/24 - One-Pager sent again to Chris Niehaus

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No result

BlackRock Financial (edit) (deal info)

5/6/24 - One-Pager sent to Christina Lyndon

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No result

BVT Institutional Investments (edit) (deal info)

5/6/24 - One-Pager resent to Chad Bozza

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No result

Canyon Partners (edit) (deal info)

5/6/24 - One-Pager sent again to Jacob Feingold

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No result

Clarion Partners (edit) (deal info)

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No result

Cornell University Endowment (edit) (deal info)

5/6/24 - Resent One-Pager

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No result

Dartmouth College Office of Investments (edit) (deal info)

5/6/24 - Resent One-Pager

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No result

DAVIDSON KEMPNER INSTITUTIONAL PARTNERS, L.P. (edit) (deal info)

5/6/24 - Resent One-Pager

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No result

Eagle Realty Group (edit) (deal info)

5/6/24 - One-Pager sent to Charlie Thomas

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No result

Evergreen Investment Advisors (edit) (deal info)

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No result

Evergreen Property Partners (edit) (deal info)

5/6/24 - Resent One-Pager to Greg Guido

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No result

Fortress (edit) (deal info)

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No result

Fremont Realty Capital (edit) (deal info)

5/6/24 - Resent One-Pager

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No result

GIC Real Estate (edit) (deal info)

4/15/24 - One Pager sent to Adam Gallistel

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No result

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

5/6/24 - One-Pager sent to Larry Kestin

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No result

Goldman Sachs (edit) (deal info)

5/6/24 - One-Pager resent to Matt Wardrop

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No result

GRANDVIEW CAPITAL MANAGEMENT LLC (edit) (deal info)

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No result

Grosvenor USA, Ltd. (edit) (deal info)

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No result

GTIS Partners (edit) (deal info)

5/6/24 - One Pager resent to David Phal

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No result

Harvard Management Co. Inc./Private Equity Group (edit) (deal info)

4/11/24 - Real Estate team has merged into Bain Capital (see comments for Bain)

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No result

IHP Capital Partners (edit) (deal info)

5/6/24 - One-Pager sent to Richard Whiteley

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No result

Invesco (edit) (deal info)

5/6/24 - Resent One-Pager

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No result

Kayne Anderson (edit) (deal info)

5/6/24 - One-Pager sent to Brian Cannella

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No result

KKR (edit) (deal info)

5/6/24 - One-Pager sent to Daniel Rudin

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No result

LaSalle Investment Management, Inc. (edit) (deal info)

5/6/24 - One-Pager resent to Richard Reece

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No result

lionstone group (edit) (deal info)

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No result

LONE STAR FUNDS (edit) (deal info)

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No result

Lubert-Adler Partners, L.P. (edit) (deal info)

5/6/24 - One-Pager sent to Rob Morgan

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No result

MetLife Real Estate Investments (edit) (deal info)

5/6/24 - One Pager resent to Chris Aitken

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No result

MITSUBISHI CORPORATION (edit) (deal info)

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No result

Mitsui Fudosan (edit) (deal info)

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No result

Mitsui Fudosan America, Inc. (edit) (deal info)

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No result

Morguard Investments (edit) (deal info)

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No result

North Carolina State University (edit) (deal info)

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No result

Northwood Investors (edit) (deal info)

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No result

Oaktree Capital Management (edit) (deal info)

5/6/24 - One Pager resent to Jimmy Zhan

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No result

Olayan Group (edit) (deal info)

5/6/24 - Have not sent materials as they are in a Programmatic JV with Morgan Properties

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No result

Oxford Properties (edit) (deal info)

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No result

Pacific Life Insurance Company (edit) (deal info)

5/6/24 - One-Pager resent to Michael Scarfuri

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No result

Pearlmark (edit) (deal info)

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No result

Phoenix Capital (edit) (deal info)

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No result

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

10/16/24 - One pager sent to Andrew Scott

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No result

PNC Real Estate (edit) (deal info)

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No result

PSP Investments (edit) (deal info)

4/15/24 - Follow up email sent to Neil Cunningham

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No result

Rockpoint Group (edit) (deal info)

5/6/24 - One Pager resent to Tom Gilbane

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No result

Rubens Capital Partners (edit) (deal info)

5/6/24 - One Pager resent to Jan DV

	Print/Vcard/Email	Contact	Address
No result

Sarofim Realty Advisors (edit) (deal info)

	Print/Vcard/Email	Contact	Address
No result

Sculptor Capital (edit) (deal info)

10/16/24 - One pager sent to Eric Schub

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No result

Square Mile Capital (edit) (deal info)

5/6/24 - One-Pager sent to Matt Drummond

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No result

Sumitomo Corporation of America (edit) (deal info)

5/6/24 - Have not sent materials due to their Programmatic Venture with Crescent Communities

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No result

The Rockefeller Group (edit) (deal info)

5/6/24 - One Pager sent to Hilary Goldfarb

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No result

Virtus Real Estate Capital (edit) (deal info)

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No result

Most Recent Comments - NewCastle Investment Program - Equity
Date	Company	Comment
10/16/2024	Phoenix Capital Partners, Ltd.	One pager sent to Andrew Scott -- pwitham
10/16/2024	Sculptor Capital	One pager sent to Eric Schub -- pwitham
10/10/2024	Baupost Group LLC, The	Tentative on development right now -- pwitham
10/10/2024	Baupost Group LLC, The	Still nervous about development -- pwitham
05/17/2024	Morgan Stanley	Met in New York May 16th. Was very negative initially, especially about the Raleigh submarkets. However, as the meeting went on, they became more engaged and listened to our viewpoints about the attributes of this platform opportunity. They are receptive for development deals, but the market viabilities need to be right. Left the door open for further conversation. -- pwitham
05/15/2024	Morgan Stanley	Sent Investment Summary -- pwitham
05/15/2024	Centerbridge	Sent Investment Summary -- pwitham
05/15/2024	Carlyle Group	Sent Investment Summary -- pwitham
05/15/2024	Cerberus Capital Management	They have reviewed and at this time, given the capital market environment, do not see investing in new ground-up construction. They expect there to be opportunities to acquire quality assets at a lower basis than replacement cost. -- pwitham
05/15/2024	DWS	Would be interested in the Raleigh and Charlotte suburbs but not the markets in Virginia. Also, they need a 6.5% ROC to pursue. -- pwitham

Deal Tracking Report - NewCastle Investment Program - Equity (edit, Deal Management)