Subject: ATCO JV Opportunity / 114 5th Avenue.pdf
From: "Damon Hemmerdinger" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Thu, 10 Nov 2011 15:48:19 -0500

Hunter -

Apologies for our confusing interaction about the Heinz Family Office a few weeks ago.  Starting again:

We were invited to take a run at 114 Fifth Avenue in NYC, and I wonder if this is something Seneca would have an interest in participating as our JV partner.  This opportunity is to create a 99 year Master Lease on this 94% occupied, class A building.  The owner does not was an up-front payment for the property, so the equity required will all go to fund tenant rollover.

We project that the $27M we are seeking will generate a 9.5% IRR on a ten-year hold -- which is an unusually high return for a quality New York City asset.  Given that there will still be 89 years left on the lease at that point, the risk premium associated with the leasehold position is more than offset by this return.

Time is very short on this opportunity, so if you've got an interest, we'd need to connect quickly - either you or the right guy on your team.

Best,

Damon

Damon J. Hemmerdinger
Senior Vice President, ATCO
T: 718.326.3560 x209
C: 917.533.7370
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