Subject: RE: ATCO JV Opportunity / 114 5th Avenue.pdf
From: "Dan Burrell" <[email-masked]>
To: "Damon Hemmerdinger" <[email-masked]>, "Hunter Biden" <[email-masked]>
Cc: "Neil Adamson" <[email-masked]>, "Shawn Katz" <[email-masked]>
Date: Sat, 12 Nov 2011 00:21:32 +0000

Damon,

We appreciate your giving us a look. Our head of acquisitions, Shawn Katz, will follow up with you Monday.

Best,
DB

From: Damon Hemmerdinger [mailto:[email-masked]]
Sent: Friday, November 11, 2011 6:58 AM
To: Hunter Biden
Cc: Dan Burrell; Neil Adamson
Subject: RE: ATCO JV Opportunity / 114 5th Avenue.pdf

Dan –

Nice to meet you by email – attached is the deck on the property.  Since my email to Hunter yesterday afternoon, we got some feedback from the seller’s agent that suggests that the return will end up being closer to market-appropriate --- probably closer to 7%...

Let us know if you’re interested in diving in.  This could be a very nice entry into NYC.

Damon

From: Hunter Biden [mailto:[email-masked]]
Sent: Friday, November 11, 2011 2:19 AM
To: Damon Hemmerdinger
Cc: Dan Burrell
Subject: Re: ATCO JV Opportunity / 114 5th Avenue.pdf

D-
I am in UAE right now.  The person to speak with is Dan Burell- CEO of Rosemont Realty. He is cc'd here and will be able to tell you if this is of any interest.  Best, Hunter.

RHB
202.333.1880

On Nov 11, 2011, at 12:48 AM, Damon Hemmerdinger <[email-masked]<mailto:[email-masked]>> wrote:

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
www.atco555.com<http://www.atco555.com/>
[email-masked]<mailto:[email-masked]>
twitter.com/djh11375<http://www.twitter.com/djh11375>

<ATCO 114 5th Avenue.pdf>