EFTA01455916.pdf

Cc: Paul Morris; Daniel Sabba; vahe Stepanian; "Richard Kahn" Subject: Re: Marina REIT [C] Classification: Confidential Hi Jeffrey - we've been guiding clients to 20pct indicative LTV vs the private equity, but out of the investment bank. With recourse we can lend through the private bank -- even more compelling. Paul and I will be back to you. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 From: "jeffrey E." [[email protected]] Sent: 10/27/2014 12:07 PM AST To: Matt Glassman Cc: Paul Morris; Daniel Sabba; Tazia Smith; vahe Stepanian; Richard Kahn Su ject: Re: Marina REIT [C) how much would the bank lend using the postion as collateral. ? but personally guarteed? On Mon, Oct 27, 2014 at 11:34 AM, Matt Glassman < > wrote: Classification: Confidential Hi Jeffrey, Attached, you will find an overview of an investment opportunity for our qualified clients - it is a private marina REIT. To be clear, this a private company not a fund. This investment opportunity targets an 8%4- current yield from the net profits of the underlying Marina holdings. The 7-curve up to that yield is anticipated to be just 6mos as properties will be contributed for equity immediately. The current fragmented nature of the marina industry, their valuations, and the barriers to entry present an interesting fundamental opportunity. Liquidity/cap rate compression (in both our base and bull cases) is an IPO in 3-4yrs. Regards, Matt CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0114938 CONFIDENTIAL SDNY_GM_00261122 EFTA01455916