Fw: Marina REIT [C (Tazia Smith a, 27 Oct 2014)

Subject: Fw: Marina REIT [C] From: Tazia Smith a> Date: Mon, 27 Oct 2014 13:00:01 -0400 To: Paul Morris Cc: MG Classification: Confidential Give me a call. He's got so much cash in house that, if he's borrowing recourse, it makes more sense for him to do non purpose loan w u and use proceeds to buy this...vs specific collateral/LTV. He could borrow 20 and invest 20 in this... 20mm will include warrants and fee break incentives as well Tazia Smith Director Key Client Partners - US D