Contract analysis
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Contract analysis / master-closing-checklist.xlsx
master-closing-checklist.xlsx
High · 0
Medium · 2
Standard · 4
I-1 | Memorandum re: Project Entity Structure and Formation | Pre-Closing | Cynthia Ho / C
I-1 | Memorandum re: Project Entity Structure and Formation | Pre-Closing | Cynthia Ho / C&H | Complete | March 20, 2025 | Structure: Ridgeline Fund IV → RCP Digital Holdings → IHDC → Stonebridge Campus Holdings LLC
I-2 | Articles of Organization — Stonebridge Campus Holdings LLC (Virginia LLC) | Land Clo
I-2 | Articles of Organization — Stonebridge Campus Holdings LLC (Virginia LLC) | Land Closing (Sept 15, 2025) | Cynthia Ho / C&H | August 2025 | Draft | Filing with Virginia SCC; single-purpose borrower entity
I-3 | Certificate of Formation Filing Cover Letter to Virginia SCC | Land Closing | Grace
I-3 | Certificate of Formation Filing Cover Letter to Virginia SCC | Land Closing | Grace Nakamura / C&H | August 2025 | Draft
I-4 | Operating Agreement — Stonebridge Campus Holdings LLC | Land Closing | Cynthia Ho /
I-4 | Operating Agreement — Stonebridge Campus Holdings LLC | Land Closing | Cynthia Ho / C&H | September 2025 | Draft | Includes SPE covenants, separateness provisions, transfer restrictions per lender requirements
I-5 | Secretary's Certificate — Ironhaven Data Centers LLC (Authority to Enter Into Transa
I-5 | Secretary's Certificate — Ironhaven Data Centers LLC (Authority to Enter Into Transactions) | Land Closing / Loan Closing | Cynthia Ho / C&H | September 2025 | Draft | Certifying authority of Marcus Thorne (CEO) and Priya Dasgupta (CFO) as authorized signatories
I-6 | Board / Member Consent Resolution — IHDC Authorizing Stonebridge Campus Development
I-6 | Board / Member Consent Resolution — IHDC Authorizing Stonebridge Campus Development and Financing | Land Closing / Loan Closing | Cynthia Ho / C&H | September 2025 | Draft | Authorizes PSAs, entity formation, EPC, LLSA, loan docs, equity contribution; total budget $600M
I-7 | Good Standing Certificate — Ironhaven Data Centers LLC (Delaware) | Land Closing / L
I-7 | Good Standing Certificate — Ironhaven Data Centers LLC (Delaware) | Land Closing / Loan Closing | Grace Nakamura / C&H | 10 days before closing | Pending | Delaware Secretary of State
I-8 | Good Standing Certificate — Ironhaven Data Centers LLC (Virginia) | Land Closing / L
I-8 | Good Standing Certificate — Ironhaven Data Centers LLC (Virginia) | Land Closing / Loan Closing | Grace Nakamura / C&H | 10 days before closing | Pending | Virginia SCC; Entity ID S7491283
I-9 | Foreign Qualification Certificate — Stonebridge Campus Holdings LLC (if applicable)
I-9 | Foreign Qualification Certificate — Stonebridge Campus Holdings LLC (if applicable) | Land Closing | Grace Nakamura / C&H | September 2025 | Pending
I-10 | Good Standing Certificate — Blackthorn Realty Group, Inc. (Virginia) | Land Closing
I-10 | Good Standing Certificate — Blackthorn Realty Group, Inc. (Virginia) | Land Closing — Stonebridge | WPS (Harrison Poole) | 10 days before closing | Pending | Virginia SCC; Entity ID 0412876-3
I-11 | Good Standing Certificate — Meridian Acres LLC (Virginia) | Land Closing — Meridian
I-11 | Good Standing Certificate — Meridian Acres LLC (Virginia) | Land Closing — Meridian | D&M (Fiona Dunleavy) | 10 days before closing | Pending
I-12 | Authority Certificate / Resolution — Blackthorn Realty Group, Inc. | Land Closing —
I-12 | Authority Certificate / Resolution — Blackthorn Realty Group, Inc. | Land Closing — Stonebridge | WPS | September 2025 | Pending | Signed by Donald R. Whitaker, President
I-13 | Authority Certificate / Resolution — Meridian Acres LLC | Land Closing — Meridian |
I-13 | Authority Certificate / Resolution — Meridian Acres LLC | Land Closing — Meridian | D&M | September 2025 | Pending | Signed by Theodore Ashford, Managing Member [sheet: II - Land — Stonebridge] Item No. | Document / Deliverable | Responsible Party | Deadline | Status | Date Completed | Notes
II-1 | Purchase and Sale Agreement — Stonebridge Parcel (Blackthorn Realty Group, Inc. as
Standard
⚑ Commercial term
II-1 | Purchase and Sale Agreement — Stonebridge Parcel (Blackthorn Realty Group, Inc. as Seller) | C&H / WPS | April 15, 2025 | Executed | April 15, 2025 | Purchase price: $58,500,000; 62.0 acres ($943,548/acre); Loudoun County Tax Map /95-4A-1///
II-2 | Earnest Money Deposit — First Tranche ($1,462,500) | IHDC / Fidelitas | April 15, 2
II-2 | Earnest Money Deposit — First Tranche ($1,462,500) | IHDC / Fidelitas | April 15, 2025 | Complete | April 15, 2025 | Deposited with Fidelitas Title & Escrow, Inc. at PSA execution
II-3 | Earnest Money Deposit — Second Tranche ($1,462,500) | IHDC / Fidelitas | July 14, 2
II-3 | Earnest Money Deposit — Second Tranche ($1,462,500) | IHDC / Fidelitas | July 14, 2025 | Pending | Due upon expiration of 90-day due diligence period; total EMD = $2,925,000 (5%)
II-4 | Escrow Agreement — Earnest Money Deposit (Stonebridge) | C&H / WPS / Fidelitas | Ap
II-4 | Escrow Agreement — Earnest Money Deposit (Stonebridge) | C&H / WPS / Fidelitas | April 15, 2025 | Executed | April 15, 2025 | Escrow agent: Fidelitas Title & Escrow, Inc.
II-5 | Title Commitment — Stonebridge Parcel | Fidelitas / Sovereign Title | April 3, 2025
II-5 | Title Commitment — Stonebridge Parcel | Fidelitas / Sovereign Title | April 3, 2025 | Received | April 3, 2025 | Effective date: April 3, 2025; Owner's policy: $58,500,000; Underwriter: Sovereign Title Insurance Company
II-6 | Title Review Memorandum — Stonebridge Parcel | Cynthia Ho / Grace Nakamura / C&H |
II-6 | Title Review Memorandum — Stonebridge Parcel | Cynthia Ho / Grace Nakamura / C&H | May 2025 | Complete | Identifies Schedule B-II exceptions, liens, easements, encumbrances
II-7 | Title Objection Letter to Whitfield, Poole & Stratton LLP | Cynthia Ho / C&H | May
II-7 | Title Objection Letter to Whitfield, Poole & Stratton LLP | Cynthia Ho / C&H | May 2025 | Draft | Requesting curative action by Blackthorn prior to closing
II-8 | Title Curative Documents / Responses from Blackthorn | WPS (Harrison Poole) | Augus
II-8 | Title Curative Documents / Responses from Blackthorn | WPS (Harrison Poole) | August 2025 | Pending
II-9 | Updated / Pro Forma Title Commitment (post-cure) | Fidelitas / Sovereign Title | Se
II-9 | Updated / Pro Forma Title Commitment (post-cure) | Fidelitas / Sovereign Title | September 2025 | Pending
II-10 | Owner's Title Insurance Policy — Stonebridge ($58,500,000) | Fidelitas / Sovereign
II-10 | Owner's Title Insurance Policy — Stonebridge ($58,500,000) | Fidelitas / Sovereign Title | At/post closing | Pending
II-11 | ALTA/NSPS Survey — Stonebridge Parcel | Lumen Ridge (Carlos Esteban, PE) | June 15
II-11 | ALTA/NSPS Survey — Stonebridge Parcel | Lumen Ridge (Carlos Esteban, PE) | June 15, 2025 | Pending | 62.0 acres
II-12 | Survey Review Memorandum — Stonebridge Parcel | Grace Nakamura / C&H | July 2025 |
II-12 | Survey Review Memorandum — Stonebridge Parcel | Grace Nakamura / C&H | July 2025 | Draft | Identifies encroachments, setbacks, easement locations
II-13 | Phase I ESA — Stonebridge Parcel | Pendleton (Dr. Renata Volkov) | June 1, 2025 |
II-13 | Phase I ESA — Stonebridge Parcel | Pendleton (Dr. Renata Volkov) | June 1, 2025 | Pending | Known issue: former agricultural use; potential residual pesticide contamination in NW quadrant (~4.2 acres)
II-14 | Phase II ESA — Stonebridge Parcel | Pendleton (Dr. Volkov) | July 1, 2025 | Pendin
II-14 | Phase II ESA — Stonebridge Parcel | Pendleton (Dr. Volkov) | July 1, 2025 | Pending | Sampling authorized for NW quadrant pesticide issue
II-15 | Environmental Due Diligence Summary Memorandum — Stonebridge | Grace Nakamura / C&
II-15 | Environmental Due Diligence Summary Memorandum — Stonebridge | Grace Nakamura / C&H | July 2025 | Draft
II-16 | Geotechnical Investigation Report — Stonebridge | Brannigan (Neil Brannigan, PE) |
II-16 | Geotechnical Investigation Report — Stonebridge | Brannigan (Neil Brannigan, PE) | July 2025 | Pending | Foundation design recommendations
II-17 | Appraisal — Stonebridge Parcel | Greystone (Janet Choi, MAI) | August 2025 | Pendi
II-17 | Appraisal — Stonebridge Parcel | Greystone (Janet Choi, MAI) | August 2025 | Pending | MAI appraisal for construction lender
II-18 | First Amendment to Stonebridge PSA (Due Diligence Extension) | C&H / WPS | If need
II-18 | First Amendment to Stonebridge PSA (Due Diligence Extension) | C&H / WPS | If needed by July 14, 2025 | Draft | Contingency document in case Phase II requires additional time
II-19 | Assignment and Assumption of Stonebridge PSA (IHDC to Stonebridge Campus Holdings
Medium
⚑ Assignment / subcontracting
II-19 | Assignment and Assumption of Stonebridge PSA (IHDC to Stonebridge Campus Holdings LLC) | Cynthia Ho / C&H | September 2025 | Draft | IHDC retains guaranty obligations
II-20 | Special Warranty Deed — Stonebridge Parcel | WPS (Harrison Poole) | September 15,
II-20 | Special Warranty Deed — Stonebridge Parcel | WPS (Harrison Poole) | September 15, 2025 | Draft | Grantor: Blackthorn Realty Group, Inc.; Grantee: Stonebridge Campus Holdings LLC; $58,500,000
II-21 | Settlement Statement / HUD — Stonebridge Parcel | Fidelitas / C&H | September 15,
Standard
⚑ Commercial term
II-21 | Settlement Statement / HUD — Stonebridge Parcel | Fidelitas / C&H | September 15, 2025 | Draft | Includes prorations, adjustments, recording fees, transfer taxes, title premiums
II-22 | Seller's Affidavit and FIRPTA Certificate — Blackthorn | WPS | September 15, 2025
II-22 | Seller's Affidavit and FIRPTA Certificate — Blackthorn | WPS | September 15, 2025 | Pending
II-23 | Transfer Tax Return / Recordation Tax Calculation — Stonebridge | Fidelitas / C&H
II-23 | Transfer Tax Return / Recordation Tax Calculation — Stonebridge | Fidelitas / C&H | September 15, 2025 | Pending | Loudoun County recording
II-24 | Bring-Down Title Search — Stonebridge | Fidelitas | September 15, 2025 | Pending
II-24 | Bring-Down Title Search — Stonebridge | Fidelitas | September 15, 2025 | Pending
II-25 | Keys / Access / Possession Confirmation — Stonebridge | Blackthorn / IHDC | Septem
II-25 | Keys / Access / Possession Confirmation — Stonebridge | Blackthorn / IHDC | September 15, 2025 | Pending [sheet: III - Land — Meridian] Item No. | Document / Deliverable | Responsible Party | Deadline | Status | Date Completed | Notes
III-1 | Purchase and Sale Agreement — Meridian Parcel (Meridian Acres LLC as Seller) | C&H
Standard
⚑ Commercial term
III-1 | Purchase and Sale Agreement — Meridian Parcel (Meridian Acres LLC as Seller) | C&H / D&M | April 22, 2025 | Executed | April 22, 2025 | Purchase price: $19,400,000; 19.4 acres ($1,000,000/acre); Tax Map /95-4A-2///
III-2 | Earnest Money Deposit ($970,000) | IHDC / Fidelitas | April 22, 2025 | Complete |
Standard
⚑ Commercial term
III-2 | Earnest Money Deposit ($970,000) | IHDC / Fidelitas | April 22, 2025 | Complete | April 22, 2025 | 5% of purchase price; deposited at execution with Fidelitas Title & Escrow, Inc.
III-3 | Escrow Agreement — Earnest Money Deposit (Meridian) | C&H / D&M / Fidelitas | Apri
III-3 | Escrow Agreement — Earnest Money Deposit (Meridian) | C&H / D&M / Fidelitas | April 22, 2025 | Executed | April 22, 2025
III-4 | Title Commitment — Meridian Parcel | Fidelitas / Sovereign Title | April 10, 2025
III-4 | Title Commitment — Meridian Parcel | Fidelitas / Sovereign Title | April 10, 2025 | Received | April 10, 2025 | Effective date: April 10, 2025; Owner's policy: $19,400,000
III-5 | Title Review Memorandum — Meridian Parcel | Grace Nakamura / C&H | May 2025 | Comp
III-5 | Title Review Memorandum — Meridian Parcel | Grace Nakamura / C&H | May 2025 | Complete
III-6 | Title Objection Letter to Dunleavy & Dunmore Benefits Consulting, PLLC | Grace Nak
III-6 | Title Objection Letter to Dunleavy & Dunmore Benefits Consulting, PLLC | Grace Nakamura / C&H | May 2025 | Draft | Requesting curative action by Meridian Acres LLC
III-7 | Title Curative Documents / Responses from Meridian | D&M (Fiona Dunleavy) | August
III-7 | Title Curative Documents / Responses from Meridian | D&M (Fiona Dunleavy) | August 2025 | Pending
III-8 | Updated / Pro Forma Title Commitment (post-cure) | Fidelitas / Sovereign Title | S
III-8 | Updated / Pro Forma Title Commitment (post-cure) | Fidelitas / Sovereign Title | September 2025 | Pending
III-9 | Owner's Title Insurance Policy — Meridian ($19,400,000) | Fidelitas / Sovereign Ti
III-9 | Owner's Title Insurance Policy — Meridian ($19,400,000) | Fidelitas / Sovereign Title | At/post closing | Pending
III-10 | ALTA/NSPS Survey — Meridian Parcel | Lumen Ridge (Carlos Esteban, PE) | June 15,
III-10 | ALTA/NSPS Survey — Meridian Parcel | Lumen Ridge (Carlos Esteban, PE) | June 15, 2025 | Pending | 19.4 acres; substation easement and utility routing locations
III-11 | Survey Review Memorandum — Meridian Parcel | Grace Nakamura / C&H | July 2025 | D
III-11 | Survey Review Memorandum — Meridian Parcel | Grace Nakamura / C&H | July 2025 | Draft
III-12 | Phase I ESA — Meridian Parcel | Pendleton (Dr. Volkov) | June 1, 2025 | Pending
III-12 | Phase I ESA — Meridian Parcel | Pendleton (Dr. Volkov) | June 1, 2025 | Pending
III-13 | Environmental Due Diligence Summary Memorandum — Meridian | Grace Nakamura / C&H
III-13 | Environmental Due Diligence Summary Memorandum — Meridian | Grace Nakamura / C&H | July 2025 | Draft
III-14 | Geotechnical Investigation Report — Meridian | Brannigan (Neil Brannigan, PE) | J
III-14 | Geotechnical Investigation Report — Meridian | Brannigan (Neil Brannigan, PE) | July 2025 | Pending
III-15 | Appraisal — Meridian Parcel | Greystone (Janet Choi, MAI) | August 2025 | Pending
III-15 | Appraisal — Meridian Parcel | Greystone (Janet Choi, MAI) | August 2025 | Pending | MAI appraisal for construction lender
III-16 | Assignment and Assumption of Meridian PSA (IHDC to Stonebridge Campus Holdings LL
Medium
⚑ Assignment / subcontracting
III-16 | Assignment and Assumption of Meridian PSA (IHDC to Stonebridge Campus Holdings LLC) | Cynthia Ho / C&H | September 2025 | Draft
III-17 | Special Warranty Deed — Meridian Parcel | D&M (Fiona Dunleavy) | September 15, 20
III-17 | Special Warranty Deed — Meridian Parcel | D&M (Fiona Dunleavy) | September 15, 2025 | Draft | Grantor: Meridian Acres LLC; Grantee: Stonebridge Campus Holdings LLC; $19,400,000
III-18 | Settlement Statement / HUD — Meridian Parcel | Fidelitas / C&H | September 15, 20
III-18 | Settlement Statement / HUD — Meridian Parcel | Fidelitas / C&H | September 15, 2025 | Draft
III-19 | Seller's Affidavit and FIRPTA Certificate — Meridian | D&M | September 15, 2025 |
III-19 | Seller's Affidavit and FIRPTA Certificate — Meridian | D&M | September 15, 2025 | Pending
III-20 | Transfer Tax Return / Recordation Tax Calculation — Meridian | Fidelitas / C&H |
III-20 | Transfer Tax Return / Recordation Tax Calculation — Meridian | Fidelitas / C&H | September 15, 2025 | Pending
III-21 | Bring-Down Title Search — Meridian | Fidelitas | September 15, 2025 | Pending
III-21 | Bring-Down Title Search — Meridian | Fidelitas | September 15, 2025 | Pending
III-22 | Keys / Access / Possession Confirmation — Meridian | Meridian Acres / IHDC | Sept
III-22 | Keys / Access / Possession Confirmation — Meridian | Meridian Acres / IHDC | September 15, 2025 | Pending