1026-00002 · Briarwood Family Office LLC · Closing

closing-checklist.xlsx DOCUMENT Litigation

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[sheet: Cover]

Field	Value
Document Title	Closing Checklist — Wind-Down of Greystone Realty Partners, L.P.
Matter	Briarwood Family Office LLC v. Pinnacle Holdings Group LLC and Greystone Realty Partners, L.P.
Case No.	C.A. No. 2024-1187-MTZ (Court of Chancery of the State of Delaware)
Client	Briarwood Family Office LLC
Subject Entity	Greystone Realty Partners, L.P. (DE File No. 7284613)
Respondent / Counterparty	Pinnacle Holdings Group LLC
Prepared By	Carlos Espinoza, Working Associate, Calderwood & Harkness LLP
Supervised By	Linda Osei, Responsible Partner; Priya Anand, Billing Partner
Firm	Calderwood & Harkness LLP, 599 Lexington Avenue, New York, NY 10022
Date Prepared	March 2025
Last Updated	March 28, 2025
Confidentiality	PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

[sheet: Closing Checklist]

Item No.	Category	Deliverable / Action Item	Description / Notes	Responsible Party	Counterparty / Recipient	Target Date	Actual Completion Date	Status	Comments
1	Transaction Agreements	Execution of Wind-Down Agreement	Master agreement among Briarwood Family Office LLC, Pinnacle Holdings Group LLC, and Greystone Realty Partners, L.P. documenting consensual dissolution, property disposition process, distribution waterfall, mutual releases, and termination of the LPA. Based on binding Term Sheet executed March 14, 2025.	Calderwood & Harkness LLP (Linda Osei / Yuki Nakamura)	Ashford & Crane LLP (Raymond T. Ashford / Jennifer L. Quinto) on behalf of Pinnacle	April 4, 2025	In Progress	Execution copies transmitted to Ashford & Crane LLP. Requires signatures of Elliot R. Briarwood (for BFO) and Victor A. Sandoval (for Pinnacle/Greystone).
2	Transaction Agreements	Execution of Escrow Agreement	Agreement among Briarwood, Pinnacle, Greystone, and Concord Title & Escrow Services, Inc. establishing the $1,500,000 contingent-liability escrow (Escrow Account No. ESC-2025-40071). Addresses deposit mechanics, permitted investments, claim procedures, and 12-month post-dissolution release conditions. Escrow Officer: Brian L. Whitfield.	Calderwood & Harkness LLP	Concord Title & Escrow Services, Inc. (Brian L. Whitfield); Ashford & Crane LLP	April 4, 2025	In Progress	Concord Title & Escrow Services located at 300 Delaware Avenue, Suite 700, Wilmington, DE 19801. Cross-references Wind-Down Agreement.
3	Transaction Agreements	Execution of Mutual Release Agreement	Standalone mutual general release between Briarwood (including Elliot R. Briarwood, Margaux Briarwood-Feldstein, and affiliates) and Pinnacle (including Victor A. Sandoval, Denise K. Hartwell, and affiliates). Releases all claims arising out of Greystone, the LPA, the disputed $8.2M capital call, the rejected Northgate Savings Bank $62M refinancing, and C.A. No. 2024-1187-MTZ. Carves out obligations under Wind-Down Agreement and Escrow Agreement. Annexed as Exhibit A to Wind-Down Agreement. Effective upon final distribution.	Calderwood & Harkness LLP	Ashford & Crane LLP	April 4, 2025	In Progress	Delaware governing law.
4	Lender Consent	Harborline Commercial Lending, LLC — Lender Consent	Letter to Sean P. Gillespie (Relationship Manager) at Harborline Commercial Lending, LLC (225 Franklin Street, 12th Floor, Boston, MA 02110) requesting consent under § 7.04 of the Credit Agreement (Loan Ref. No. HCL-2020-07842) for dissolution of Greystone and orderly sale of seven portfolio properties. Original loan: $68.3M secured term loan originated October 15, 2020; maturity October 15, 2027; interest rate SOFR + 285 bps. Outstanding principal as of Feb. 28, 2025: ~$61.7M. Estimated payoff as of June 30, 2025: $60,900,000 (principal) + $730,000 (accrued interest) + $1,827,000 (3% prepayment premium) = $63,457,000.	Calderwood & Harkness LLP (Yuki Nakamura)	Harborline Commercial Lending, LLC (Sean P. Gillespie)	April 11, 2025	Pending	Consent is a condition precedent. Copy of Wind-Down Agreement enclosed with consent request. Cooperation of Ashford & Crane LLP requested.
5	Court Filings	Filing of Joint Stipulation and [Proposed] Order of Dismissal with Prejudice	Joint stipulation to be filed with the Court of Chancery of the State of Delaware before Vice Chancellor Marguerite T. Zimmerman dismissing C.A. No. 2024-1187-MTZ (Briarwood Family Office LLC v. Pinnacle Holdings Group LLC and Greystone Realty Partners, L.P.) with prejudice. Must be filed within 5 business days of execution of the Wind-Down Agreement. Signature blocks for Linda Osei (C&H) and Raymond T. Ashford (A&C), plus proposed form of order for VC Zimmerman.	Calderwood & Harkness LLP (Linda Osei); Ashford & Crane LLP (Raymond T. Ashford)	Court of Chancery of the State of Delaware	Within 5 business days of Wind-Down Agreement execution	Pending	Execution copies transmitted to Ashford & Crane for Raymond T. Ashford's signature.
6	Broker / Disposition	Execution of Meridian Capital Advisors LLC Engagement Letter	Broker engagement letter (Ref. MCA-GRP-2025-001) between Greystone Realty Partners, L.P. (acting through both partners) and Meridian Capital Advisors LLC (1700 Market Street, 28th Floor, Philadelphia, PA 19103) for marketing and sale of seven portfolio properties. Commission: 1.75% of gross sale price per property. Lead: Nadia Kowalski, Managing Director. Marketing to commence within 30 days of Wind-Down Agreement execution. Exclusive listing period. Signed by Victor A. Sandoval for Pinnacle as GP of Greystone with Briarwood's written acknowledgment.	Calderwood & Harkness LLP; Pinnacle Holdings Group LLC (Victor A. Sandoval)	Meridian Capital Advisors LLC (Nadia Kowalski)	April 4, 2025	In Progress	Requires GP and LP sign-off.
7	Transaction Agreements	Execution of Side Letter — Pinnacle Management Fee Reduction	Letter agreement between Briarwood Family Office LLC and Pinnacle Holdings Group LLC confirming reduction of Pinnacle's management fee from 3.5% of gross revenues (per § 4.03 of the LPA) to 2.0% of gross revenues during the wind-down period. Effective upon execution of Wind-Down Agreement; continues until earlier of disposition of all properties or filing of Certificate of Cancellation. Monthly invoicing and payment from partnership operating accounts.	Calderwood & Harkness LLP	Ashford & Crane LLP	April 4, 2025	In Progress
8	Accounting / Tax	Engagement of Fieldstone Accounting Partners LLP for Final-Year Tax Returns and Capital-Account Reconciliation	Engagement of Fieldstone Accounting Partners LLP (2000 Market Street, Suite 1500, Philadelphia, PA 19103; Engagement Partner: Alicia M. Tran, CPA) to prepare final-year partnership tax returns for Greystone Realty Partners, L.P. (EIN: 84-3290167), wind-down accounting, and capital-account reconciliation. Aggregate capital contributions: $87,000,000 (Briarwood: $47,850,000 / 55%; Pinnacle: $39,150,000 / 45%).	Calderwood & Harkness LLP; Pinnacle Holdings Group LLC (Denise K. Hartwell, CFO)	Fieldstone Accounting Partners LLP (Alicia M. Tran, CPA)	April 18, 2025	Pending	Coordinate with Fieldstone on timeline for K-1 preparation. Briarwood EIN: 83-2174509; Pinnacle EIN: 81-4637821.
9	Funds Flow	Preparation and Approval of Funds-Flow Memorandum	Spreadsheet detailing estimated flow of funds upon property dispositions. Distribution waterfall: (1) Harborline payoff $63,457,000; (2) Wind-down expenses $4,100,000 (Meridian brokerage at 1.75%, C&H legal fees, A&C legal fees, Fieldstone accounting fees, Concord escrow/title fees); (3) $1,500,000 escrow deposit to Concord (Account No. ESC-2025-40071); (4) Return of capital — Briarwood $47,850,000, Pinnacle $39,150,000; (5) Residual split 55%/45%. Illustrative: assuming $174M gross proceeds, net distributable $104,943,000, residual $17,943,000; Total to Briarwood $57,718,650; Total to Pinnacle $47,224,350. Includes wire instructions for each payee.	Calderwood & Harkness LLP (Carlos Espinoza)	Briarwood Family Office LLC; Pinnacle Holdings Group LLC; all payees	April 25, 2025	In Progress	Wire instructions to be confirmed for Harborline, Meridian, Fieldstone, Concord, Briarwood, Pinnacle.
10	DE Filings	Filing of Certificate of Cancellation with Delaware Secretary of State	Draft Certificate of Cancellation for Greystone Realty Partners, L.P. (DE File No. 7284613) pursuant to 6 Del. C. § 17-203. Identifies partnership name, date of original Certificate of Limited Partnership (June 14, 2018), and reason for cancellation (consensual dissolution). To be executed by Pinnacle Holdings Group LLC as general partner, by Victor A. Sandoval. Target filing no later than December 31, 2025.	Calderwood & Harkness LLP; Pinnacle Holdings Group LLC (Victor A. Sandoval)	Secretary of State of the State of Delaware	December 31, 2025	Pending	Draft prepared. Execution upon completion of all property dispositions and final distributions.
11	DE Filings / Registered Agent	Notification to Capitol Registered Agents, Inc.	Written notification to Capitol Registered Agents, Inc. (1209 Orange Street, Wilmington, DE 19801), the Delaware registered agent for Greystone Realty Partners, L.P., Briarwood Family Office LLC (DE File No. 5918274), and Pinnacle Holdings Group LLC (DE File No. 6103488), of the dissolution and wind-down of Greystone and the anticipated filing of the Certificate of Cancellation.	Calderwood & Harkness LLP (Carlos Espinoza)	Capitol Registered Agents, Inc.	December 15, 2025	Pending	To be sent concurrent with or shortly before Certificate of Cancellation filing.
12	Appraisal	Confirmation of Keymark Valuation Group LLC Appraisal Report	Confirm receipt and acceptance of Keymark Valuation Group LLC (50 South 16th Street, Suite 2200, Philadelphia, PA 19102) Appraisal Report No. KVG-2025-0214 dated February 22, 2025 (Lead Appraiser: Thomas J. Reeves, MAI). Portfolio appraised at $174,000,000 across seven properties. Court-appointed per Stipulated Order dated January 10, 2025. Appraisal governs Pinnacle's ROFO pricing (97.5% of appraised value per property).	Calderwood & Harkness LLP	N/A (court record)	February 22, 2025	February 22, 2025	Complete	Appraisal delivered and on file.
13	Condition Precedent	Pinnacle ROFO Exercise / Waiver for Each Property	Under the Wind-Down Agreement, Pinnacle has a right of first offer on each property, exercisable within 20 business days of receipt of a bona fide third-party offer, at a price no less than 97.5% of the Keymark appraised value for that property. Track exercise or waiver for each of the seven properties individually.	Pinnacle Holdings Group LLC (Victor A. Sandoval)	Briarwood Family Office LLC; Meridian Capital Advisors LLC	20 business days from each third-party offer	Pending	See Property Tracker sheet for individual property status.
14	Correspondence	Transmittal of Execution Copies to Ashford & Crane LLP	Email/letter from Yuki Nakamura (C&H) to Raymond T. Ashford (A&C, 1201 North Market Street, Suite 1400, Wilmington, DE 19801), cc: Linda Osei and Jennifer L. Quinto. Transmits execution copies of: (1) Wind-Down Agreement; (2) Escrow Agreement; (3) Mutual Release Agreement; (4) Stipulation and Order of Dismissal; (5) Meridian engagement letter; (6) Side Letter on management fee reduction; (7) draft Certificate of Cancellation. Includes signing instructions (Victor A. Sandoval signature with notarization where required) and proposed closing timeline.	Calderwood & Harkness LLP (Yuki Nakamura)	Ashford & Crane LLP (Raymond T. Ashford; Jennifer L. Quinto)	March 28, 2025	In Progress	References C.A. No. 2024-1187-MTZ and 5-business-day stipulation filing deadline.
15	Insurance / Title	Title Commitments for Property Dispositions	Concord Title & Escrow Services, Inc. to issue title commitments for each of the seven Greystone portfolio properties in connection with dispositions.	Concord Title & Escrow Services, Inc. (Brian L. Whitfield)	Buyers (TBD); Meridian Capital Advisors LLC	Prior to each property closing	Pending	Coordinate with Meridian as offers are received.
16	Post-Closing	Release of Escrow Reserve	Monitor 12-month post-dissolution escrow period. $1,500,000 held at Concord Title & Escrow Services (Account No. ESC-2025-40071) to be released to partners per Escrow Agreement terms if no contingent liability claims are made. Distribution per partnership interests (55% Briarwood / 45% Pinnacle) upon release.	Calderwood & Harkness LLP; Concord Title & Escrow Services, Inc.	Briarwood Family Office LLC; Pinnacle Holdings Group LLC	12 months post-Certificate of Cancellation filing	Pending	Calendar reminder to be set.
17	Post-Closing	Final Distribution to Partners	Upon completion of all property sales, loan payoff, expense payments, and escrow funding, distribute remaining proceeds per waterfall: return of capital then residual 55%/45%. Confirm with Fieldstone that capital accounts are reconciled.	Calderwood & Harkness LLP; Fieldstone Accounting Partners LLP	Briarwood Family Office LLC; Pinnacle Holdings Group LLC	Prior to Certificate of Cancellation filing	Pending	Wire instructions per funds-flow memorandum.
18	Insurance	Tail Insurance / D&O Run-Off Coverage	Confirm procurement of tail directors & officers and general liability insurance coverage for Greystone Realty Partners, L.P. and its general partner for a minimum of 3 years post-dissolution to cover any residual claims.	Pinnacle Holdings Group LLC (Denise K. Hartwell, CFO)	Insurance carrier (TBD)	Prior to Certificate of Cancellation filing	Pending	Briarwood to review and approve policy terms.
19	Tax / Compliance	Filing of Final Partnership Tax Return (Form 1065)	Fieldstone Accounting Partners LLP to prepare and file the final U.S. Return of Partnership Income (Form 1065) for Greystone Realty Partners, L.P. (EIN: 84-3290167) for the short tax year ending on date of dissolution. Issue final Schedule K-1s to Briarwood and Pinnacle.	Fieldstone Accounting Partners LLP (Alicia M. Tran, CPA)	Internal Revenue Service; Briarwood Family Office LLC; Pinnacle Holdings Group LLC	Within 90 days of final dissolution	Pending	Check 'Final Return' box on Form 1065. Coordinate state filings (DE, PA, MD, VA).
20	Closing Binder	Assembly and Distribution of Closing Binder	Compile complete closing binder (physical and electronic) containing all executed transaction documents, court filings, consents, certificates, escrow documentation, appraisal report, funds-flow memorandum, and correspondence. Distribute to Briarwood, Pinnacle, and retain firm copy.	Calderwood & Harkness LLP (Carlos Espinoza)	Briarwood Family Office LLC; Pinnacle Holdings Group LLC (via Ashford & Crane LLP)	Within 30 days of Certificate of Cancellation filing	Pending	Include index and tabs for all sections.

STATUS SUMMARY

Complete	1
In Progress	7
Pending	12
N/A	0
Total Items	20

[sheet: Property Tracker]

Property Name

Address

City / State

Property Type

Keymark Appraised Value

ROFO Floor Price (97.5%)

Meridian Marketing Commenced

Third-Party Offer Received

Third-Party Offer Amount

Pinnacle ROFO Notice Date

Pinnacle ROFO Deadline

Pinnacle ROFO Exercise / Waive

Buyer

Sale Price

Meridian Commission (1.75%)

Estimated Closing Date

Actual Closing Date

Net Proceeds

Status

Notes

Station Square

1400 Chestnut Street

Philadelphia, PA 19102

Mixed-use (retail/office)

$38,200,000

$37,245,000

Pending

Highest-value property in portfolio

Harborview Place

201 S. Columbus Blvd

Philadelphia, PA 19106

Mixed-use (residential/retail)

$29,600,000

$28,860,000

Pending

Brandywine Commons

800 N. King Street

Wilmington, DE 19801

Office/retail

$22,100,000

$21,547,500

Pending

Riverside Centre

515 N. Charles Street

Baltimore, MD 21201

Mixed-use (office/retail)

$26,500,000

$25,837,500

Pending

Federal Hill Lofts

1020 Light Street

Baltimore, MD 21230

Residential/retail

$18,400,000

$17,940,000

Pending

Courthouse Plaza

2100 Clarendon Blvd

Arlington, VA 22201

Office

$24,400,000

$23,790,000

Pending

Walnut Bridge

3722 Walnut Street

Philadelphia, PA 19104

Mixed-use (student housing/retail)

$14,800,000

$14,430,000

Pending

Lowest-value property in portfolio

TOTALS

$174,000,000

$169,650,000

[sheet: Key Contacts]

Entity	Role	Key Contact(s)	Title	Address	Reference Numbers / Notes
Briarwood Family Office LLC	Petitioner / Client (55% LP)	Elliot R. Briarwood; Margaux Briarwood-Feldstein	Sole Managing Member; Director of Investments	712 Park Avenue, 18th Floor, New York, NY 10021	DE File No. 5918274; EIN: 83-2174509; Capital Contribution: $47,850,000
Pinnacle Holdings Group LLC	Respondent / General Partner (45% GP)	Victor A. Sandoval; Denise K. Hartwell	Managing Member; CFO	400 King Street, Suite 310, Wilmington, DE 19801	DE File No. 6103488; EIN: 81-4637821; Capital Contribution: $39,150,000
Greystone Realty Partners, L.P.	Subject Entity / Partnership	Victor A. Sandoval (via Pinnacle as GP)	General Partner	400 King Street, Suite 310, Wilmington, DE 19801 (principal); 1925 Walnut Street, Suite 600, Philadelphia, PA 19103 (property mgmt)	DE File No. 7284613; EIN: 84-3290167; Formed June 14, 2018
Calderwood & Harkness LLP	Counsel for Briarwood	Linda Osei (Responsible Partner); Priya Anand (Billing Partner); Yuki Nakamura (Lead Associate); Carlos Espinoza (Working Associate)	Partners / Associates	599 Lexington Avenue, New York, NY 10022
Ashford & Crane LLP	Counsel for Pinnacle	Raymond T. Ashford (Lead Partner); Jennifer L. Quinto (Associate)	Partner / Associate	1201 North Market Street, Suite 1400, Wilmington, DE 19801
Harborline Commercial Lending, LLC	Senior Secured Lender	Sean P. Gillespie	Relationship Manager	225 Franklin Street, 12th Floor, Boston, MA 02110	Loan Ref. No. HCL-2020-07842; SOFR + 285 bps; Maturity: Oct. 15, 2027
Keymark Valuation Group LLC	Court-Appointed Independent Appraiser	Thomas J. Reeves, MAI	Lead Appraiser	50 South 16th Street, Suite 2200, Philadelphia, PA 19102	Appraisal Report No. KVG-2025-0214; Appointed per Stipulated Order Jan. 10, 2025
Fieldstone Accounting Partners LLP	Partnership Accountant / Tax Preparer	Alicia M. Tran, CPA	Engagement Partner	2000 Market Street, Suite 1500, Philadelphia, PA 19103	Final-year returns and capital-account reconciliation
Concord Title & Escrow Services, Inc.	Escrow Agent / Title Insurer	Brian L. Whitfield	Escrow Officer	300 Delaware Avenue, Suite 700, Wilmington, DE 19801	Escrow Account No. ESC-2025-40071
Meridian Capital Advisors LLC	Real Estate Disposition Broker	Nadia Kowalski	Managing Director	1700 Market Street, 28th Floor, Philadelphia, PA 19103	Engagement Ref. MCA-GRP-2025-001; Commission: 1.75% per property
Capitol Registered Agents, Inc.	Delaware Registered Agent (for Greystone, Briarwood, and Pinnacle)	1209 Orange Street, Wilmington, DE 19801
Court of Chancery of the State of Delaware	Judicial Forum	Vice Chancellor Marguerite T. Zimmerman	Judicial Officer	C.A. No. 2024-1187-MTZ

[sheet: Key Dates Timeline]

Date	Event	Category	Notes
June 14, 2018	Formation of Greystone Realty Partners, L.P.; execution of original LPA	Historical	DE File No. 7284613; 6 Del. C. §§ 17-101 et seq.
March 3, 2020	First Amendment to LPA — capital increase to $87M	Historical	Aggregate capital: $87M (BFO $47.85M / PHG $39.15M)
October 15, 2020	Origination of Harborline $68.3M secured term loan	Historical	Loan Ref. HCL-2020-07842; SOFR + 285 bps; matures Oct. 15, 2027
June 28, 2024	Pinnacle proposes $62M refinancing with Northgate Savings Bank (SOFR + 345 bps)	Historical	60 bps above current Harborline spread
July 15, 2024	Briarwood objects in writing to proposed refinancing	Historical	Cited unfavorable terms, 3% prepayment penalty ($1.851M), cash-flow concerns
August 5, 2024	Pinnacle issues $8.2M capital call	Historical	BFO share: $4,510,000; PHG share: $3,690,000
August 22, 2024	Briarwood withholds consent to capital call	Historical	Asserted Major Decision under § 5.02(d) requiring 80% approval
Sept.–Nov. 2024	Mediation before Tidewater Dispute Resolution Services (Hon. (Ret.) Patricia Navarro)	Historical	Unsuccessful
November 8, 2024	Keymark initial informal appraisal reference (pre-litigation)	Historical
December 2, 2024	Calderwood & Harkness files Verified Petition for Judicial Dissolution	Historical	C.A. No. 2024-1187-MTZ; 6 Del. C. § 17-802
December 18, 2024	VC Zimmerman scheduling conference; expedited discovery ordered	Historical
January 10, 2025	Stipulated Order appointing Keymark as independent appraiser (45-day mandate)	Historical
February 22, 2025	Keymark delivers Appraisal Report — portfolio valued at $174M	Historical	Report No. KVG-2025-0214
February 28, 2025	Harborline outstanding principal balance: ~$61.7M	Historical	Per Harborline statement
March 7, 2025	Court status conference; parties report near-settlement	Historical
March 14, 2025	Binding Term Sheet for Consensual Wind-Down executed	Historical
TBD — within 5 biz days of Wind-Down Agreement execution	Filing of Joint Stipulation and Order of Dismissal with Court of Chancery	Upcoming	C.A. No. 2024-1187-MTZ dismissed with prejudice
TBD — within 30 days of Wind-Down Agreement execution	Meridian commences marketing of seven portfolio properties	Upcoming	Per engagement letter Ref. MCA-GRP-2025-001
June 30, 2025 (est.)	Estimated Harborline payoff reference date	Target	Est. payoff: $63,457,000 ($60.9M principal + $730K interest + $1,827,000 prepayment premium)
December 31, 2025	Target date for filing Certificate of Cancellation with DE Secretary of State	Target	Dissolution effective upon filing
12 months post-dissolution (est. December 2026)	Release of $1,500,000 escrow reserve from Concord	Target	Per Escrow Agreement; distribution 55% Briarwood ($825,000) / 45% Pinnacle ($675,000)

[sheet: Cover]
Field | Value
Document Title | Closing Checklist — Wind-Down of Greystone Realty Partners, L.P.
Matter | Briarwood Family Office LLC v. Pinnacle Holdings Group LLC and Greystone Realty Partners, L.P.
Case No. | C.A. No. 2024-1187-MTZ (Court of Chancery of the State of Delaware)
Client | Briarwood Family Office LLC
Subject Entity | Greystone Realty Partners, L.P. (DE File No. 7284613)
Respondent / Counterparty | Pinnacle Holdings Group LLC
Prepared By | Carlos Espinoza, Working Associate, Calderwood & Harkness LLP
Supervised By | Linda Osei, Responsible Partner; Priya Anand, Billing Partner
Firm | Calderwood & Harkness LLP, 599 Lexington Avenue, New York, NY 10022
Date Prepared | March 2025
Last Updated | March 28, 2025
Confidentiality | PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
[sheet: Closing Checklist]
Item No. | Category | Deliverable / Action Item | Description / Notes | Responsible Party | Counterparty / Recipient | Target Date | Actual Completion Date | Status | Comments
1 | Transaction Agreements | Execution of Wind-Down Agreement | Master agreement among Briarwood Family Office LLC, Pinnacle Holdings Group LLC, and Greystone Realty Partners, L.P. documenting consensual dissolution, property disposition process, distribution waterfall, mutual releases, and termination of the LPA. Based on binding Term Sheet executed March 14, 2025. | Calderwood & Harkness LLP (Linda Osei / Yuki Nakamura) | Ashford & Crane LLP (Raymond T. Ashford / Jennifer L. Quinto) on behalf of Pinnacle | April 4, 2025 | In Progress | Execution copies transmitted to Ashford & Crane LLP. Requires signatures of Elliot R. Briarwood (for BFO) and Victor A. Sandoval (for Pinnacle/Greystone).
2 | Transaction Agreements | Execution of Escrow Agreement | Agreement among Briarwood, Pinnacle, Greystone, and Concord Title & Escrow Services, Inc. establishing the $1,500,000 contingent-liability escrow (Escrow Account No. ESC-2025-40071). Addresses deposit mechanics, permitted investments, claim procedures, and 12-month post-dissolution release conditions. Escrow Officer: Brian L. Whitfield. | Calderwood & Harkness LLP | Concord Title & Escrow Services, Inc. (Brian L. Whitfield); Ashford & Crane LLP | April 4, 2025 | In Progress | Concord Title & Escrow Services located at 300 Delaware Avenue, Suite 700, Wilmington, DE 19801. Cross-references Wind-Down Agreement.
3 | Transaction Agreements | Execution of Mutual Release Agreement | Standalone mutual general release between Briarwood (including Elliot R. Briarwood, Margaux Briarwood-Feldstein, and affiliates) and Pinnacle (including Victor A. Sandoval, Denise K. Hartwell, and affiliates). Releases all claims arising out of Greystone, the LPA, the disputed $8.2M capital call, the rejected Northgate Savings Bank $62M refinancing, and C.A. No. 2024-1187-MTZ. Carves out obligations under Wind-Down Agreement and Escrow Agreement. Annexed as Exhibit A to Wind-Down Agreement. Effective upon final distribution. | Calderwood & Harkness LLP | Ashford & Crane LLP | April 4, 2025 | In Progress | Delaware governing law.
4 | Lender Consent | Harborline Commercial Lending, LLC — Lender Consent | Letter to Sean P. Gillespie (Relationship Manager) at Harborline Commercial Lending, LLC (225 Franklin Street, 12th Floor, Boston, MA 02110) requesting consent under § 7.04 of the Credit Agreement (Loan Ref. No. HCL-2020-07842) for dissolution of Greystone and orderly sale of seven portfolio properties. Original loan: $68.3M secured term loan originated October 15, 2020; maturity October 15, 2027; interest rate SOFR + 285 bps. Outstanding principal as of Feb. 28, 2025: ~$61.7M. Estimated payoff as of June 30, 2025: $60,900,000 (principal) + $730,000 (accrued interest) + $1,827,000 (3% prepayment premium) = $63,457,000. | Calderwood & Harkness LLP (Yuki Nakamura) | Harborline Commercial Lending, LLC (Sean P. Gillespie) | April 11, 2025 | Pending | Consent is a condition precedent. Copy of Wind-Down Agreement enclosed with consent request. Cooperation of Ashford & Crane LLP requested.
5 | Court Filings | Filing of Joint Stipulation and [Proposed] Order of Dismissal with Prejudice | Joint stipulation to be filed with the Court of Chancery of the State of Delaware before Vice Chancellor Marguerite T. Zimmerman dismissing C.A. No. 2024-1187-MTZ (Briarwood Family Office LLC v. Pinnacle Holdings Group LLC and Greystone Realty Partners, L.P.) with prejudice. Must be filed within 5 business days of execution of the Wind-Down Agreement. Signature blocks for Linda Osei (C&H) and Raymond T. Ashford (A&C), plus proposed form of order for VC Zimmerman. | Calderwood & Harkness LLP (Linda Osei); Ashford & Crane LLP (Raymond T. Ashford) | Court of Chancery of the State of Delaware | Within 5 business days of Wind-Down Agreement execution | Pending | Execution copies transmitted to Ashford & Crane for Raymond T. Ashford's signature.
6 | Broker / Disposition | Execution of Meridian Capital Advisors LLC Engagement Letter | Broker engagement letter (Ref. MCA-GRP-2025-001) between Greystone Realty Partners, L.P. (acting through both partners) and Meridian Capital Advisors LLC (1700 Market Street, 28th Floor, Philadelphia, PA 19103) for marketing and sale of seven portfolio properties. Commission: 1.75% of gross sale price per property. Lead: Nadia Kowalski, Managing Director. Marketing to commence within 30 days of Wind-Down Agreement execution. Exclusive listing period. Signed by Victor A. Sandoval for Pinnacle as GP of Greystone with Briarwood's written acknowledgment. | Calderwood & Harkness LLP; Pinnacle Holdings Group LLC (Victor A. Sandoval) | Meridian Capital Advisors LLC (Nadia Kowalski) | April 4, 2025 | In Progress | Requires GP and LP sign-off.
7 | Transaction Agreements | Execution of Side Letter — Pinnacle Management Fee Reduction | Letter agreement between Briarwood Family Office LLC and Pinnacle Holdings Group LLC confirming reduction of Pinnacle's management fee from 3.5% of gross revenues (per § 4.03 of the LPA) to 2.0% of gross revenues during the wind-down period. Effective upon execution of Wind-Down Agreement; continues until earlier of disposition of all properties or filing of Certificate of Cancellation. Monthly invoicing and payment from partnership operating accounts. | Calderwood & Harkness LLP | Ashford & Crane LLP | April 4, 2025 | In Progress
8 | Accounting / Tax | Engagement of Fieldstone Accounting Partners LLP for Final-Year Tax Returns and Capital-Account Reconciliation | Engagement of Fieldstone Accounting Partners LLP (2000 Market Street, Suite 1500, Philadelphia, PA 19103; Engagement Partner: Alicia M. Tran, CPA) to prepare final-year partnership tax returns for Greystone Realty Partners, L.P. (EIN: 84-3290167), wind-down accounting, and capital-account reconciliation. Aggregate capital contributions: $87,000,000 (Briarwood: $47,850,000 / 55%; Pinnacle: $39,150,000 / 45%). | Calderwood & Harkness LLP; Pinnacle Holdings Group LLC (Denise K. Hartwell, CFO) | Fieldstone Accounting Partners LLP (Alicia M. Tran, CPA) | April 18, 2025 | Pending | Coordinate with Fieldstone on timeline for K-1 preparation. Briarwood EIN: 83-2174509; Pinnacle EIN: 81-4637821.
9 | Funds Flow | Preparation and Approval of Funds-Flow Memorandum | Spreadsheet detailing estimated flow of funds upon property dispositions. Distribution waterfall: (1) Harborline payoff $63,457,000; (2) Wind-down expenses $4,100,000 (Meridian brokerage at 1.75%, C&H legal fees, A&C legal fees, Fieldstone accounting fees, Concord escrow/title fees); (3) $1,500,000 escrow deposit to Concord (Account No. ESC-2025-40071); (4) Return of capital — Briarwood $47,850,000, Pinnacle $39,150,000; (5) Residual split 55%/45%. Illustrative: assuming $174M gross proceeds, net distributable $104,943,000, residual $17,943,000; Total to Briarwood $57,718,650; Total to Pinnacle $47,224,350. Includes wire instructions for each payee. | Calderwood & Harkness LLP (Carlos Espinoza) | Briarwood Family Office LLC; Pinnacle Holdings Group LLC; all payees | April 25, 2025 | In Progress | Wire instructions to be confirmed for Harborline, Meridian, Fieldstone, Concord, Briarwood, Pinnacle.
10 | DE Filings | Filing of Certificate of Cancellation with Delaware Secretary of State | Draft Certificate of Cancellation for Greystone Realty Partners, L.P. (DE File No. 7284613) pursuant to 6 Del. C. § 17-203. Identifies partnership name, date of original Certificate of Limited Partnership (June 14, 2018), and reason for cancellation (consensual dissolution). To be executed by Pinnacle Holdings Group LLC as general partner, by Victor A. Sandoval. Target filing no later than December 31, 2025. | Calderwood & Harkness LLP; Pinnacle Holdings Group LLC (Victor A. Sandoval) | Secretary of State of the State of Delaware | December 31, 2025 | Pending | Draft prepared. Execution upon completion of all property dispositions and final distributions.
11 | DE Filings / Registered Agent | Notification to Capitol Registered Agents, Inc. | Written notification to Capitol Registered Agents, Inc. (1209 Orange Street, Wilmington, DE 19801), the Delaware registered agent for Greystone Realty Partners, L.P., Briarwood Family Office LLC (DE File No. 5918274), and Pinnacle Holdings Group LLC (DE File No. 6103488), of the dissolution and wind-down of Greystone and the anticipated filing of the Certificate of Cancellation. | Calderwood & Harkness LLP (Carlos Espinoza) | Capitol Registered Agents, Inc. | December 15, 2025 | Pending | To be sent concurrent with or shortly before Certificate of Cancellation filing.
12 | Appraisal | Confirmation of Keymark Valuation Group LLC Appraisal Report | Confirm receipt and acceptance of Keymark Valuation Group LLC (50 South 16th Street, Suite 2200, Philadelphia, PA 19102) Appraisal Report No. KVG-2025-0214 dated February 22, 2025 (Lead Appraiser: Thomas J. Reeves, MAI). Portfolio appraised at $174,000,000 across seven properties. Court-appointed per Stipulated Order dated January 10, 2025. Appraisal governs Pinnacle's ROFO pricing (97.5% of appraised value per property). | Calderwood & Harkness LLP | N/A (court record) | February 22, 2025 | February 22, 2025 | Complete | Appraisal delivered and on file.
13 | Condition Precedent | Pinnacle ROFO Exercise / Waiver for Each Property | Under the Wind-Down Agreement, Pinnacle has a right of first offer on each property, exercisable within 20 business days of receipt of a bona fide third-party offer, at a price no less than 97.5% of the Keymark appraised value for that property. Track exercise or waiver for each of the seven properties individually. | Pinnacle Holdings Group LLC (Victor A. Sandoval) | Briarwood Family Office LLC; Meridian Capital Advisors LLC | 20 business days from each third-party offer | Pending | See Property Tracker sheet for individual property status.
14 | Correspondence | Transmittal of Execution Copies to Ashford & Crane LLP | Email/letter from Yuki Nakamura (C&H) to Raymond T. Ashford (A&C, 1201 North Market Street, Suite 1400, Wilmington, DE 19801), cc: Linda Osei and Jennifer L. Quinto. Transmits execution copies of: (1) Wind-Down Agreement; (2) Escrow Agreement; (3) Mutual Release Agreement; (4) Stipulation and Order of Dismissal; (5) Meridian engagement letter; (6) Side Letter on management fee reduction; (7) draft Certificate of Cancellation. Includes signing instructions (Victor A. Sandoval signature with notarization where required) and proposed closing timeline. | Calderwood & Harkness LLP (Yuki Nakamura) | Ashford & Crane LLP (Raymond T. Ashford; Jennifer L. Quinto) | March 28, 2025 | In Progress | References C.A. No. 2024-1187-MTZ and 5-business-day stipulation filing deadline.
15 | Insurance / Title | Title Commitments for Property Dispositions | Concord Title & Escrow Services, Inc. to issue title commitments for each of the seven Greystone portfolio properties in connection with dispositions. | Concord Title & Escrow Services, Inc. (Brian L. Whitfield) | Buyers (TBD); Meridian Capital Advisors LLC | Prior to each property closing | Pending | Coordinate with Meridian as offers are received.
16 | Post-Closing | Release of Escrow Reserve | Monitor 12-month post-dissolution escrow period. $1,500,000 held at Concord Title & Escrow Services (Account No. ESC-2025-40071) to be released to partners per Escrow Agreement terms if no contingent liability claims are made. Distribution per partnership interests (55% Briarwood / 45% Pinnacle) upon release. | Calderwood & Harkness LLP; Concord Title & Escrow Services, Inc. | Briarwood Family Office LLC; Pinnacle Holdings Group LLC | 12 months post-Certificate of Cancellation filing | Pending | Calendar reminder to be set.
17 | Post-Closing | Final Distribution to Partners | Upon completion of all property sales, loan payoff, expense payments, and escrow funding, distribute remaining proceeds per waterfall: return of capital then residual 55%/45%. Confirm with Fieldstone that capital accounts are reconciled. | Calderwood & Harkness LLP; Fieldstone Accounting Partners LLP | Briarwood Family Office LLC; Pinnacle Holdings Group LLC | Prior to Certificate of Cancellation filing | Pending | Wire instructions per funds-flow memorandum.
18 | Insurance | Tail Insurance / D&O Run-Off Coverage | Confirm procurement of tail directors & officers and general liability insurance coverage for Greystone Realty Partners, L.P. and its general partner for a minimum of 3 years post-dissolution to cover any residual claims. | Pinnacle Holdings Group LLC (Denise K. Hartwell, CFO) | Insurance carrier (TBD) | Prior to Certificate of Cancellation filing | Pending | Briarwood to review and approve policy terms.
19 | Tax / Compliance | Filing of Final Partnership Tax Return (Form 1065) | Fieldstone Accounting Partners LLP to prepare and file the final U.S. Return of Partnership Income (Form 1065) for Greystone Realty Partners, L.P. (EIN: 84-3290167) for the short tax year ending on date of dissolution. Issue final Schedule K-1s to Briarwood and Pinnacle. | Fieldstone Accounting Partners LLP (Alicia M. Tran, CPA) | Internal Revenue Service; Briarwood Family Office LLC; Pinnacle Holdings Group LLC | Within 90 days of final dissolution | Pending | Check 'Final Return' box on Form 1065. Coordinate state filings (DE, PA, MD, VA).
20 | Closing Binder | Assembly and Distribution of Closing Binder | Compile complete closing binder (physical and electronic) containing all executed transaction documents, court filings, consents, certificates, escrow documentation, appraisal report, funds-flow memorandum, and correspondence. Distribute to Briarwood, Pinnacle, and retain firm copy. | Calderwood & Harkness LLP (Carlos Espinoza) | Briarwood Family Office LLC; Pinnacle Holdings Group LLC (via Ashford & Crane LLP) | Within 30 days of Certificate of Cancellation filing | Pending | Include index and tabs for all sections.
STATUS SUMMARY
Complete | 1
In Progress | 7
Pending | 12
N/A | 0
Total Items | 20
[sheet: Property Tracker]
Property Name | Address | City / State | Property Type | Keymark Appraised Value | ROFO Floor Price (97.5%) | Meridian Marketing Commenced | Third-Party Offer Received | Third-Party Offer Amount | Pinnacle ROFO Notice Date | Pinnacle ROFO Deadline | Pinnacle ROFO Exercise / Waive | Buyer | Sale Price | Meridian Commission (1.75%) | Estimated Closing Date | Actual Closing Date | Net Proceeds | Status | Notes
Station Square | 1400 Chestnut Street | Philadelphia, PA 19102 | Mixed-use (retail/office) | $38,200,000 | $37,245,000 | Pending | Highest-value property in portfolio
Harborview Place | 201 S. Columbus Blvd | Philadelphia, PA 19106 | Mixed-use (residential/retail) | $29,600,000 | $28,860,000 | Pending
Brandywine Commons | 800 N. King Street | Wilmington, DE 19801 | Office/retail | $22,100,000 | $21,547,500 | Pending
Riverside Centre | 515 N. Charles Street | Baltimore, MD 21201 | Mixed-use (office/retail) | $26,500,000 | $25,837,500 | Pending
Federal Hill Lofts | 1020 Light Street | Baltimore, MD 21230 | Residential/retail | $18,400,000 | $17,940,000 | Pending
Courthouse Plaza | 2100 Clarendon Blvd | Arlington, VA 22201 | Office | $24,400,000 | $23,790,000 | Pending
Walnut Bridge | 3722 Walnut Street | Philadelphia, PA 19104 | Mixed-use (student housing/retail) | $14,800,000 | $14,430,000 | Pending | Lowest-value property in portfolio
TOTALS | $174,000,000 | $169,650,000 | $0 | $0 | $0
[sheet: Key Contacts]
Entity | Role | Key Contact(s) | Title | Address | Reference Numbers / Notes
Briarwood Family Office LLC | Petitioner / Client (55% LP) | Elliot R. Briarwood; Margaux Briarwood-Feldstein | Sole Managing Member; Director of Investments | 712 Park Avenue, 18th Floor, New York, NY 10021 | DE File No. 5918274; EIN: 83-2174509; Capital Contribution: $47,850,000
Pinnacle Holdings Group LLC | Respondent / General Partner (45% GP) | Victor A. Sandoval; Denise K. Hartwell | Managing Member; CFO | 400 King Street, Suite 310, Wilmington, DE 19801 | DE File No. 6103488; EIN: 81-4637821; Capital Contribution: $39,150,000
Greystone Realty Partners, L.P. | Subject Entity / Partnership | Victor A. Sandoval (via Pinnacle as GP) | General Partner | 400 King Street, Suite 310, Wilmington, DE 19801 (principal); 1925 Walnut Street, Suite 600, Philadelphia, PA 19103 (property mgmt) | DE File No. 7284613; EIN: 84-3290167; Formed June 14, 2018
Calderwood & Harkness LLP | Counsel for Briarwood | Linda Osei (Responsible Partner); Priya Anand (Billing Partner); Yuki Nakamura (Lead Associate); Carlos Espinoza (Working Associate) | Partners / Associates | 599 Lexington Avenue, New York, NY 10022
Ashford & Crane LLP | Counsel for Pinnacle | Raymond T. Ashford (Lead Partner); Jennifer L. Quinto (Associate) | Partner / Associate | 1201 North Market Street, Suite 1400, Wilmington, DE 19801
Harborline Commercial Lending, LLC | Senior Secured Lender | Sean P. Gillespie | Relationship Manager | 225 Franklin Street, 12th Floor, Boston, MA 02110 | Loan Ref. No. HCL-2020-07842; SOFR + 285 bps; Maturity: Oct. 15, 2027
Keymark Valuation Group LLC | Court-Appointed Independent Appraiser | Thomas J. Reeves, MAI | Lead Appraiser | 50 South 16th Street, Suite 2200, Philadelphia, PA 19102 | Appraisal Report No. KVG-2025-0214; Appointed per Stipulated Order Jan. 10, 2025
Fieldstone Accounting Partners LLP | Partnership Accountant / Tax Preparer | Alicia M. Tran, CPA | Engagement Partner | 2000 Market Street, Suite 1500, Philadelphia, PA 19103 | Final-year returns and capital-account reconciliation
Concord Title & Escrow Services, Inc. | Escrow Agent / Title Insurer | Brian L. Whitfield | Escrow Officer | 300 Delaware Avenue, Suite 700, Wilmington, DE 19801 | Escrow Account No. ESC-2025-40071
Meridian Capital Advisors LLC | Real Estate Disposition Broker | Nadia Kowalski | Managing Director | 1700 Market Street, 28th Floor, Philadelphia, PA 19103 | Engagement Ref. MCA-GRP-2025-001; Commission: 1.75% per property
Capitol Registered Agents, Inc. | Delaware Registered Agent (for Greystone, Briarwood, and Pinnacle) | 1209 Orange Street, Wilmington, DE 19801
Court of Chancery of the State of Delaware | Judicial Forum | Vice Chancellor Marguerite T. Zimmerman | Judicial Officer | C.A. No. 2024-1187-MTZ
[sheet: Key Dates Timeline]
Date | Event | Category | Notes
June 14, 2018 | Formation of Greystone Realty Partners, L.P.; execution of original LPA | Historical | DE File No. 7284613; 6 Del. C. §§ 17-101 et seq.
March 3, 2020 | First Amendment to LPA — capital increase to $87M | Historical | Aggregate capital: $87M (BFO $47.85M / PHG $39.15M)
October 15, 2020 | Origination of Harborline $68.3M secured term loan | Historical | Loan Ref. HCL-2020-07842; SOFR + 285 bps; matures Oct. 15, 2027
June 28, 2024 | Pinnacle proposes $62M refinancing with Northgate Savings Bank (SOFR + 345 bps) | Historical | 60 bps above current Harborline spread
July 15, 2024 | Briarwood objects in writing to proposed refinancing | Historical | Cited unfavorable terms, 3% prepayment penalty ($1.851M), cash-flow concerns
August 5, 2024 | Pinnacle issues $8.2M capital call | Historical | BFO share: $4,510,000; PHG share: $3,690,000
August 22, 2024 | Briarwood withholds consent to capital call | Historical | Asserted Major Decision under § 5.02(d) requiring 80% approval
Sept.–Nov. 2024 | Mediation before Tidewater Dispute Resolution Services (Hon. (Ret.) Patricia Navarro) | Historical | Unsuccessful
November 8, 2024 | Keymark initial informal appraisal reference (pre-litigation) | Historical
December 2, 2024 | Calderwood & Harkness files Verified Petition for Judicial Dissolution | Historical | C.A. No. 2024-1187-MTZ; 6 Del. C. § 17-802
December 18, 2024 | VC Zimmerman scheduling conference; expedited discovery ordered | Historical
January 10, 2025 | Stipulated Order appointing Keymark as independent appraiser (45-day mandate) | Historical
February 22, 2025 | Keymark delivers Appraisal Report — portfolio valued at $174M | Historical | Report No. KVG-2025-0214
February 28, 2025 | Harborline outstanding principal balance: ~$61.7M | Historical | Per Harborline statement
March 7, 2025 | Court status conference; parties report near-settlement | Historical
March 14, 2025 | Binding Term Sheet for Consensual Wind-Down executed | Historical
TBD — within 5 biz days of Wind-Down Agreement execution | Filing of Joint Stipulation and Order of Dismissal with Court of Chancery | Upcoming | C.A. No. 2024-1187-MTZ dismissed with prejudice
TBD — within 30 days of Wind-Down Agreement execution | Meridian commences marketing of seven portfolio properties | Upcoming | Per engagement letter Ref. MCA-GRP-2025-001
June 30, 2025 (est.) | Estimated Harborline payoff reference date | Target | Est. payoff: $63,457,000 ($60.9M principal + $730K interest + $1,827,000 prepayment premium)
December 31, 2025 | Target date for filing Certificate of Cancellation with DE Secretary of State | Target | Dissolution effective upon filing
12 months post-dissolution (est. December 2026) | Release of $1,500,000 escrow reserve from Concord | Target | Per Escrow Agreement; distribution 55% Briarwood ($825,000) / 45% Pinnacle ($675,000)

[sheet: Cover]

STATUS SUMMARY

Record

Parties

Dates

Amounts