[sheet: Cover & Summary]
Field | Detail
Transaction | Senior Mortgage Loan ($475,000,000) and Mezzanine Loan ($200,000,000) — Hudson Yards West
Total Financing | $675,000,000
Project Site | 450 West 34th Street, New York, NY 10001 (Block 729, Lots 1, 5, 12, 15)
Mortgage Borrower | Hudson Yards West Mortgage LLC (Delaware SPE — to be formed)
Mezzanine Borrower | Hudson Yards West Mezzanine LLC (Delaware SPE — to be formed)
Sponsor / Guarantor | Metropolitan Transit Development Corp. (MTDC), 200 South Michigan Avenue, Suite 3100, Chicago, IL 60604; EIN 36-2847501
Senior Lender / Agent | Ironclad National Bank, N.A., 277 Park Avenue, New York, NY 10172; ABA 021-003-178
Mezzanine Lender | Granite Peak Capital Partners, LP, 9 West 57th Street, Suite 4200, New York, NY 10019
Borrower's Counsel | Calderwood & Harkness LLP (Douglas Fairchild / Angela Fontaine / Grace Nakamura / Rafael Dominguez), One Liberty Plaza, 55th Floor, New York, NY 10006; Matter No. 1031-00004
Senior Lender's Counsel | Clearfield & Associates LLP (Harrison Whitmore), 399 Park Avenue, 28th Floor, New York, NY 10022
Mezzanine Lender's Counsel | Voss Richter & Baines LLP (Natasha Ivanovic), 1251 Avenue of the Americas, 34th Floor, New York, NY 10020
Zoning / Land Use Counsel | Hargrove & Linden, P.C. (Raymond Cho), 225 Broadway, Suite 1800, New York, NY 10007
Title Company / Escrow Agent | Sentinel Title & Escrow Company (Patricia Eng), 140 Broadway, 20th Floor, New York, NY 10005; Commitment No. STN-2025-MH-04178
Appraiser | Broadstreet Appraisal Group, Inc. (Marcus Tolliver, MAI), 521 Fifth Avenue, Suite 1700, New York, NY 10175; File No. BAG-25-1092
Environmental Consultant | Apex Environmental Consultants, Inc. (Dr. Lena Kaur), 100 Metroplex Drive, Suite 300, Edison, NJ 08817; Project No. AEC-NY-25-0337
Structural Engineer | Trident Structural Engineers, P.C. (Dr. Rajesh Banerjee, PE), 32 Old Slip, 15th Floor, New York, NY 10005
General Contractor | Cobalt Construction Group, Inc. (Frank DelVecchio / Hiroshi Tanaka / Gail Merriman), 330 West 42nd Street, 9th Floor, New York, NY 10036; GMP Contract No. CCG-HYW-2025-001
Property Manager | Evergreen Property Management LLC (Teresa Langford), 601 West 26th Street, Suite 410, New York, NY 10001
Auditor / Accountant | Whitfield Albrecht & Co. LLP (Sandra Okonkwo, CPA), 155 North Wacker Drive, Suite 2200, Chicago, IL 60606
Insurance Broker | Castleton Insurance Brokerage, Inc. (Brian Jessup), 1185 Avenue of the Americas, 14th Floor, New York, NY 10036
Builder's Risk Insurer | Fortis Indemnity Insurance Co. (Connecticut)
Credit Rating Agency | Pinnacle Ratings Group (Christine Morales); Rating Identifier PRG-MTDC-A-2024-1187
NYC Economic Development Corporation | NYCEDC — Ground Lessor
Target Closing Date | June 15, 2025
Target First Draft Distribution | May 1, 2025
Projected Substantial Completion | December 15, 2027
Projected First TCO | March 15, 2028
C&H Engagement Opened | February 12, 2025
Senior Mortgage Term Sheet Executed | February 28, 2025
Mezzanine Term Sheet Executed | March 7, 2025
Total Project Cost | $920,000,000
Appraised Value (As-Stabilized) | $1,025,000,000
Combined LTV | 65.85%
Senior LTV | 46.34%
MTDC Equity Contribution | $200,000,000
NYC Transit Infrastructure Grant | $45,000,000
[sheet: Key Contacts]
Party / Organization | Role | Contact Name | Title | Phone | Email | Address
Metropolitan Transit Development Corp. | Sponsor / Guarantor | David Harrington | Executive Director | (312) 555-0101 | dharrington@mtdc.org | 200 South Michigan Avenue, Suite 3100, Chicago, IL 60604
Metropolitan Transit Development Corp. | Sponsor — CFO | Priya Subramanian | Chief Financial Officer | (312) 555-0102 | psubramanian@mtdc.org | 200 South Michigan Avenue, Suite 3100, Chicago, IL 60604
Metropolitan Transit Development Corp. | Sponsor — Development | Marcus Jennings | VP, Real Estate Development | (312) 555-0103 | mjennings@mtdc.org | 200 South Michigan Avenue, Suite 3100, Chicago, IL 60604
Metropolitan Transit Development Corp. | Sponsor — General Counsel | Lydia Okafor | General Counsel | (312) 555-0104 | lokafor@mtdc.org | 200 South Michigan Avenue, Suite 3100, Chicago, IL 60604
Metropolitan Transit Development Corp. | Project Director | Connor McBride | Project Director, Hudson Yards West | (212) 555-0180 | cmcbride@mtdc.org | 200 South Michigan Avenue, Suite 3100, Chicago, IL 60604
Metropolitan Transit Development Corp. | Board Chair | Margaret Kowalski | Chair, Board of Directors | (312) 555-0100 | mkowalski@mtdc.org | 200 South Michigan Avenue, Suite 3100, Chicago, IL 60604
Calderwood & Harkness LLP | Borrower's Counsel — Responsible Partner | Douglas Fairchild | Partner, Real Estate | (212) 555-0201 | dfairchild@calderwoodharkness.com | One Liberty Plaza, 55th Floor, New York, NY 10006
Calderwood & Harkness LLP | Borrower's Counsel — Billing Partner | Angela Fontaine | Partner, Real Estate | (212) 555-0202 | afontaine@calderwoodharkness.com | One Liberty Plaza, 55th Floor, New York, NY 10006
Calderwood & Harkness LLP | Borrower's Counsel — Lead Associate | Grace Nakamura | Senior Associate, Real Estate | (212) 555-0203 | gnakamura@calderwoodharkness.com | One Liberty Plaza, 55th Floor, New York, NY 10006
Calderwood & Harkness LLP | Borrower's Counsel — Associate | Rafael Dominguez | Associate, Real Estate | (212) 555-0204 | rdominguez@calderwoodharkness.com | One Liberty Plaza, 55th Floor, New York, NY 10006
Calderwood & Harkness LLP | Tax Specialist | Sylvia Hartwell | Partner, Tax | (212) 555-0205 | shartwell@calderwoodharkness.com | One Liberty Plaza, 55th Floor, New York, NY 10006
Ironclad National Bank, N.A. | Senior Lender — Lead | Kenneth Pryor | Managing Director, RE Finance | (212) 555-0301 | kpryor@ironcladbank.com | 277 Park Avenue, New York, NY 10172
Ironclad National Bank, N.A. | Senior Lender — Originations | Samantha Bledsoe | Vice President, Loan Originations | (212) 555-0302 | sbledsoe@ironcladbank.com | 277 Park Avenue, New York, NY 10172
Ironclad National Bank, N.A. | Senior Lender — Deal Team | Jordan Hale | Associate, RE Finance | (212) 555-0303 | jhale@ironcladbank.com | 277 Park Avenue, New York, NY 10172
Granite Peak Capital Partners, LP | Mezzanine Lender — Principal | Diane Castellano | Managing Partner | (212) 555-0401 | dcastellano@granitepeak.com | 9 West 57th Street, Suite 4200, New York, NY 10019
Granite Peak Capital Partners, LP | Mezzanine Lender — Originations | Victor Salinas | SVP, Originations | (212) 555-0402 | vsalinas@granitepeak.com | 9 West 57th Street, Suite 4200, New York, NY 10019
Granite Peak Capital Partners, LP | Mezzanine Lender — Legal | Rebecca Thornton | In-house Counsel | (212) 555-0403 | rthornton@granitepeak.com | 9 West 57th Street, Suite 4200, New York, NY 10019
Clearfield & Associates LLP | Senior Lender's Counsel | Harrison Whitmore | Partner, RE Finance | (212) 555-0501 | hwhitmore@clearfieldlaw.com | 399 Park Avenue, 28th Floor, New York, NY 10022
Voss Richter & Baines LLP | Mezzanine Lender's Counsel | Natasha Ivanovic | Partner, RE Finance | (212) 555-0601 | nivanovic@vrblaw.com | 1251 Avenue of the Americas, 34th Floor, New York, NY 10020
Hargrove & Linden, P.C. | Zoning / Land Use Counsel | Raymond Cho | Partner | (212) 555-0701 | rcho@hargrovelinden.com | 225 Broadway, Suite 1800, New York, NY 10007
Sentinel Title & Escrow Company | Title / Escrow | Patricia Eng | Closing Officer | (212) 555-0801 | peng@sentineltitle.com | 140 Broadway, 20th Floor, New York, NY 10005
Broadstreet Appraisal Group, Inc. | Appraiser | Marcus Tolliver | Senior Appraiser, MAI | (212) 555-0901 | mtolliver@broadstreetappraisal.com | 521 Fifth Avenue, Suite 1700, New York, NY 10175
Apex Environmental Consultants, Inc. | Environmental Consultant | Dr. Lena Kaur | Project Manager | (732) 555-1001 | lkaur@apexenv.com | 100 Metroplex Drive, Suite 300, Edison, NJ 08817
Trident Structural Engineers, P.C. | Structural Engineer / PCA | Dr. Rajesh Banerjee | Principal Engineer, PE | (212) 555-1101 | rbanerjee@tridentse.com | 32 Old Slip, 15th Floor, New York, NY 10005
Cobalt Construction Group, Inc. | General Contractor — CEO | Frank DelVecchio | CEO | (212) 555-1201 | fdelvecchio@cobaltcg.com | 330 West 42nd Street, 9th Floor, New York, NY 10036
Cobalt Construction Group, Inc. | General Contractor — Project Executive | Hiroshi Tanaka | Project Executive | (212) 555-1202 | htanaka@cobaltcg.com | 330 West 42nd Street, 9th Floor, New York, NY 10036
Cobalt Construction Group, Inc. | General Contractor — CFO | Gail Merriman | CFO | (212) 555-1203 | gmerriman@cobaltcg.com | 330 West 42nd Street, 9th Floor, New York, NY 10036
Evergreen Property Management LLC | Property Manager | Teresa Langford | Principal | (212) 555-1301 | tlangford@evergreenpm.com | 601 West 26th Street, Suite 410, New York, NY 10001
Whitfield Albrecht & Co. LLP | Auditor / Accountant | Sandra Okonkwo | Engagement Partner, CPA | (312) 555-1401 | sokonkwo@whitfieldalbrecht.com | 155 North Wacker Drive, Suite 2200, Chicago, IL 60606
Castleton Insurance Brokerage, Inc. | Insurance Broker | Brian Jessup | Account Executive | (212) 555-1501 | bjessup@castletonins.com | 1185 Avenue of the Americas, 14th Floor, New York, NY 10036
Pinnacle Ratings Group | Credit Rating Agency | Christine Morales | Lead Analyst | (212) 555-1601 | cmorales@pinnacleratings.com | One World Financial Center, New York, NY 10281
Fortis Indemnity Insurance Co. | Builder's Risk Insurer | James Hartfield | Senior Underwriter | (860) 555-1701 | jhartfield@fortisindemnity.com | 100 Constitution Plaza, Hartford, CT 06103
[sheet: I - Organizational Docs]
Item No. | Description | Responsible Party | Prepared By | Reviewed By | Due Date | Status | Date Received | Notes / Comments
I-1 | Certificate of Formation — Hudson Yards West Mortgage LLC (Delaware) | MTDC / C&H | Calderwood & Harkness LLP | Clearfield & Associates LLP | 2025-06-01 | Not Started | SPE; EIN to be obtained upon formation
I-2 | Limited Liability Company Agreement — Hudson Yards West Mortgage LLC | MTDC / C&H | Calderwood & Harkness LLP | Clearfield & Associates LLP | 2025-06-01 | Not Started | SPE operating agreement with separateness covenants
I-3 | Certificate of Formation — Hudson Yards West Mezzanine LLC (Delaware) | MTDC / C&H | Calderwood & Harkness LLP | Voss Richter & Baines LLP | 2025-06-01 | Not Started | SPE; EIN to be obtained upon formation
I-4 | Limited Liability Company Agreement — Hudson Yards West Mezzanine LLC | MTDC / C&H | Calderwood & Harkness LLP | Voss Richter & Baines LLP | 2025-06-01 | Not Started | SPE operating agreement with separateness covenants
I-5 | Certificate of Good Standing — Hudson Yards West Mortgage LLC (Delaware SOS) | MTDC / C&H | Delaware Secretary of State | Clearfield & Associates LLP | 2025-06-12 | Not Started | Dated within 30 days of closing
I-6 | Certificate of Good Standing — Hudson Yards West Mezzanine LLC (Delaware SOS) | MTDC / C&H | Delaware Secretary of State | Voss Richter & Baines LLP | 2025-06-12 | Not Started | Dated within 30 days of closing
I-7 | Certificate of Authority to do business — HYW Mortgage LLC (New York) | MTDC / C&H | New York Department of State | Clearfield & Associates LLP | 2025-06-12 | Not Started | Foreign LLC qualification in NY
I-8 | Certificate of Authority to do business — HYW Mezzanine LLC (New York) | MTDC / C&H | New York Department of State | Voss Richter & Baines LLP | 2025-06-12 | Not Started | Foreign LLC qualification in NY
I-9 | Organizational documents of MTDC — Enabling legislation, charter, bylaws | MTDC | MTDC (Lydia Okafor) | Clearfield & Associates LLP / VRB | 2025-05-15 | Not Started | Illinois government instrumentality; include all amendments
I-10 | Resolution of MTDC Board of Directors authorizing the Transaction | MTDC | MTDC (Margaret Kowalski / Lydia Okafor) | Clearfield & Associates LLP | 2025-06-01 | Not Started | Board resolution signed by Margaret Kowalski, Chair
I-11 | Incumbency Certificate of MTDC officers | MTDC | MTDC (Lydia Okafor) | Clearfield & Associates LLP | 2025-06-12 | Not Started | Covering David Harrington (Exec. Dir.), Priya Subramanian (CFO), Marcus Jennings (VP RE Dev.), Lydia Okafor (GC), Connor McBride (Project Dir.)
I-12 | Certificate of Good Standing — MTDC (Illinois SOS) | MTDC | Illinois Secretary of State | Clearfield & Associates LLP | 2025-06-12 | Not Started | Dated within 30 days of closing
I-13 | Organizational chart showing all entities in borrower structure | MTDC / C&H | Calderwood & Harkness LLP | Clearfield & Associates LLP / VRB | 2025-05-15 | Not Started | Must show MTDC → HYW Mezzanine LLC → HYW Mortgage LLC
I-14 | Manager's Certificate — HYW Mortgage LLC (authorization, incumbency, no litigation) | MTDC / C&H | Calderwood & Harkness LLP | Clearfield & Associates LLP | 2025-06-12 | Not Started
I-15 | Manager's Certificate — HYW Mezzanine LLC (authorization, incumbency, no litigation) | MTDC / C&H | Calderwood & Harkness LLP | Voss Richter & Baines LLP | 2025-06-12 | Not Started
I-16 | Non-consolidation opinion (Mortgage Borrower) | C&H | Calderwood & Harkness LLP (Sylvia Hartwell) | Clearfield & Associates LLP | 2025-06-13 | Not Started | Substantive consolidation analysis
I-17 | Non-consolidation opinion (Mezzanine Borrower) | C&H | Calderwood & Harkness LLP (Sylvia Hartwell) | Voss Richter & Baines LLP | 2025-06-13 | Not Started | Substantive consolidation analysis
I-18 | Independent Director Designation — HYW Mortgage LLC | MTDC / C&H | Calderwood & Harkness LLP | Clearfield & Associates LLP | 2025-06-01 | Not Started | Required per SPE separateness covenants; independent director to be appointed
I-19 | Independent Director Designation — HYW Mezzanine LLC | MTDC / C&H | Calderwood & Harkness LLP | Voss Richter & Baines LLP | 2025-06-01 | Not Started | Required per SPE separateness covenants; independent director to be appointed
I-20 | Certificate of Formation — HYW Mortgage LLC (certified copy from Delaware SOS) | MTDC / C&H | Delaware Secretary of State | Clearfield & Associates LLP / VRB | 2025-06-12 | Not Started | Certified copy for closing binder
[sheet: II - Senior Loan Docs]
Item No. | Description | Responsible Party | Prepared By | Reviewed By | Due Date | Status | Date Received | Notes / Comments
II-1 | Senior Mortgage Loan Agreement ($475,000,000) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Borrower: HYW Mortgage LLC; Lender/Agent: Ironclad National Bank, N.A.; Term SOFR + 425 bps; SOFR floor 1.00%; initial maturity June 15, 2029
II-2 | Senior Mortgage Note ($475,000,000) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Interest-only during construction
II-3 | Consolidated Mortgage, Assignment of Leases and Rents, and Security Agreement | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | 450 West 34th Street; Block 729, Lots 1, 5, 12, 15; to be recorded NYC ACRIS
II-4 | Assignment of Leases and Rents (separate instrument) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Absolute assignment with license back
II-5 | Senior Guaranty Agreement (Payment and Completion) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Guarantor: Metropolitan Transit Development Corp.
II-6 | Environmental Indemnity Agreement (Senior) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Borrower and MTDC jointly
II-7 | Cash Management Agreement / Lockbox Agreement | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Hard lockbox; springing cash sweep at DSCR < 1.10x or EOD
II-8 | Reserve Agreement (Tax, Insurance, Replacement, Interest, Carry) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Include construction interest reserve
II-9 | Building Loan Agreement | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | NY Lien Law Article 2 compliant; filed with NYC Dept. of Buildings
II-10 | Disbursement Agreement / Draw Schedule | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Monthly draws; AIA G702/G703 format
II-11 | Deposit Account Control Agreements (DACAs) | Ironclad | Ironclad National Bank, N.A. | Calderwood & Harkness LLP | 2025-06-01 | Not Started | All project accounts at Ironclad
II-12 | Pledge and Security Agreement — Mortgage Borrower (personal property) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | UCC Article 9 — personal property component
II-13 | UCC-1 Financing Statements (Mortgage Borrower as Debtor — filed NY SOS and NYC Register) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-06-12 | Not Started | To be filed day of closing
II-14 | Subordination, Non-Disturbance, and Attornment Agreement (SNDA) — Ground Lease | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP / NYCEDC | 2025-06-01 | Not Started | Requires NYCEDC consent — ground lease CRFN 2020000198762
II-15 | Leasehold Mortgagee Recognition Agreement (NYCEDC) | NYCEDC / Ironclad | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-06-01 | Not Started | Ground lessor recognition of senior leasehold mortgage
II-16 | Senior Loan Fee Letter (Origination Fee: $4,750,000 — 1.00%) | Ironclad | Ironclad National Bank, N.A. | Calderwood & Harkness LLP | 2025-06-01 | Not Started | $475M × 1.00% = $4,750,000; Senior exit fee 0.25% of outstanding
II-17 | Extension Conditions Letter | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Two 1-year extensions: first to June 15, 2030; final to June 15, 2031
II-18 | Financial Covenants Schedule (DSCR, LTV, Debt Yield) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Combined DSCR min 1.20x (quarterly, trailing 12 mo); combined LTV max 70.0% (annual); combined debt yield min 8.0% (quarterly)
II-19 | Pre-Closing Borrower Certificate (Bring-Down) | C&H | Calderwood & Harkness LLP | Clearfield & Associates LLP | 2025-06-13 | Not Started | Representations and warranties bring-down
II-20 | Closing Certificate and Funds Flow Memorandum (Senior) | Ironclad / C&H | Calderwood & Harkness LLP / Clearfield | All parties | 2025-06-13 | Not Started | Wire instructions; Ironclad ABA 021-003-178
II-21 | Completion Guaranty Agreement | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Guarantor: MTDC; guarantees completion of construction per approved plans
II-22 | Interest Rate Cap Agreement / Hedge Documentation | Ironclad / MTDC | Ironclad National Bank, N.A. | Calderwood & Harkness LLP | 2025-06-12 | Not Started | SOFR cap required per loan agreement; notional amount $475,000,000; strike rate TBD
[sheet: III - Mezzanine Loan Docs]
Item No. | Description | Responsible Party | Prepared By | Reviewed By | Due Date | Status | Date Received | Notes / Comments
III-1 | Mezzanine Loan Agreement ($200,000,000) | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Borrower: HYW Mezzanine LLC; Lender: Granite Peak Capital Partners, LP; fixed rate 11.50%
III-2 | Mezzanine Promissory Note ($200,000,000) | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Fixed rate 11.50% per annum
III-3 | Mezzanine Pledge and Security Agreement (pledge of membership interests in HYW Mortgage LLC) | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Pledgor: HYW Mezzanine LLC; collateral: 100% membership interests in HYW Mortgage LLC
III-4 | UCC-1 Financing Statement — Mezzanine (HYW Mezzanine LLC as Debtor, Delaware SOS) | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-06-12 | Not Started | Equity pledge filing
III-5 | Mezzanine Guaranty Agreement (Payment and Completion) | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Guarantor: Metropolitan Transit Development Corp.
III-6 | Environmental Indemnity Agreement (Mezzanine) | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-01 | Not Started | Borrower and MTDC jointly
III-7 | Mezzanine Loan Fee Letter (Origination Fee: $3,000,000 — 1.50%) | Granite Peak | Granite Peak Capital Partners, LP | Calderwood & Harkness LLP | 2025-06-01 | Not Started | $200M × 1.50% = $3,000,000; Mezzanine exit fee 0.50% of outstanding
III-8 | Mezzanine Cash Management Agreement | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Waterfall subordinate to senior cash management
III-9 | Mezzanine Reserve Agreement | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Mezzanine-level reserves as required by mezzanine loan agreement
III-10 | Mezzanine Completion Guaranty Agreement | Granite Peak / VRB | Voss Richter & Baines LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Guarantor: MTDC; construction completion guaranty for mezzanine lender
III-11 | Pre-Closing Borrower Certificate — Mezzanine (Bring-Down) | C&H | Calderwood & Harkness LLP | Voss Richter & Baines LLP | 2025-06-13 | Not Started | Representations and warranties bring-down
III-12 | Closing Certificate and Funds Flow Memorandum (Mezzanine) | Granite Peak / C&H | Calderwood & Harkness LLP / VRB | All parties | 2025-06-13 | Not Started | Wire instructions for mezzanine disbursement
[sheet: IV - Intercreditor]
Item No. | Description | Responsible Party | Prepared By | Reviewed By | Due Date | Status | Date Received | Notes / Comments
IV-1 | Intercreditor Agreement (Senior / Mezzanine) | Ironclad / Granite Peak | Clearfield & Associates LLP | Voss Richter & Baines LLP / Calderwood & Harkness LLP | 2025-05-15 | Not Started | Governs cure rights, purchase option, standstill, casualty/condemnation waterfall
IV-2 | Co-Lender Agreement (Senior Syndicate) | Ironclad | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-05-15 | Not Started | Ironclad as Agent; syndicate members: Ridgeline Savings Bank, Atlas Mutual Insurance Company, Commonwealth Trust Company, Harborview Federal Savings Bank, Meridian Pacific Bank
IV-3 | Syndicate Allotment / Assignment Schedule (Senior) | Ironclad | Ironclad National Bank, N.A. | Clearfield & Associates LLP | 2025-06-01 | Not Started | Allocation: Ironclad $150M, Ridgeline $75M, Atlas Mutual $75M, Commonwealth Trust $75M, Harborview $50M, Meridian Pacific $50M = $475M
IV-4 | Senior Lender Recognition of Mezzanine Lender's Rights | Ironclad / Clearfield | Clearfield & Associates LLP | Voss Richter & Baines LLP | 2025-05-15 | Not Started | Acknowledgment of mezzanine lender cure rights and purchase option
IV-5 | Mezzanine Lender Subordination Acknowledgment | Granite Peak / VRB | Voss Richter & Baines LLP | Clearfield & Associates LLP | 2025-05-15 | Not Started | Mezzanine lender acknowledgment of subordination to senior mortgage
IV-6 | Assignment and Assumption Agreements (Senior Syndicate Members) | Ironclad / Clearfield | Clearfield & Associates LLP | Calderwood & Harkness LLP | 2025-06-12 | Not Started | Individual assignment agreements for each syndicate member: Ridgeline, Atlas Mutual, Commonwealth Trust, Harborview, Meridian Pacific