1036-00004 · Client 1036 · Closing

closing-binder-index.xlsx DOCUMENT Real Estate

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[sheet: Cover Page]

Field	Value
Transaction	Acquisition of 100% Membership Interests in 14 Property-Owning Delaware LLCs
Buyer	Fairwater Real Estate Investment Trust
Seller	Greystone Meridian Partners Fund III, L.P.
Purchase Price	$1,100,000,000
Closing Date	June 6, 2024
Buyer's Counsel	Calderwood & Harkness LLP
Matter Number	1036-00004
Responsible Partner	Douglas Fairchild
Billing Partner	Angela Fontaine
Lead Associate	Grace Nakamura
Working Associate	Rafael Dominguez
Tax Partner	Sylvia Hartwell
C&H Office — DC	1700 K Street NW, Suite 900, Washington, DC 20006
C&H Office — NY	450 Park Avenue, 28th Floor, New York, NY 10022
Seller's Counsel	Blackridge Hayes LLP
Title Company / Escrow Agent	Commonwealth National Title Insurance Company
Binder Prepared By	Calderwood & Harkness LLP

[sheet: Master Index]

Tab #	Category	Document Title	Description / Notes	Parties / Signatories	Execution Date	Effective Date	Original / Copy	Pages
1.1	I. PURCHASE AND SALE AGREEMENT	Purchase and Sale Agreement — Execution Version	PSA between GMP Fund III (Seller) and Fairwater REIT (Buyer); NY governing law; 87 pages + exhibits/schedules; $1,100,000,000 purchase price; $612,000,000 assumed debt; $488,000,000 cash equity	Greystone Meridian Partners Fund III, L.P. / Fairwater Real Estate Investment Trust	2/28/2024	2/28/2024	Original	87
1.2	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit A: Legal Descriptions (14 Properties)	Metes-and-bounds / plat descriptions for all 14 properties in GA, TX, FL, TN, NC	2/28/2024	2/28/2024	Original	42
1.3	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit B: Form of Assignment and Assumption of Membership Interests	Form used at closing for each of the 14 Target Entities	2/28/2024	2/28/2024	Original	8
1.4	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit C: Form of Seller's Closing Certificate	Bring-down of Seller representations and warranties	2/28/2024	2/28/2024	Original	4
1.5	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit D: Form of Buyer's Closing Certificate	Bring-down of Buyer representations and warranties	2/28/2024	2/28/2024	Original	4
1.6	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit E: Form of Tenant Estoppel Certificate	Standard estoppel form for each of 87 leases	2/28/2024	2/28/2024	Original	5
1.7	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit F: Form of SNDA	Subordination, Non-Disturbance and Attornment Agreement for Major Tenants (ABR ≥ $1,500,000)	2/28/2024	2/28/2024	Original	12
1.8	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit G: Form of Escrow Agreement	Escrow Agreement for $27,500,000 EMD and $16,500,000 Indemnity Escrow with Commonwealth National Title Insurance Company	2/28/2024	2/28/2024	Original	15
1.9	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit H: Rent Roll (as of 12/31/2023)	87-lease rent roll; $74,800,000 annual in-place base rent; 93.2% weighted-average occupancy	2/28/2024	2/28/2024	Original	18
1.10	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit I: List of Service Contracts	63 property-level service contracts with assignability and termination provisions	2/28/2024	2/28/2024	Original	14
1.11	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit J: List of Pending Litigation	Disclosure of pending or threatened litigation	2/28/2024	2/28/2024	Original	3
1.12	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit K: Purchase Price Allocation Schedule	Allocation of $1,100,000,000 among 14 properties based on appraised values (Stonebridge Valuation Advisors, LLC)	2/28/2024	2/28/2024	Original	6
1.13	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit L: Form of Transition Services Agreement	90-day transition; Argyle Property Services LLC to Fairwater PM; $375,000/month	2/28/2024	2/28/2024	Original	18
1.14	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit M: Insurance Requirements	Required coverages from Ironclad Indemnity Insurance Company	2/28/2024	2/28/2024	Original	7
1.15	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit N: Environmental Reports List	Schedule listing 14 Phase I ESAs by Trident Environmental Group LLC	2/28/2024	2/28/2024	Original	4
1.16	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit O: Form of FIRPTA Certificate	Non-foreign person affidavit for Seller	2/28/2024	2/28/2024	Original	2
1.17	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit P: Permitted Exceptions	Schedule of permitted title exceptions for each property	2/28/2024	2/28/2024	Original	22
1.18	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit Q: Assumed Loan Documents List	List of loan documents for Pinnacle, Veltrano, and Sycamore facilities; $612,000,000 aggregate	2/28/2024	2/28/2024	Original	8
1.19	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit R: Form of Lender Consent Letter	Template consent letter for change of control approval	2/28/2024	2/28/2024	Original	6
1.20	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit S: Form of Replacement Guaranty	Replacement carve-out guaranty form; $500,000,000 min net worth; $50,000,000 min liquid assets	2/28/2024	2/28/2024	Original	14
1.21	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit T: Form of Title Affidavit (Seller)	Owner's affidavit for Commonwealth National Title	2/28/2024	2/28/2024	Original	3
1.22	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit U: Proration and Working-Capital Methodology	Proration methodology; $14,760,000 est. annual RE taxes; $1,850,000 CAM/OpEx reserve; $4,283,000 security deposits	2/28/2024	2/28/2024	Original	10
1.23	I. PURCHASE AND SALE AGREEMENT	PSA — Exhibit V: Form of Post-Closing Proration True-Up Statement	Template for 90-day post-closing true-up calculation	2/28/2024	2/28/2024	Original	5
1.24	I. PURCHASE AND SALE AGREEMENT	PSA — Schedule 1: Disclosure Schedules (General)	Seller disclosure schedules covering reps/warranties exceptions	2/28/2024	2/28/2024	Original	28

1.25	I. PURCHASE AND SALE AGREEMENT	PSA — Schedules 2-1 through 2-14: Property-Specific Disclosure Schedules	Individual disclosure schedules for each of 14 Target Entities	2/28/2024	2/28/2024	Original	56
1.26	I. PURCHASE AND SALE AGREEMENT	PSA — First Amendment	Extended estoppel deadline from May 10, 2024 to May 15, 2024; clarified PCA credit mechanics ($1,070,000 credit to Buyer)	4/12/2024	4/12/2024	Original	4
1.27	I. PURCHASE AND SALE AGREEMENT	PSA — Second Amendment	Extended closing date from May 31, 2024 to June 7, 2024 to accommodate Pinnacle Federal Bank lender consent delay	5/28/2024	5/28/2024	Original	3
2.1	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Fairfield I LLC	Transfer of 100% membership interests; Fairburn, GA (Logistics, 412,000 RSF); EIN 84-2310561	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.2	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Fairfield II LLC	Transfer of 100% membership interests; Fairburn, GA (Logistics, 387,000 RSF); EIN 84-2310578	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.3	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Westlake LLC	Transfer of 100% membership interests; Houston, TX (Logistics, 624,000 RSF); EIN 84-2415693	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.4	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Katy LLC	Transfer of 100% membership interests; Katy, TX (Logistics, 538,000 RSF); EIN 84-2415710	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.5	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Alliance LLC	Transfer of 100% membership interests; Fort Worth, TX (Logistics, 485,000 RSF); EIN 84-2415728	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.6	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Lakeland LLC	Transfer of 100% membership interests; Lakeland, FL (Logistics, 372,000 RSF); EIN 84-2527834	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.7	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Southport LLC	Transfer of 100% membership interests; Jacksonville, FL (Logistics, 410,000 RSF); EIN 84-2527849	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.8	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Murfreesboro LLC	Transfer of 100% membership interests; Murfreesboro, TN (Logistics, 502,000 RSF); EIN 84-2527856	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.9	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Buckhead LLC	Transfer of 100% membership interests; Atlanta, GA (Office, 285,000 RSF); EIN 84-2639901	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.10	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP SouthPark LLC	Transfer of 100% membership interests; Charlotte, NC (Office, 218,000 RSF); EIN 84-2639918	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.11	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Cool Springs LLC	Transfer of 100% membership interests; Brentwood, TN (Office, 196,000 RSF); EIN 84-2639925	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.12	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Brickell LLC	Transfer of 100% membership interests; Miami, FL (Office, 152,000 RSF); EIN 84-2639932	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.13	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Peachtree LLC	Transfer of 100% membership interests; Peachtree Corners, GA (Logistics, 345,000 RSF); EIN 84-2741063	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
2.14	II. ASSIGNMENTS OF MEMBERSHIP INTERESTS	Assignment and Assumption of Membership Interests — GMP Mount Juliet LLC	Transfer of 100% membership interests; Mount Juliet, TN (Logistics, 298,000 RSF); EIN 84-2741070	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	6
3.1	III. CLOSING CERTIFICATES	Seller's Closing Certificate	Bring-down of Seller's representations and warranties to closing date; signed by Victor Lansdell	Greystone Meridian Partners Fund III, L.P. (by Greystone Meridian Capital LLC, as GP)	6/6/2024	6/6/2024	Original	5
3.2	III. CLOSING CERTIFICATES	Buyer's Closing Certificate	Bring-down of Buyer's representations and warranties to closing date; signed by Marcus Devereaux	Fairwater Real Estate Investment Trust	6/6/2024	6/6/2024	Original	5
3.3	III. CLOSING CERTIFICATES	FIRPTA Certificate (Seller)	Non-foreign person affidavit; GMP Fund III EIN 83-1647205; domestic limited partnership	Greystone Meridian Partners Fund III, L.P.	6/6/2024	6/6/2024	Original	2
3.4	III. CLOSING CERTIFICATES	Secretary's Certificate — Seller	Certificate of Greystone Meridian Capital LLC (as GP) attaching resolutions, incumbency, and organizational documents	Greystone Meridian Capital LLC	6/6/2024	6/6/2024	Original	18
3.5	III. CLOSING CERTIFICATES	Secretary's Certificate — Buyer	Certificate of Fairwater REIT attaching board of trustees resolutions and incumbency of signatories	Fairwater Real Estate Investment Trust	6/6/2024	6/6/2024	Original	22
4.1	IV. ESCROW AGREEMENTS	Escrow Agreement — Indemnity Escrow (Execution Version)	$16,500,000 indemnity escrow (1.5% of purchase price); 18-month term; escrow agent: Commonwealth National Title Insurance Company	Fairwater REIT / GMP Fund III / Commonwealth National Title Insurance Company	6/6/2024	6/6/2024	Original	16
4.2	IV. ESCROW AGREEMENTS	Escrow Agreement — Earnest Money Deposit (Executed)	$55,000,000 aggregate deposits ($27,500,000 initial 3/1/2024 + $27,500,000 additional 4/16/2024); closing release instructions	Fairwater REIT / GMP Fund III / Commonwealth National Title Insurance Company	3/1/2024	3/1/2024	Original	14
5.1	V. LENDER CONSENTS & LOAN ASSUMPTION	Lender Consent — Pinnacle Federal Bank, N.A. (Executed)	Consent to change of control for Loans 1-A through 1-H; $421,600,000 OPB; consent fee $1,054,000	Pinnacle Federal Bank, N.A.	6/4/2024	6/4/2024	Original	8

5.2	V. LENDER CONSENTS & LOAN ASSUMPTION	Lender Consent — Veltrano Capital Lending Corp. (Executed)	Consent to change of control for Loans 2-A through 2-D; $142,300,000 OPB; consent fee $711,500	Veltrano Capital Lending Corp.	5/17/2024	5/17/2024	Original	7
5.3	V. LENDER CONSENTS & LOAN ASSUMPTION	Lender Consent — Sycamore Life Insurance Company (Executed)	Consent to change of control for Loans 3-A and 3-B; $48,100,000 OPB; consent fee $60,125	Sycamore Life Insurance Company	5/22/2024	5/22/2024	Original	6
5.4	V. LENDER CONSENTS & LOAN ASSUMPTION	Replacement Guaranty — Pinnacle Loans (Execution Version)	Replacement carve-out guaranty; Fairwater REIT as guarantor; min tangible net worth $500,000,000; min liquid assets $50,000,000	Fairwater REIT / Pinnacle Federal Bank, N.A.	6/6/2024	6/6/2024	Original	18
5.5	V. LENDER CONSENTS & LOAN ASSUMPTION	Replacement Guaranty — Veltrano Loans (Execution Version)	Replacement carve-out guaranty; Fairwater REIT as guarantor	Fairwater REIT / Veltrano Capital Lending Corp.	6/6/2024	6/6/2024	Original	16
5.6	V. LENDER CONSENTS & LOAN ASSUMPTION	Replacement Guaranty — Sycamore Loans (Execution Version)	Replacement carve-out guaranty; Fairwater REIT as guarantor	Fairwater REIT / Sycamore Life Insurance Company	6/6/2024	6/6/2024	Original	14
5.7	V. LENDER CONSENTS & LOAN ASSUMPTION	Assumption Agreement — Pinnacle Loans (Execution Version)	Assumption of borrower obligations; Master Loan Agreement dated 9/15/2020; 4.22% fixed; maturing 7/1/2028	Fairwater REIT / Pinnacle Federal Bank, N.A.	6/6/2024	6/6/2024	Original	22
5.8	V. LENDER CONSENTS & LOAN ASSUMPTION	Assumption Agreement — Veltrano Loans (Execution Version)	Assumption of borrower obligations; Loan Agreement dated 2/1/2021; 4.68% fixed; maturing 3/1/2029	Fairwater REIT / Veltrano Capital Lending Corp.	6/6/2024	6/6/2024	Original	19
5.9	V. LENDER CONSENTS & LOAN ASSUMPTION	Assumption Agreement — Sycamore Loans (Execution Version)	Assumption of borrower obligations; Note Purchase Agreement dated 11/22/2019; 3.95% fixed; maturing 12/1/2030	Fairwater REIT / Sycamore Life Insurance Company	6/6/2024	6/6/2024	Original	15
5.10	V. LENDER CONSENTS & LOAN ASSUMPTION	Lender Consent Fee Wire Instructions & Confirmation Memo	Wire confirmations for consent fees totaling $1,825,625 (split 50/50: Buyer $912,812.50 / Seller $912,812.50)	6/6/2024	6/6/2024	Copy	4
6.1	VI. TITLE & SURVEY	Title Pro Forma Owner's Policies — All Properties	ALTA Owner's Policies (2021 form); aggregate insured amount $1,100,000,000; Commonwealth National Title Insurance Company	6/6/2024	6/6/2024	Original	196
6.2	VI. TITLE & SURVEY	Title Affidavit — Seller (Each Target Entity)	Owner's affidavit for each of 14 Target Entities; executed by authorized officer of Greystone Meridian Capital LLC as GP	GMP Fund III / Greystone Meridian Capital LLC	6/6/2024	6/6/2024	Original	42
6.3	VI. TITLE & SURVEY	Gap Indemnity / Bring-Down Letter — Commonwealth Title	Gap coverage confirmation from commitment effective date through closing	Commonwealth National Title Insurance Company	6/6/2024	6/6/2024	Original	3
6.4	VI. TITLE & SURVEY	Title Insurance Premium Allocation Schedule	$2,420,000 allocated across 14 properties (owner's and loan policies)	6/6/2024	6/6/2024	Copy	2
6.5	VI. TITLE & SURVEY	Marked-Up Title Commitments with Permitted Exceptions	Each commitment marked to reflect negotiated permitted exceptions per PSA Exhibit P	6/6/2024	6/6/2024	Copy	154
6.6	VI. TITLE & SURVEY	Final Certified Surveys — Transmittal and Certification Memo	ALTA/NSPS 2021 surveys by Meridian Land Surveying, Inc. (Daniel Caulfield, PLS, PE); certified to Buyer, title company, and lenders	6/6/2024	6/6/2024	Copy	56
7.1	VII. ESTOPPELS & SNDAs	Estoppel Certificate Compilation (Executed) — Portfolio Binder	79 executed tenant estoppels; 91.4% ABR coverage ($68,371,200 of $74,800,000); exceeds 80% threshold ($59,840,000)	Various	Various	Original	316
7.2	VII. ESTOPPELS & SNDAs	SNDA Compilation (Executed) — 34 of 38	34 executed Subordination, Non-Disturbance and Attornment Agreements for Major Tenants	Various	Various	Original	272
7.3	VII. ESTOPPELS & SNDAs	SNDA Post-Closing Carve-Out Side Letter	Acknowledgment of 4 outstanding SNDAs; $200,000 holdback from Seller proceeds; 30-day post-closing delivery period	Fairwater REIT / GMP Fund III	6/6/2024	6/6/2024	Original	3
7.4	VII. ESTOPPELS & SNDAs	Estoppel & SNDA Compliance Certificate	C&H certificate confirming PSA estoppel and SNDA conditions precedent satisfied at closing	Calderwood & Harkness LLP	6/6/2024	6/6/2024	Original	2
8.1	VIII. SETTLEMENT STATEMENTS & PRORATIONS	Closing Settlement Statement (Buyer)	All credits, debits, prorations, PCA credit ($1,070,000), deposit credits ($55,000,000), consent fees, transfer taxes, title premiums	Fairwater REIT	6/6/2024	6/6/2024	Original	8
8.2	VIII. SETTLEMENT STATEMENTS & PRORATIONS	Closing Settlement Statement (Seller)	Net cash to Seller: $486,930,000 (subject to prorations)	GMP Fund III	6/6/2024	6/6/2024	Original	8
8.3	VIII. SETTLEMENT STATEMENTS & PRORATIONS	Closing Proration Statement (Preliminary)	RE taxes ($6,332,951 Seller's share based on $14,760,000 annual × 157/366 days); CAM/OpEx reserve ($1,850,000); security deposits ($4,283,000); subject to 90-day true-up by 9/4/2024	6/6/2024	6/6/2024	Original	12
9.1	IX. ANCILLARY CLOSING DOCUMENTS	Bill of Sale — Personal Property (Portfolio-Wide)	Transfer of tangible personal property at each of 14 properties	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	4
9.2	IX. ANCILLARY CLOSING DOCUMENTS	Assignment and Assumption of Leases, Contracts, and Intangibles	Portfolio-wide assignment of 87 leases, 63 service contracts, warranties, permits, licenses, and intangibles	GMP Fund III / Fairwater REIT	6/6/2024	6/6/2024	Original	10
9.3	IX. ANCILLARY CLOSING DOCUMENTS	Transition Services Agreement (Execution Version)	90-day transition from Argyle Property Services LLC to Fairwater Property Management LLC; $375,000/month ($1,125,000 total)	Argyle Property Services LLC / Fairwater Property Management LLC	6/6/2024	6/6/2024	Original	18

9.4	IX. ANCILLARY CLOSING DOCUMENTS	Tenant Notification Letters (Form and Distribution List)	Form letter notifying 87 tenants of ownership change and new management contact (Fairwater Property Management LLC)	6/6/2024	6/7/2024	Copy	6
10.1	X. TAX DOCUMENTS	Transfer Tax Returns & Declarations — Georgia (4 properties)	Controlling-interest transfer tax; est. ~$1,250,000	6/6/2024	6/6/2024	Original	16
10.2	X. TAX DOCUMENTS	Transfer Tax Returns & Declarations — Florida (3 properties)	Documentary stamp tax; est. ~$1,680,000	6/6/2024	6/6/2024	Original	12
10.3	X. TAX DOCUMENTS	Transfer Tax Returns & Declarations — Tennessee (3 properties)	Controlling-interest transfer tax; est. ~$740,000	6/6/2024	6/6/2024	Original	12
10.4	X. TAX DOCUMENTS	Transfer Tax Returns & Declarations — North Carolina (1 property)	Transfer tax; est. ~$180,000	6/6/2024	6/6/2024	Original	4
10.5	X. TAX DOCUMENTS	FIRPTA Certificate (Seller)	[Cross-reference to Tab 3.3]	6/6/2024	6/6/2024	Cross-Ref
10.6	X. TAX DOCUMENTS	IRS Form 8594 — Asset Acquisition Statement (Draft)	Draft Form 8594 per agreed purchase price allocation (Exhibit K); total $1,100,000,000	6/6/2024	Draft	8
11.1	XI. WIRE TRANSFERS & FUNDS FLOW	Funds Flow Memorandum	All closing-day wires: equity, escrow releases, consent fees ($1,825,625), transfer taxes ($3,850,000), title premiums ($2,420,000), R&W premium ($1,402,500), SNDA holdback ($200,000), prorations	6/6/2024	6/6/2024	Original	6
11.2	XI. WIRE TRANSFERS & FUNDS FLOW	Wire Transfer Instructions — Seller (GMP Fund III)	Account at Magnolia Commerce Bank, N.A. (225 Peachtree Street NE, Suite 100, Atlanta, GA 30303; contact: Linda Prescott, VP)	6/6/2024	6/6/2024	Original	2
11.3	XI. WIRE TRANSFERS & FUNDS FLOW	Wire Transfer Instructions — Commonwealth Title (Escrow Release)	Instructions for release of $55,000,000 deposits and $16,500,000 indemnity escrow funding	6/6/2024	6/6/2024	Original	2
11.4	XI. WIRE TRANSFERS & FUNDS FLOW	Wire Confirmation Compilation	All wire confirmations received on closing date June 6, 2024	6/6/2024	6/6/2024	Copy	14
12.1	XII. R&W INSURANCE	R&W Insurance Policy — Sentinel Specialty Insurance Company (Bound)	Buyer-side R&W policy; $55,000,000 limit (5% of PP); $11,000,000 retention (1% of PP, drops to $5,500,000 at 12 months); premium $1,402,500 (2.55% of policy limit); broker: Hartwick Gunderson & Associates, Inc.	Sentinel Specialty Insurance Company / Fairwater REIT	6/6/2024	6/6/2024	Original	42
12.2	XII. R&W INSURANCE	R&W Insurance — No-Claims Declaration (Closing)	Buyer's declaration to Sentinel confirming no known claims as of closing	Fairwater REIT	6/6/2024	6/6/2024	Original	2
12.3	XII. R&W INSURANCE	R&W Insurance Premium Wire Confirmation	Confirmation of $1,402,500 premium payment wire to Sentinel Specialty Insurance Company	6/6/2024	6/6/2024	Copy	1
13.1	XIII. LOCAL COUNSEL OPINIONS	Local Counsel Opinion — Breckenridge Osgood LLP (Texas)	Due authorization, enforceability, transfer tax compliance for GMP Westlake LLC, GMP Katy LLC, GMP Alliance LLC; Partner: James Breckenridge	Breckenridge Osgood LLP	6/6/2024	6/6/2024	Original	6
13.2	XIII. LOCAL COUNSEL OPINIONS	Local Counsel Opinion — Talmadge Beaumont LLP (Georgia)	Due authorization, enforceability, transfer tax compliance for GMP Fairfield I LLC, GMP Fairfield II LLC, GMP Buckhead LLC, GMP Peachtree LLC; Partner: Catherine Beaumont	Talmadge Beaumont LLP	6/6/2024	6/6/2024	Original	7
13.3	XIII. LOCAL COUNSEL OPINIONS	Local Counsel Opinion — Haversham Cole PLLC (North Carolina)	Due authorization, enforceability, transfer tax compliance for GMP SouthPark LLC; Partner: Marshall Haversham	Haversham Cole PLLC	6/6/2024	6/6/2024	Original	5
13.4	XIII. LOCAL COUNSEL OPINIONS	Local Counsel Opinion — Ellsworth Ridley LLP (Tennessee)	Due authorization, enforceability, transfer tax compliance for GMP Murfreesboro LLC, GMP Cool Springs LLC, GMP Mount Juliet LLC; Partner: Diane Ellsworth	Ellsworth Ridley LLP	6/6/2024	6/6/2024	Original	6
13.5	XIII. LOCAL COUNSEL OPINIONS	Local Counsel Opinion — Palmetto Strauss PA (Florida)	Due authorization, enforceability, documentary stamp tax compliance for GMP Lakeland LLC, GMP Southport LLC, GMP Brickell LLC; Partner: Roberto Strauss	Palmetto Strauss PA	6/6/2024	6/6/2024	Original	6
13.6	XIII. LOCAL COUNSEL OPINIONS	Local Counsel — Compilation of Title Endorsement and Recording Confirmations	Confirmation from each local counsel that recordable documents and transfer tax returns properly filed in each jurisdiction	6/6/2024	6/6/2024	Original	10

[sheet: Property Summary]

Property #

Property Name

Address

City

State

Property Type

RSF

Year Built

Target Entity LLC

EIN

Loan Designation

Lender

Assignment Tab #

Fairfield Logistics Center I

4200 Fairfield Industrial Blvd

Fairburn

Logistics

412000

2020

GMP Fairfield I LLC

84-2310561

1-A

Pinnacle Federal Bank, N.A.

2.1

Fairfield Logistics Center II

4300 Fairfield Industrial Blvd

Fairburn

Logistics

387000

2020

GMP Fairfield II LLC

84-2310578

1-B

Pinnacle Federal Bank, N.A.

2.2

Westlake Distribution Hub

11500 Westlake Parkway

Houston

Logistics

624000

2019

GMP Westlake LLC

84-2415693

1-C

Pinnacle Federal Bank, N.A.

2.3

Katy Freeway Logistics Park

22600 Katy Freeway

Katy

Logistics

538000

2021

GMP Katy LLC

84-2415710

1-D

Pinnacle Federal Bank, N.A.

2.4

Alliance Commerce Center

2800 Alliance Gateway Blvd

Fort Worth

Logistics

485000

2020

GMP Alliance LLC

84-2415728

1-E

Pinnacle Federal Bank, N.A.

2.5

Lakeland Crossings Industrial

7100 Drane Field Road

Lakeland

Logistics

372000

2019

GMP Lakeland LLC

84-2527834

1-F

Pinnacle Federal Bank, N.A.

2.6

Southport Logistics Park

3200 Southport Connector Road

Jacksonville

Logistics

410000

2021

GMP Southport LLC

84-2527849

1-G

Pinnacle Federal Bank, N.A.

2.7

Murfreesboro Distribution Center

1600 Joe B. Jackson Parkway

Murfreesboro

Logistics

502000

2020

GMP Murfreesboro LLC

84-2527856

1-H

Pinnacle Federal Bank, N.A.

2.8

Buckhead Place Office Tower

3380 Peachtree Road NE

Atlanta

Office

285000

2018

GMP Buckhead LLC

84-2639901

2-A

Veltrano Capital Lending Corp.

2.9

SouthPark Corporate Center

6200 Fairview Road

Charlotte

Office

218000

2017

GMP SouthPark LLC

84-2639918

2-B

Veltrano Capital Lending Corp.

2.10

Cool Springs Office Park

5000 Virginia Way

Brentwood

Office

196000

2016

GMP Cool Springs LLC

84-2639925

2-C

Veltrano Capital Lending Corp.

2.11

Brickell Bay Office Building

1450 Brickell Avenue

Miami

Office

152000

2019

GMP Brickell LLC

84-2639932

2-D

Veltrano Capital Lending Corp.

2.12

Peachtree Corners Logistics Center

5900 Peachtree Industrial Blvd

Peachtree Corners

Logistics

345000

2020

GMP Peachtree LLC

84-2741063

3-A

Sycamore Life Insurance Company

2.13

Mount Juliet Commerce Park

400 South Mount Juliet Road

Mount Juliet

Logistics

298000

2021

GMP Mount Juliet LLC

84-2741070

3-B

Sycamore Life Insurance Company

2.14

TOTAL

10 Logistics / 4 Office

5224000

14 LLCs

[sheet: Key Transaction Summary]

Item	Detail
Buyer	Fairwater Real Estate Investment Trust (MD REIT; NYSE: FREIT; EIN 52-2198437)
Buyer HQ	7200 Chesapeake Parkway, Suite 1100, Columbia, MD 21044
CEO	Jonathan R. Whitmore
CFO	Patricia Sung-Calloway
EVP, Acquisitions	Marcus Devereaux
General Counsel	David Elgin Park
In-House Real Estate Counsel	Camille Oduya
Seller	Greystone Meridian Partners Fund III, L.P. (DE LP; EIN 83-1647205)
Seller GP	Greystone Meridian Capital LLC (DE LLC; EIN 83-1520984)
Seller Managing Partners	Victor Lansdell; Elise Rathborne
Seller Office	3300 Peachtree Road NE, Suite 2200, Atlanta, GA 30326
Seller Registered Agent	1209 Orange Street, Wilmington, DE 19801
Transaction Type	Entity-level acquisition of 100% membership interests in 14 single-purpose Delaware LLCs
Purchase Price	$1,100,000,000
Adjusted Purchase Price (after PCA credit)	$1,098,930,000
Total Assumed Debt	$612,000,000
Cash Equity at Closing	$488,000,000
PCA Repair Credit	$1,070,000 (50% of $2,140,000)
Net Cash to Seller	$486,930,000 (subject to prorations)
Earnest Money Deposit	$27,500,000 (deposited 3/1/2024)
Additional Deposit (Hard)	$27,500,000 (deposited 4/16/2024)
Total Deposits	$55,000,000
Indemnity Escrow	$16,500,000 (1.5% of PP; 18-month term)
PSA Execution Date	February 28, 2024

Due Diligence Expiration	April 15, 2024
Scheduled Closing Date	May 31, 2024
Actual Closing Date	June 6, 2024
Closing Delay Reason	Pending Pinnacle Federal Bank lender consent (received June 4, 2024)
PSA Governing Law	State of New York
Buyer's Counsel	Calderwood & Harkness LLP — Douglas Fairchild (Partner); Angela Fontaine (Billing Partner); Grace Nakamura (Lead Associate); Rafael Dominguez (Associate); Sylvia Hartwell (Tax Partner)
Seller's Counsel	Blackridge Hayes LLP — Nathaniel Pryce (Partner); Ingrid Solberg (Tax Partner); Thomas Keating (Senior Associate)
Title Company / Escrow Agent	Commonwealth National Title Insurance Company — Kenneth Stanhope, SVP
Pinnacle Loan	$421,600,000 OPB; 4.22% fixed; maturity 7/1/2028; Master Loan Agreement dated 9/15/2020
Veltrano Loan	$142,300,000 OPB; 4.68% fixed; maturity 3/1/2029; Loan Agreement dated 2/1/2021
Sycamore Loan	$48,100,000 OPB; 3.95% fixed; maturity 12/1/2030; Note Purchase Agreement dated 11/22/2019
Consent Fees Total	$1,825,625 (Pinnacle $1,054,000 + Veltrano $711,500 + Sycamore $60,125; split 50/50)
Transfer Taxes	$3,850,000 estimated (GA ~$1,250,000; TX $0; FL ~$1,680,000; TN ~$740,000; NC ~$180,000; split 50/50)
Title Insurance Premiums	$2,420,000 (Buyer's cost)
Survey Costs	$196,000 (Buyer's cost)
R&W Insurance	Sentinel Specialty Insurance Co.; $55,000,000 limit; $11,000,000 retention; premium $1,402,500
General Rep Cap	$55,000,000 (5% of PP)
Fundamental Rep Cap	$110,000,000 (10% of PP)
Basket (Tipping)	$5,500,000 (0.5% of PP)
De Minimis Threshold	$275,000 per claim
Rep Survival — General	18 months (expires 12/6/2025)
Rep Survival — Tax	36 months (expires 6/6/2027)
Annual In-Place Base Rent	$74,800,000
In-Place Cap Rate	6.80%
Total Portfolio RSF	5,224,000 SF

Weighted-Avg Occupancy	93.2% (as of 12/31/2023)
Number of Leases	87
Estoppel Coverage at Closing	91.4% of ABR ($68,371,200)
SNDAs Executed at Closing	34 of 38 (4 delivered post-closing by 7/2/2024)
Post-Closing True-Up Deadline	September 4, 2024
Final True-Up Amount	$347,218 net credit to Buyer (agreed 8/28/2024; paid 9/5/2024)
Buyer's Revolver	Aldgate National Bank, N.A.; $750,000,000 facility; SOFR + 130 bps; dated 8/14/2022
Anticipated Revolver Draw	~$488,000,000
C&H Legal Fee Cap	$2,800,000 plus disbursements
C&H Matter Number	1036-00004
Transition Services	Argyle Property Services LLC to Fairwater Property Management LLC; 90 days; $375,000/month ($1,125,000 total)
Property Manager — Post-Closing	Fairwater Property Management LLC (Leah Torrance, SVP Operations)
Security Deposits Transferred	$4,283,000
Operating Account Bank	Magnolia Commerce Bank, N.A. (Linda Prescott, VP)

[sheet: Key Dates Timeline]

Date	Event	Status
10/2/2023	Matter opened	Complete
10/5/2023	C&H engagement letter executed (Matter No. 1036-00004)	Complete
10/10/2023	NDA executed between Fairwater REIT and GMP Fund III	Complete
10/18/2023	LOI executed	Complete
11/1/2023	Preliminary structure memorandum circulated (entity-purchase vs. asset-purchase analysis)	Complete
11/8/2023	Survey instruction letter sent to Meridian Land Surveying, Inc.	Complete
11/15/2023	LOI exclusivity period commenced	Complete
12/15/2023	LOI exclusivity period expired; extended by amendment to 1/31/2024	Complete
1/8/2024	Initial draft PSA circulated by C&H to Blackridge Hayes LLP	Complete
1/31/2024	LOI exclusivity extension expired	Complete
2/5/2024	R&W insurance broker submission to Hartwick Gunderson & Associates	Complete
2/28/2024	PSA executed (signing)	Complete
3/1/2024	Earnest Money Deposit ($27,500,000) deposited with Commonwealth National Title	Complete
3/4/2024	Estoppel transmittal letter sent to Seller	Complete
3/5/2024	Lender consent strategy memorandum circulated	Complete
3/8/2024	Consent request letters sent to Pinnacle, Veltrano, and Sycamore counsel	Complete
3/15/2024	Survey review comment letter sent to Meridian Land Surveying	Complete
3/27/2024	Title objection letter sent to Blackridge Hayes (23 objection items)	Complete
3/29/2024	Title objection deadline (30 days from PSA execution)	Complete
4/8/2024	Title objection response received from Blackridge Hayes	Complete
4/10/2024	Comprehensive due diligence summary memorandum completed	Complete
4/11/2024	C&H acceptance/counter on title cure letter	Complete
4/12/2024	PSA First Amendment executed (estoppel deadline extended; PCA credit clarified)	Complete
4/15/2024	Due Diligence Period expiration	Complete

4/16/2024	Additional Deposit ($27,500,000) deposited (total deposits: $55,000,000)	Complete
5/8/2024	Estoppel review memorandum — 6 material discrepancies identified	Complete
5/15/2024	Estoppel delivery deadline; SNDA delivery deadline	Complete
5/17/2024	Veltrano Capital lender consent received	Complete
5/22/2024	Sycamore Life Insurance lender consent received	Complete
5/24/2024	Lender consent deadline; Pinnacle consent still pending	Complete
5/28/2024	PSA Second Amendment executed (closing extended from 5/31 to 6/7/2024)	Complete
5/31/2024	Original scheduled closing date (deferred per Second Amendment)	N/A
6/4/2024	Pinnacle Federal Bank lender consent received	Complete
6/6/2024	ACTUAL CLOSING DATE	Complete
6/7/2024	Tenant notification letters mailed/emailed to 87 tenants	Complete
7/2/2024	4 remaining post-closing SNDAs delivered; $200,000 holdback released to Seller	Complete
7/15/2024	Final ALTA Owner's Policies issued by Commonwealth National Title for all 14 properties	Complete
8/22/2024	Post-closing proration true-up memorandum completed by C&H	Complete
8/28/2024	Final post-closing proration true-up statement agreed ($347,218 net credit to Buyer)	Complete
9/4/2024	Post-closing proration true-up deadline (90 days post-closing)	Complete
9/5/2024	True-up payment of $347,218 made by Seller to Buyer	Complete
12/6/2025	General representation survival period expiration (18 months post-closing)	Pending
6/6/2027	Tax representation survival period expiration (36 months post-closing)	Pending

[sheet: Debt Assumption Summary]

Lender

Lender Address

Loan Officer

Lender Counsel

Loan Designation(s)

Properties Secured

# Properties

OPB as of 2/28/2024

Interest Rate

Maturity Date

Loan Agreement Date

Consent Fee Rate

Consent Fee Amount

Consent Received Date

Consent Tab #

Replacement Guaranty Tab #

Assumption Agreement Tab #

Pinnacle Federal Bank, N.A.

600 Travis Street, Suite 4400, Houston, TX 77002

Bradley Carston, SVP

Whitfield & Archer LLP (Sandra Whitfield)

Loans 1-A through 1-H

Fairfield I, Fairfield II, Westlake, Katy, Alliance, Lakeland, Southport, Murfreesboro

$421,600,000

4.22%

7/1/2028

Master Loan Agreement dated 9/15/2020

0.25%

$1,054,000

6/4/2024

5.1

5.4

5.7

Veltrano Capital Lending Corp.

200 South Biscayne Boulevard, Suite 3100, Miami, FL 33131

Denise Alvarado, MD

Cranford McCabe LLP (Leo Cranford)

Loans 2-A through 2-D

Buckhead, SouthPark, Cool Springs, Brickell

$142,300,000

4.68%

3/1/2029

Loan Agreement dated 2/1/2021

0.50%

$711,500

5/17/2024

5.2

5.5

5.8

Sycamore Life Insurance Company

100 Constitution Plaza, Hartford, CT 06103

Graham Hilliard, VP

Partridge Wynn & Slater LLP (Claire Wynn)

Loans 3-A and 3-B

Peachtree Corners, Mount Juliet

$48,100,000

3.95%

12/1/2030

Note Purchase Agreement dated 11/22/2019

0.125%

$60,125

5/22/2024

5.3

5.6

5.9

TOTAL

$612,000,000

$1,825,625

[sheet: Cover Page]
Field | Value
Transaction | Acquisition of 100% Membership Interests in 14 Property-Owning Delaware LLCs
Buyer | Fairwater Real Estate Investment Trust
Seller | Greystone Meridian Partners Fund III, L.P.
Purchase Price | $1,100,000,000
Closing Date | June 6, 2024
Buyer's Counsel | Calderwood & Harkness LLP
Matter Number | 1036-00004
Responsible Partner | Douglas Fairchild
Billing Partner | Angela Fontaine
Lead Associate | Grace Nakamura
Working Associate | Rafael Dominguez
Tax Partner | Sylvia Hartwell
C&H Office — DC | 1700 K Street NW, Suite 900, Washington, DC 20006
C&H Office — NY | 450 Park Avenue, 28th Floor, New York, NY 10022
Seller's Counsel | Blackridge Hayes LLP
Title Company / Escrow Agent | Commonwealth National Title Insurance Company
Binder Prepared By | Calderwood & Harkness LLP
[sheet: Master Index]
Tab # | Category | Document Title | Description / Notes | Parties / Signatories | Execution Date | Effective Date | Original / Copy | Pages
1.1 | I. PURCHASE AND SALE AGREEMENT | Purchase and Sale Agreement — Execution Version | PSA between GMP Fund III (Seller) and Fairwater REIT (Buyer); NY governing law; 87 pages + exhibits/schedules; $1,100,000,000 purchase price; $612,000,000 assumed debt; $488,000,000 cash equity | Greystone Meridian Partners Fund III, L.P. / Fairwater Real Estate Investment Trust | 2/28/2024 | 2/28/2024 | Original | 87
1.2 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit A: Legal Descriptions (14 Properties) | Metes-and-bounds / plat descriptions for all 14 properties in GA, TX, FL, TN, NC | 2/28/2024 | 2/28/2024 | Original | 42
1.3 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit B: Form of Assignment and Assumption of Membership Interests | Form used at closing for each of the 14 Target Entities | 2/28/2024 | 2/28/2024 | Original | 8
1.4 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit C: Form of Seller's Closing Certificate | Bring-down of Seller representations and warranties | 2/28/2024 | 2/28/2024 | Original | 4
1.5 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit D: Form of Buyer's Closing Certificate | Bring-down of Buyer representations and warranties | 2/28/2024 | 2/28/2024 | Original | 4
1.6 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit E: Form of Tenant Estoppel Certificate | Standard estoppel form for each of 87 leases | 2/28/2024 | 2/28/2024 | Original | 5
1.7 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit F: Form of SNDA | Subordination, Non-Disturbance and Attornment Agreement for Major Tenants (ABR ≥ $1,500,000) | 2/28/2024 | 2/28/2024 | Original | 12
1.8 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit G: Form of Escrow Agreement | Escrow Agreement for $27,500,000 EMD and $16,500,000 Indemnity Escrow with Commonwealth National Title Insurance Company | 2/28/2024 | 2/28/2024 | Original | 15
1.9 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit H: Rent Roll (as of 12/31/2023) | 87-lease rent roll; $74,800,000 annual in-place base rent; 93.2% weighted-average occupancy | 2/28/2024 | 2/28/2024 | Original | 18
1.10 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit I: List of Service Contracts | 63 property-level service contracts with assignability and termination provisions | 2/28/2024 | 2/28/2024 | Original | 14
1.11 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit J: List of Pending Litigation | Disclosure of pending or threatened litigation | 2/28/2024 | 2/28/2024 | Original | 3
1.12 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit K: Purchase Price Allocation Schedule | Allocation of $1,100,000,000 among 14 properties based on appraised values (Stonebridge Valuation Advisors, LLC) | 2/28/2024 | 2/28/2024 | Original | 6
1.13 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit L: Form of Transition Services Agreement | 90-day transition; Argyle Property Services LLC to Fairwater PM; $375,000/month | 2/28/2024 | 2/28/2024 | Original | 18
1.14 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit M: Insurance Requirements | Required coverages from Ironclad Indemnity Insurance Company | 2/28/2024 | 2/28/2024 | Original | 7
1.15 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit N: Environmental Reports List | Schedule listing 14 Phase I ESAs by Trident Environmental Group LLC | 2/28/2024 | 2/28/2024 | Original | 4
1.16 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit O: Form of FIRPTA Certificate | Non-foreign person affidavit for Seller | 2/28/2024 | 2/28/2024 | Original | 2
1.17 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit P: Permitted Exceptions | Schedule of permitted title exceptions for each property | 2/28/2024 | 2/28/2024 | Original | 22
1.18 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit Q: Assumed Loan Documents List | List of loan documents for Pinnacle, Veltrano, and Sycamore facilities; $612,000,000 aggregate | 2/28/2024 | 2/28/2024 | Original | 8
1.19 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit R: Form of Lender Consent Letter | Template consent letter for change of control approval | 2/28/2024 | 2/28/2024 | Original | 6
1.20 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit S: Form of Replacement Guaranty | Replacement carve-out guaranty form; $500,000,000 min net worth; $50,000,000 min liquid assets | 2/28/2024 | 2/28/2024 | Original | 14
1.21 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit T: Form of Title Affidavit (Seller) | Owner's affidavit for Commonwealth National Title | 2/28/2024 | 2/28/2024 | Original | 3
1.22 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit U: Proration and Working-Capital Methodology | Proration methodology; $14,760,000 est. annual RE taxes; $1,850,000 CAM/OpEx reserve; $4,283,000 security deposits | 2/28/2024 | 2/28/2024 | Original | 10
1.23 | I. PURCHASE AND SALE AGREEMENT | PSA — Exhibit V: Form of Post-Closing Proration True-Up Statement | Template for 90-day post-closing true-up calculation | 2/28/2024 | 2/28/2024 | Original | 5
1.24 | I. PURCHASE AND SALE AGREEMENT | PSA — Schedule 1: Disclosure Schedules (General) | Seller disclosure schedules covering reps/warranties exceptions | 2/28/2024 | 2/28/2024 | Original | 28
1.25 | I. PURCHASE AND SALE AGREEMENT | PSA — Schedules 2-1 through 2-14: Property-Specific Disclosure Schedules | Individual disclosure schedules for each of 14 Target Entities | 2/28/2024 | 2/28/2024 | Original | 56
1.26 | I. PURCHASE AND SALE AGREEMENT | PSA — First Amendment | Extended estoppel deadline from May 10, 2024 to May 15, 2024; clarified PCA credit mechanics ($1,070,000 credit to Buyer) | 4/12/2024 | 4/12/2024 | Original | 4
1.27 | I. PURCHASE AND SALE AGREEMENT | PSA — Second Amendment | Extended closing date from May 31, 2024 to June 7, 2024 to accommodate Pinnacle Federal Bank lender consent delay | 5/28/2024 | 5/28/2024 | Original | 3
2.1 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Fairfield I LLC | Transfer of 100% membership interests; Fairburn, GA (Logistics, 412,000 RSF); EIN 84-2310561 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.2 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Fairfield II LLC | Transfer of 100% membership interests; Fairburn, GA (Logistics, 387,000 RSF); EIN 84-2310578 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.3 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Westlake LLC | Transfer of 100% membership interests; Houston, TX (Logistics, 624,000 RSF); EIN 84-2415693 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.4 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Katy LLC | Transfer of 100% membership interests; Katy, TX (Logistics, 538,000 RSF); EIN 84-2415710 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.5 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Alliance LLC | Transfer of 100% membership interests; Fort Worth, TX (Logistics, 485,000 RSF); EIN 84-2415728 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.6 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Lakeland LLC | Transfer of 100% membership interests; Lakeland, FL (Logistics, 372,000 RSF); EIN 84-2527834 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.7 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Southport LLC | Transfer of 100% membership interests; Jacksonville, FL (Logistics, 410,000 RSF); EIN 84-2527849 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.8 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Murfreesboro LLC | Transfer of 100% membership interests; Murfreesboro, TN (Logistics, 502,000 RSF); EIN 84-2527856 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.9 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Buckhead LLC | Transfer of 100% membership interests; Atlanta, GA (Office, 285,000 RSF); EIN 84-2639901 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.10 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP SouthPark LLC | Transfer of 100% membership interests; Charlotte, NC (Office, 218,000 RSF); EIN 84-2639918 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.11 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Cool Springs LLC | Transfer of 100% membership interests; Brentwood, TN (Office, 196,000 RSF); EIN 84-2639925 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.12 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Brickell LLC | Transfer of 100% membership interests; Miami, FL (Office, 152,000 RSF); EIN 84-2639932 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.13 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Peachtree LLC | Transfer of 100% membership interests; Peachtree Corners, GA (Logistics, 345,000 RSF); EIN 84-2741063 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
2.14 | II. ASSIGNMENTS OF MEMBERSHIP INTERESTS | Assignment and Assumption of Membership Interests — GMP Mount Juliet LLC | Transfer of 100% membership interests; Mount Juliet, TN (Logistics, 298,000 RSF); EIN 84-2741070 | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 6
3.1 | III. CLOSING CERTIFICATES | Seller's Closing Certificate | Bring-down of Seller's representations and warranties to closing date; signed by Victor Lansdell | Greystone Meridian Partners Fund III, L.P. (by Greystone Meridian Capital LLC, as GP) | 6/6/2024 | 6/6/2024 | Original | 5
3.2 | III. CLOSING CERTIFICATES | Buyer's Closing Certificate | Bring-down of Buyer's representations and warranties to closing date; signed by Marcus Devereaux | Fairwater Real Estate Investment Trust | 6/6/2024 | 6/6/2024 | Original | 5
3.3 | III. CLOSING CERTIFICATES | FIRPTA Certificate (Seller) | Non-foreign person affidavit; GMP Fund III EIN 83-1647205; domestic limited partnership | Greystone Meridian Partners Fund III, L.P. | 6/6/2024 | 6/6/2024 | Original | 2
3.4 | III. CLOSING CERTIFICATES | Secretary's Certificate — Seller | Certificate of Greystone Meridian Capital LLC (as GP) attaching resolutions, incumbency, and organizational documents | Greystone Meridian Capital LLC | 6/6/2024 | 6/6/2024 | Original | 18
3.5 | III. CLOSING CERTIFICATES | Secretary's Certificate — Buyer | Certificate of Fairwater REIT attaching board of trustees resolutions and incumbency of signatories | Fairwater Real Estate Investment Trust | 6/6/2024 | 6/6/2024 | Original | 22
4.1 | IV. ESCROW AGREEMENTS | Escrow Agreement — Indemnity Escrow (Execution Version) | $16,500,000 indemnity escrow (1.5% of purchase price); 18-month term; escrow agent: Commonwealth National Title Insurance Company | Fairwater REIT / GMP Fund III / Commonwealth National Title Insurance Company | 6/6/2024 | 6/6/2024 | Original | 16
4.2 | IV. ESCROW AGREEMENTS | Escrow Agreement — Earnest Money Deposit (Executed) | $55,000,000 aggregate deposits ($27,500,000 initial 3/1/2024 + $27,500,000 additional 4/16/2024); closing release instructions | Fairwater REIT / GMP Fund III / Commonwealth National Title Insurance Company | 3/1/2024 | 3/1/2024 | Original | 14
5.1 | V. LENDER CONSENTS & LOAN ASSUMPTION | Lender Consent — Pinnacle Federal Bank, N.A. (Executed) | Consent to change of control for Loans 1-A through 1-H; $421,600,000 OPB; consent fee $1,054,000 | Pinnacle Federal Bank, N.A. | 6/4/2024 | 6/4/2024 | Original | 8
5.2 | V. LENDER CONSENTS & LOAN ASSUMPTION | Lender Consent — Veltrano Capital Lending Corp. (Executed) | Consent to change of control for Loans 2-A through 2-D; $142,300,000 OPB; consent fee $711,500 | Veltrano Capital Lending Corp. | 5/17/2024 | 5/17/2024 | Original | 7
5.3 | V. LENDER CONSENTS & LOAN ASSUMPTION | Lender Consent — Sycamore Life Insurance Company (Executed) | Consent to change of control for Loans 3-A and 3-B; $48,100,000 OPB; consent fee $60,125 | Sycamore Life Insurance Company | 5/22/2024 | 5/22/2024 | Original | 6
5.4 | V. LENDER CONSENTS & LOAN ASSUMPTION | Replacement Guaranty — Pinnacle Loans (Execution Version) | Replacement carve-out guaranty; Fairwater REIT as guarantor; min tangible net worth $500,000,000; min liquid assets $50,000,000 | Fairwater REIT / Pinnacle Federal Bank, N.A. | 6/6/2024 | 6/6/2024 | Original | 18
5.5 | V. LENDER CONSENTS & LOAN ASSUMPTION | Replacement Guaranty — Veltrano Loans (Execution Version) | Replacement carve-out guaranty; Fairwater REIT as guarantor | Fairwater REIT / Veltrano Capital Lending Corp. | 6/6/2024 | 6/6/2024 | Original | 16
5.6 | V. LENDER CONSENTS & LOAN ASSUMPTION | Replacement Guaranty — Sycamore Loans (Execution Version) | Replacement carve-out guaranty; Fairwater REIT as guarantor | Fairwater REIT / Sycamore Life Insurance Company | 6/6/2024 | 6/6/2024 | Original | 14
5.7 | V. LENDER CONSENTS & LOAN ASSUMPTION | Assumption Agreement — Pinnacle Loans (Execution Version) | Assumption of borrower obligations; Master Loan Agreement dated 9/15/2020; 4.22% fixed; maturing 7/1/2028 | Fairwater REIT / Pinnacle Federal Bank, N.A. | 6/6/2024 | 6/6/2024 | Original | 22
5.8 | V. LENDER CONSENTS & LOAN ASSUMPTION | Assumption Agreement — Veltrano Loans (Execution Version) | Assumption of borrower obligations; Loan Agreement dated 2/1/2021; 4.68% fixed; maturing 3/1/2029 | Fairwater REIT / Veltrano Capital Lending Corp. | 6/6/2024 | 6/6/2024 | Original | 19
5.9 | V. LENDER CONSENTS & LOAN ASSUMPTION | Assumption Agreement — Sycamore Loans (Execution Version) | Assumption of borrower obligations; Note Purchase Agreement dated 11/22/2019; 3.95% fixed; maturing 12/1/2030 | Fairwater REIT / Sycamore Life Insurance Company | 6/6/2024 | 6/6/2024 | Original | 15
5.10 | V. LENDER CONSENTS & LOAN ASSUMPTION | Lender Consent Fee Wire Instructions & Confirmation Memo | Wire confirmations for consent fees totaling $1,825,625 (split 50/50: Buyer $912,812.50 / Seller $912,812.50) | 6/6/2024 | 6/6/2024 | Copy | 4
6.1 | VI. TITLE & SURVEY | Title Pro Forma Owner's Policies — All Properties | ALTA Owner's Policies (2021 form); aggregate insured amount $1,100,000,000; Commonwealth National Title Insurance Company | 6/6/2024 | 6/6/2024 | Original | 196
6.2 | VI. TITLE & SURVEY | Title Affidavit — Seller (Each Target Entity) | Owner's affidavit for each of 14 Target Entities; executed by authorized officer of Greystone Meridian Capital LLC as GP | GMP Fund III / Greystone Meridian Capital LLC | 6/6/2024 | 6/6/2024 | Original | 42
6.3 | VI. TITLE & SURVEY | Gap Indemnity / Bring-Down Letter — Commonwealth Title | Gap coverage confirmation from commitment effective date through closing | Commonwealth National Title Insurance Company | 6/6/2024 | 6/6/2024 | Original | 3
6.4 | VI. TITLE & SURVEY | Title Insurance Premium Allocation Schedule | $2,420,000 allocated across 14 properties (owner's and loan policies) | 6/6/2024 | 6/6/2024 | Copy | 2
6.5 | VI. TITLE & SURVEY | Marked-Up Title Commitments with Permitted Exceptions | Each commitment marked to reflect negotiated permitted exceptions per PSA Exhibit P | 6/6/2024 | 6/6/2024 | Copy | 154
6.6 | VI. TITLE & SURVEY | Final Certified Surveys — Transmittal and Certification Memo | ALTA/NSPS 2021 surveys by Meridian Land Surveying, Inc. (Daniel Caulfield, PLS, PE); certified to Buyer, title company, and lenders | 6/6/2024 | 6/6/2024 | Copy | 56
7.1 | VII. ESTOPPELS & SNDAs | Estoppel Certificate Compilation (Executed) — Portfolio Binder | 79 executed tenant estoppels; 91.4% ABR coverage ($68,371,200 of $74,800,000); exceeds 80% threshold ($59,840,000) | Various | Various | Original | 316
7.2 | VII. ESTOPPELS & SNDAs | SNDA Compilation (Executed) — 34 of 38 | 34 executed Subordination, Non-Disturbance and Attornment Agreements for Major Tenants | Various | Various | Original | 272
7.3 | VII. ESTOPPELS & SNDAs | SNDA Post-Closing Carve-Out Side Letter | Acknowledgment of 4 outstanding SNDAs; $200,000 holdback from Seller proceeds; 30-day post-closing delivery period | Fairwater REIT / GMP Fund III | 6/6/2024 | 6/6/2024 | Original | 3
7.4 | VII. ESTOPPELS & SNDAs | Estoppel & SNDA Compliance Certificate | C&H certificate confirming PSA estoppel and SNDA conditions precedent satisfied at closing | Calderwood & Harkness LLP | 6/6/2024 | 6/6/2024 | Original | 2
8.1 | VIII. SETTLEMENT STATEMENTS & PRORATIONS | Closing Settlement Statement (Buyer) | All credits, debits, prorations, PCA credit ($1,070,000), deposit credits ($55,000,000), consent fees, transfer taxes, title premiums | Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 8
8.2 | VIII. SETTLEMENT STATEMENTS & PRORATIONS | Closing Settlement Statement (Seller) | Net cash to Seller: $486,930,000 (subject to prorations) | GMP Fund III | 6/6/2024 | 6/6/2024 | Original | 8
8.3 | VIII. SETTLEMENT STATEMENTS & PRORATIONS | Closing Proration Statement (Preliminary) | RE taxes ($6,332,951 Seller's share based on $14,760,000 annual × 157/366 days); CAM/OpEx reserve ($1,850,000); security deposits ($4,283,000); subject to 90-day true-up by 9/4/2024 | 6/6/2024 | 6/6/2024 | Original | 12
9.1 | IX. ANCILLARY CLOSING DOCUMENTS | Bill of Sale — Personal Property (Portfolio-Wide) | Transfer of tangible personal property at each of 14 properties | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 4
9.2 | IX. ANCILLARY CLOSING DOCUMENTS | Assignment and Assumption of Leases, Contracts, and Intangibles | Portfolio-wide assignment of 87 leases, 63 service contracts, warranties, permits, licenses, and intangibles | GMP Fund III / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 10
9.3 | IX. ANCILLARY CLOSING DOCUMENTS | Transition Services Agreement (Execution Version) | 90-day transition from Argyle Property Services LLC to Fairwater Property Management LLC; $375,000/month ($1,125,000 total) | Argyle Property Services LLC / Fairwater Property Management LLC | 6/6/2024 | 6/6/2024 | Original | 18
9.4 | IX. ANCILLARY CLOSING DOCUMENTS | Tenant Notification Letters (Form and Distribution List) | Form letter notifying 87 tenants of ownership change and new management contact (Fairwater Property Management LLC) | 6/6/2024 | 6/7/2024 | Copy | 6
10.1 | X. TAX DOCUMENTS | Transfer Tax Returns & Declarations — Georgia (4 properties) | Controlling-interest transfer tax; est. ~$1,250,000 | 6/6/2024 | 6/6/2024 | Original | 16
10.2 | X. TAX DOCUMENTS | Transfer Tax Returns & Declarations — Florida (3 properties) | Documentary stamp tax; est. ~$1,680,000 | 6/6/2024 | 6/6/2024 | Original | 12
10.3 | X. TAX DOCUMENTS | Transfer Tax Returns & Declarations — Tennessee (3 properties) | Controlling-interest transfer tax; est. ~$740,000 | 6/6/2024 | 6/6/2024 | Original | 12
10.4 | X. TAX DOCUMENTS | Transfer Tax Returns & Declarations — North Carolina (1 property) | Transfer tax; est. ~$180,000 | 6/6/2024 | 6/6/2024 | Original | 4
10.5 | X. TAX DOCUMENTS | FIRPTA Certificate (Seller) | [Cross-reference to Tab 3.3] | 6/6/2024 | 6/6/2024 | Cross-Ref
10.6 | X. TAX DOCUMENTS | IRS Form 8594 — Asset Acquisition Statement (Draft) | Draft Form 8594 per agreed purchase price allocation (Exhibit K); total $1,100,000,000 | 6/6/2024 | Draft | 8
11.1 | XI. WIRE TRANSFERS & FUNDS FLOW | Funds Flow Memorandum | All closing-day wires: equity, escrow releases, consent fees ($1,825,625), transfer taxes ($3,850,000), title premiums ($2,420,000), R&W premium ($1,402,500), SNDA holdback ($200,000), prorations | 6/6/2024 | 6/6/2024 | Original | 6
11.2 | XI. WIRE TRANSFERS & FUNDS FLOW | Wire Transfer Instructions — Seller (GMP Fund III) | Account at Magnolia Commerce Bank, N.A. (225 Peachtree Street NE, Suite 100, Atlanta, GA 30303; contact: Linda Prescott, VP) | 6/6/2024 | 6/6/2024 | Original | 2
11.3 | XI. WIRE TRANSFERS & FUNDS FLOW | Wire Transfer Instructions — Commonwealth Title (Escrow Release) | Instructions for release of $55,000,000 deposits and $16,500,000 indemnity escrow funding | 6/6/2024 | 6/6/2024 | Original | 2
11.4 | XI. WIRE TRANSFERS & FUNDS FLOW | Wire Confirmation Compilation | All wire confirmations received on closing date June 6, 2024 | 6/6/2024 | 6/6/2024 | Copy | 14
12.1 | XII. R&W INSURANCE | R&W Insurance Policy — Sentinel Specialty Insurance Company (Bound) | Buyer-side R&W policy; $55,000,000 limit (5% of PP); $11,000,000 retention (1% of PP, drops to $5,500,000 at 12 months); premium $1,402,500 (2.55% of policy limit); broker: Hartwick Gunderson & Associates, Inc. | Sentinel Specialty Insurance Company / Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 42
12.2 | XII. R&W INSURANCE | R&W Insurance — No-Claims Declaration (Closing) | Buyer's declaration to Sentinel confirming no known claims as of closing | Fairwater REIT | 6/6/2024 | 6/6/2024 | Original | 2
12.3 | XII. R&W INSURANCE | R&W Insurance Premium Wire Confirmation | Confirmation of $1,402,500 premium payment wire to Sentinel Specialty Insurance Company | 6/6/2024 | 6/6/2024 | Copy | 1
13.1 | XIII. LOCAL COUNSEL OPINIONS | Local Counsel Opinion — Breckenridge Osgood LLP (Texas) | Due authorization, enforceability, transfer tax compliance for GMP Westlake LLC, GMP Katy LLC, GMP Alliance LLC; Partner: James Breckenridge | Breckenridge Osgood LLP | 6/6/2024 | 6/6/2024 | Original | 6
13.2 | XIII. LOCAL COUNSEL OPINIONS | Local Counsel Opinion — Talmadge Beaumont LLP (Georgia) | Due authorization, enforceability, transfer tax compliance for GMP Fairfield I LLC, GMP Fairfield II LLC, GMP Buckhead LLC, GMP Peachtree LLC; Partner: Catherine Beaumont | Talmadge Beaumont LLP | 6/6/2024 | 6/6/2024 | Original | 7
13.3 | XIII. LOCAL COUNSEL OPINIONS | Local Counsel Opinion — Haversham Cole PLLC (North Carolina) | Due authorization, enforceability, transfer tax compliance for GMP SouthPark LLC; Partner: Marshall Haversham | Haversham Cole PLLC | 6/6/2024 | 6/6/2024 | Original | 5
13.4 | XIII. LOCAL COUNSEL OPINIONS | Local Counsel Opinion — Ellsworth Ridley LLP (Tennessee) | Due authorization, enforceability, transfer tax compliance for GMP Murfreesboro LLC, GMP Cool Springs LLC, GMP Mount Juliet LLC; Partner: Diane Ellsworth | Ellsworth Ridley LLP | 6/6/2024 | 6/6/2024 | Original | 6
13.5 | XIII. LOCAL COUNSEL OPINIONS | Local Counsel Opinion — Palmetto Strauss PA (Florida) | Due authorization, enforceability, documentary stamp tax compliance for GMP Lakeland LLC, GMP Southport LLC, GMP Brickell LLC; Partner: Roberto Strauss | Palmetto Strauss PA | 6/6/2024 | 6/6/2024 | Original | 6
13.6 | XIII. LOCAL COUNSEL OPINIONS | Local Counsel — Compilation of Title Endorsement and Recording Confirmations | Confirmation from each local counsel that recordable documents and transfer tax returns properly filed in each jurisdiction | 6/6/2024 | 6/6/2024 | Original | 10
[sheet: Property Summary]
Property # | Property Name | Address | City | State | Property Type | RSF | Year Built | Target Entity LLC | EIN | Loan Designation | Lender | Assignment Tab #
1 | Fairfield Logistics Center I | 4200 Fairfield Industrial Blvd | Fairburn | GA | Logistics | 412000 | 2020 | GMP Fairfield I LLC | 84-2310561 | 1-A | Pinnacle Federal Bank, N.A. | 2.1
2 | Fairfield Logistics Center II | 4300 Fairfield Industrial Blvd | Fairburn | GA | Logistics | 387000 | 2020 | GMP Fairfield II LLC | 84-2310578 | 1-B | Pinnacle Federal Bank, N.A. | 2.2
3 | Westlake Distribution Hub | 11500 Westlake Parkway | Houston | TX | Logistics | 624000 | 2019 | GMP Westlake LLC | 84-2415693 | 1-C | Pinnacle Federal Bank, N.A. | 2.3
4 | Katy Freeway Logistics Park | 22600 Katy Freeway | Katy | TX | Logistics | 538000 | 2021 | GMP Katy LLC | 84-2415710 | 1-D | Pinnacle Federal Bank, N.A. | 2.4
5 | Alliance Commerce Center | 2800 Alliance Gateway Blvd | Fort Worth | TX | Logistics | 485000 | 2020 | GMP Alliance LLC | 84-2415728 | 1-E | Pinnacle Federal Bank, N.A. | 2.5
6 | Lakeland Crossings Industrial | 7100 Drane Field Road | Lakeland | FL | Logistics | 372000 | 2019 | GMP Lakeland LLC | 84-2527834 | 1-F | Pinnacle Federal Bank, N.A. | 2.6
7 | Southport Logistics Park | 3200 Southport Connector Road | Jacksonville | FL | Logistics | 410000 | 2021 | GMP Southport LLC | 84-2527849 | 1-G | Pinnacle Federal Bank, N.A. | 2.7
8 | Murfreesboro Distribution Center | 1600 Joe B. Jackson Parkway | Murfreesboro | TN | Logistics | 502000 | 2020 | GMP Murfreesboro LLC | 84-2527856 | 1-H | Pinnacle Federal Bank, N.A. | 2.8
9 | Buckhead Place Office Tower | 3380 Peachtree Road NE | Atlanta | GA | Office | 285000 | 2018 | GMP Buckhead LLC | 84-2639901 | 2-A | Veltrano Capital Lending Corp. | 2.9
10 | SouthPark Corporate Center | 6200 Fairview Road | Charlotte | NC | Office | 218000 | 2017 | GMP SouthPark LLC | 84-2639918 | 2-B | Veltrano Capital Lending Corp. | 2.10
11 | Cool Springs Office Park | 5000 Virginia Way | Brentwood | TN | Office | 196000 | 2016 | GMP Cool Springs LLC | 84-2639925 | 2-C | Veltrano Capital Lending Corp. | 2.11
12 | Brickell Bay Office Building | 1450 Brickell Avenue | Miami | FL | Office | 152000 | 2019 | GMP Brickell LLC | 84-2639932 | 2-D | Veltrano Capital Lending Corp. | 2.12
13 | Peachtree Corners Logistics Center | 5900 Peachtree Industrial Blvd | Peachtree Corners | GA | Logistics | 345000 | 2020 | GMP Peachtree LLC | 84-2741063 | 3-A | Sycamore Life Insurance Company | 2.13
14 | Mount Juliet Commerce Park | 400 South Mount Juliet Road | Mount Juliet | TN | Logistics | 298000 | 2021 | GMP Mount Juliet LLC | 84-2741070 | 3-B | Sycamore Life Insurance Company | 2.14
TOTAL | 10 Logistics / 4 Office | 5224000 | 14 LLCs
[sheet: Key Transaction Summary]
Item | Detail
Buyer | Fairwater Real Estate Investment Trust (MD REIT; NYSE: FREIT; EIN 52-2198437)
Buyer HQ | 7200 Chesapeake Parkway, Suite 1100, Columbia, MD 21044
CEO | Jonathan R. Whitmore
CFO | Patricia Sung-Calloway
EVP, Acquisitions | Marcus Devereaux
General Counsel | David Elgin Park
In-House Real Estate Counsel | Camille Oduya
Seller | Greystone Meridian Partners Fund III, L.P. (DE LP; EIN 83-1647205)
Seller GP | Greystone Meridian Capital LLC (DE LLC; EIN 83-1520984)
Seller Managing Partners | Victor Lansdell; Elise Rathborne
Seller Office | 3300 Peachtree Road NE, Suite 2200, Atlanta, GA 30326
Seller Registered Agent | 1209 Orange Street, Wilmington, DE 19801
Transaction Type | Entity-level acquisition of 100% membership interests in 14 single-purpose Delaware LLCs
Purchase Price | $1,100,000,000
Adjusted Purchase Price (after PCA credit) | $1,098,930,000
Total Assumed Debt | $612,000,000
Cash Equity at Closing | $488,000,000
PCA Repair Credit | $1,070,000 (50% of $2,140,000)
Net Cash to Seller | $486,930,000 (subject to prorations)
Earnest Money Deposit | $27,500,000 (deposited 3/1/2024)
Additional Deposit (Hard) | $27,500,000 (deposited 4/16/2024)
Total Deposits | $55,000,000
Indemnity Escrow | $16,500,000 (1.5% of PP; 18-month term)
PSA Execution Date | February 28, 2024
Due Diligence Expiration | April 15, 2024
Scheduled Closing Date | May 31, 2024
Actual Closing Date | June 6, 2024
Closing Delay Reason | Pending Pinnacle Federal Bank lender consent (received June 4, 2024)
PSA Governing Law | State of New York
Buyer's Counsel | Calderwood & Harkness LLP — Douglas Fairchild (Partner); Angela Fontaine (Billing Partner); Grace Nakamura (Lead Associate); Rafael Dominguez (Associate); Sylvia Hartwell (Tax Partner)
Seller's Counsel | Blackridge Hayes LLP — Nathaniel Pryce (Partner); Ingrid Solberg (Tax Partner); Thomas Keating (Senior Associate)
Title Company / Escrow Agent | Commonwealth National Title Insurance Company — Kenneth Stanhope, SVP
Pinnacle Loan | $421,600,000 OPB; 4.22% fixed; maturity 7/1/2028; Master Loan Agreement dated 9/15/2020
Veltrano Loan | $142,300,000 OPB; 4.68% fixed; maturity 3/1/2029; Loan Agreement dated 2/1/2021
Sycamore Loan | $48,100,000 OPB; 3.95% fixed; maturity 12/1/2030; Note Purchase Agreement dated 11/22/2019
Consent Fees Total | $1,825,625 (Pinnacle $1,054,000 + Veltrano $711,500 + Sycamore $60,125; split 50/50)
Transfer Taxes | $3,850,000 estimated (GA ~$1,250,000; TX $0; FL ~$1,680,000; TN ~$740,000; NC ~$180,000; split 50/50)
Title Insurance Premiums | $2,420,000 (Buyer's cost)
Survey Costs | $196,000 (Buyer's cost)
R&W Insurance | Sentinel Specialty Insurance Co.; $55,000,000 limit; $11,000,000 retention; premium $1,402,500
General Rep Cap | $55,000,000 (5% of PP)
Fundamental Rep Cap | $110,000,000 (10% of PP)
Basket (Tipping) | $5,500,000 (0.5% of PP)
De Minimis Threshold | $275,000 per claim
Rep Survival — General | 18 months (expires 12/6/2025)
Rep Survival — Tax | 36 months (expires 6/6/2027)
Annual In-Place Base Rent | $74,800,000
In-Place Cap Rate | 6.80%
Total Portfolio RSF | 5,224,000 SF
Weighted-Avg Occupancy | 93.2% (as of 12/31/2023)
Number of Leases | 87
Estoppel Coverage at Closing | 91.4% of ABR ($68,371,200)
SNDAs Executed at Closing | 34 of 38 (4 delivered post-closing by 7/2/2024)
Post-Closing True-Up Deadline | September 4, 2024
Final True-Up Amount | $347,218 net credit to Buyer (agreed 8/28/2024; paid 9/5/2024)
Buyer's Revolver | Aldgate National Bank, N.A.; $750,000,000 facility; SOFR + 130 bps; dated 8/14/2022
Anticipated Revolver Draw | ~$488,000,000
C&H Legal Fee Cap | $2,800,000 plus disbursements
C&H Matter Number | 1036-00004
Transition Services | Argyle Property Services LLC to Fairwater Property Management LLC; 90 days; $375,000/month ($1,125,000 total)
Property Manager — Post-Closing | Fairwater Property Management LLC (Leah Torrance, SVP Operations)
Security Deposits Transferred | $4,283,000
Operating Account Bank | Magnolia Commerce Bank, N.A. (Linda Prescott, VP)
[sheet: Key Dates Timeline]
Date | Event | Status
10/2/2023 | Matter opened | Complete
10/5/2023 | C&H engagement letter executed (Matter No. 1036-00004) | Complete
10/10/2023 | NDA executed between Fairwater REIT and GMP Fund III | Complete
10/18/2023 | LOI executed | Complete
11/1/2023 | Preliminary structure memorandum circulated (entity-purchase vs. asset-purchase analysis) | Complete
11/8/2023 | Survey instruction letter sent to Meridian Land Surveying, Inc. | Complete
11/15/2023 | LOI exclusivity period commenced | Complete
12/15/2023 | LOI exclusivity period expired; extended by amendment to 1/31/2024 | Complete
1/8/2024 | Initial draft PSA circulated by C&H to Blackridge Hayes LLP | Complete
1/31/2024 | LOI exclusivity extension expired | Complete
2/5/2024 | R&W insurance broker submission to Hartwick Gunderson & Associates | Complete
2/28/2024 | PSA executed (signing) | Complete
3/1/2024 | Earnest Money Deposit ($27,500,000) deposited with Commonwealth National Title | Complete
3/4/2024 | Estoppel transmittal letter sent to Seller | Complete
3/5/2024 | Lender consent strategy memorandum circulated | Complete
3/8/2024 | Consent request letters sent to Pinnacle, Veltrano, and Sycamore counsel | Complete
3/15/2024 | Survey review comment letter sent to Meridian Land Surveying | Complete
3/27/2024 | Title objection letter sent to Blackridge Hayes (23 objection items) | Complete
3/29/2024 | Title objection deadline (30 days from PSA execution) | Complete
4/8/2024 | Title objection response received from Blackridge Hayes | Complete
4/10/2024 | Comprehensive due diligence summary memorandum completed | Complete
4/11/2024 | C&H acceptance/counter on title cure letter | Complete
4/12/2024 | PSA First Amendment executed (estoppel deadline extended; PCA credit clarified) | Complete
4/15/2024 | Due Diligence Period expiration | Complete
4/16/2024 | Additional Deposit ($27,500,000) deposited (total deposits: $55,000,000) | Complete
5/8/2024 | Estoppel review memorandum — 6 material discrepancies identified | Complete
5/15/2024 | Estoppel delivery deadline; SNDA delivery deadline | Complete
5/17/2024 | Veltrano Capital lender consent received | Complete
5/22/2024 | Sycamore Life Insurance lender consent received | Complete
5/24/2024 | Lender consent deadline; Pinnacle consent still pending | Complete
5/28/2024 | PSA Second Amendment executed (closing extended from 5/31 to 6/7/2024) | Complete
5/31/2024 | Original scheduled closing date (deferred per Second Amendment) | N/A
6/4/2024 | Pinnacle Federal Bank lender consent received | Complete
6/6/2024 | ACTUAL CLOSING DATE | Complete
6/7/2024 | Tenant notification letters mailed/emailed to 87 tenants | Complete
7/2/2024 | 4 remaining post-closing SNDAs delivered; $200,000 holdback released to Seller | Complete
7/15/2024 | Final ALTA Owner's Policies issued by Commonwealth National Title for all 14 properties | Complete
8/22/2024 | Post-closing proration true-up memorandum completed by C&H | Complete
8/28/2024 | Final post-closing proration true-up statement agreed ($347,218 net credit to Buyer) | Complete
9/4/2024 | Post-closing proration true-up deadline (90 days post-closing) | Complete
9/5/2024 | True-up payment of $347,218 made by Seller to Buyer | Complete
12/6/2025 | General representation survival period expiration (18 months post-closing) | Pending
6/6/2027 | Tax representation survival period expiration (36 months post-closing) | Pending
[sheet: Debt Assumption Summary]
Lender | Lender Address | Loan Officer | Lender Counsel | Loan Designation(s) | Properties Secured | # Properties | OPB as of 2/28/2024 | Interest Rate | Maturity Date | Loan Agreement Date | Consent Fee Rate | Consent Fee Amount | Consent Received Date | Consent Tab # | Replacement Guaranty Tab # | Assumption Agreement Tab #
Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | Loans 1-A through 1-H | Fairfield I, Fairfield II, Westlake, Katy, Alliance, Lakeland, Southport, Murfreesboro | 8 | $421,600,000 | 4.22% | 7/1/2028 | Master Loan Agreement dated 9/15/2020 | 0.25% | $1,054,000 | 6/4/2024 | 5.1 | 5.4 | 5.7
Veltrano Capital Lending Corp. | 200 South Biscayne Boulevard, Suite 3100, Miami, FL 33131 | Denise Alvarado, MD | Cranford McCabe LLP (Leo Cranford) | Loans 2-A through 2-D | Buckhead, SouthPark, Cool Springs, Brickell | 4 | $142,300,000 | 4.68% | 3/1/2029 | Loan Agreement dated 2/1/2021 | 0.50% | $711,500 | 5/17/2024 | 5.2 | 5.5 | 5.8
Sycamore Life Insurance Company | 100 Constitution Plaza, Hartford, CT 06103 | Graham Hilliard, VP | Partridge Wynn & Slater LLP (Claire Wynn) | Loans 3-A and 3-B | Peachtree Corners, Mount Juliet | 2 | $48,100,000 | 3.95% | 12/1/2030 | Note Purchase Agreement dated 11/22/2019 | 0.125% | $60,125 | 5/22/2024 | 5.3 | 5.6 | 5.9
TOTAL | 14 | $612,000,000 | $1,825,625

[sheet: Cover Page]

Record

Parties

Dates

Amounts