[sheet: Settlement Statement]
Line
CLOSING SETTLEMENT STATEMENT — BUYER
Buyer: Fairwater Real Estate Investment Trust
EIN: 52-2198437
Address: 7200 Chesapeake Parkway, Suite 1100, Columbia, MD 21044
Seller: Greystone Meridian Partners Fund III, L.P.
EIN: 83-1647205
Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, GA 30326
Closing Date: June 6, 2024
Escrow Agent: Commonwealth National Title Insurance Company
Escrow Office: 191 Peachtree Street NE, Suite 800, Atlanta, GA 30303
Title Officer: Kenneth Stanhope, SVP
C&H Matter No.: 1036-00004
SECTION 1: PURCHASE PRICE & ADJUSTMENTS
| 1.01 | Contract Purchase Price | PSA dated 2/28/2024 | 1,100,000,000.00 |
| 1.02 | PCA Repair Credit (50% of $2,140,000 aggregate immediate repairs) | PSA First Amendment dated 4/12/2024; Rampart Building Sciences PCAs | 1,070,000.00 |
| 1.03 | Adjusted Purchase Price (Line 1.01 less Line 1.02) | 1,098,930,000.00 |
SECTION 2: DEPOSIT CREDITS
| 2.01 | Earnest Money Deposit (deposited 3/1/2024) | Commonwealth National Title escrow; 2.5% of Purchase Price | 27,500,000.00 |
| 2.02 | Additional Deposit — Hard (deposited 4/16/2024) | Commonwealth National Title escrow; per PSA §3.2 | 27,500,000.00 |
| 2.03 | Total Deposit Credits | 55,000,000.00 |
SECTION 3: ASSUMED MORTGAGE DEBT
| 3.01 | Pinnacle Federal Bank, N.A. — Loans 1-A through 1-H (OPB as of 2/28/2024) | Master Loan Agreement dated 9/15/2020; 4.22% fixed; maturity 7/1/2028; consent received 6/4/2024 | 421,600,000.00 |
| 3.02 | Veltrano Capital Lending Corp. — Loans 2-A through 2-D (OPB as of 2/28/2024) | Loan Agreement dated 2/1/2021; 4.68% fixed; maturity 3/1/2029; consent received 5/17/2024 | 142,300,000.00 |
| 3.03 | Sycamore Life Insurance Company — Loans 3-A and 3-B (OPB as of 2/28/2024) | Note Purchase Agreement dated 11/22/2019; 3.95% fixed; maturity 12/1/2030; consent received 5/22/2024 | 48,100,000.00 |
| 3.04 | Total Assumed Debt Credit | 612,000,000.00 |
SECTION 4: PRORATIONS (Proration Date: June 6, 2024; 2024 = 366-day year)
| 4.01 | Real Property Taxes — 2024 (Seller's share: 1/1/2024 through 6/5/2024 = 157 days) | $14,760,000 annual est. × (157/366) = $6,332,950.82 | 6,332,950.82 |
| 4.02 | CAM / Operating Expense Reconciliation Reserve Holdback | Estimated holdback pending tenant reconciliation | 1,850,000.00 |
| 4.03 | Prepaid Rents (June 2024 — Seller collected; Buyer entitled to 6/6–6/30 portion) | Per rent roll; prorated for 25 of 30 days | 5,416,666.67 |
| 4.04 | Utility Charges — Seller's Share (estimated through 6/5/2024) | Estimates pending final meter reads | 218,600.75 |
| 4.05 | Insurance Premiums (if any assumed policies) | N/A — Buyer binding new policies with Ironclad Indemnity Insurance Company | 0.00 |
| 4.06 | Net Proration Adjustment (Preliminary — subject to 90-day true-up per PSA Exhibit U) | True-up deadline: September 4, 2024 | 13,818,218.24 |
SECTION 5: SECURITY DEPOSITS
5.01
SECTION 6: CLOSING COSTS — BUYER'S RESPONSIBILITY
| 6.01 | Title Insurance Premiums — Owner's and Loan Policies (14 properties) | Commonwealth National Title; ALTA Owner's Policy (2021 form); aggregate insured $1,100,000,000 | 2,420,000.00 |
| 6.02 | Survey Costs — ALTA/NSPS Surveys (14 properties) | Meridian Land Surveying, Inc. | 196,000.00 |
| 6.03 | Buyer's Share of Transfer Taxes (50%) | Total est. $3,850,000 × 50% | 1,925,000.00 |
| 6.04 | R&W Insurance Premium — Sentinel Specialty Insurance Company | $55,000,000 policy limit × 2.55% | 1,402,500.00 |
| 6.05 | Buyer's Share of Lender Consent Fees (50%) | Total consent fees $1,825,625 × 50% | 912,812.50 |
| 6.06 | Recording Fees and Filing Costs (estimated) | Various jurisdictions | 42,500.00 |
| 6.07 | Total Buyer's Closing Costs | Sum of Lines 6.01–6.06 | 6,898,812.50 |
SECTION 7: ESCROW DEPOSITS — FUNDED BY BUYER
| 7.01 | Indemnity Escrow Deposit | 1.5% of Purchase Price; Commonwealth National Title as escrow agent; 18-month term expiring 12/6/2025 | 16,500,000.00 |
| 7.02 | SNDA Post-Closing Holdback (from Seller proceeds) | 4 outstanding Major Tenant SNDAs; holdback pending delivery within 30 days post-closing | 2,750,000.00 |
SECTION 8: TRANSFER TAX DETAIL BY STATE
| 8.01 | Georgia (4 properties: GMP Fairfield I, GMP Fairfield II, GMP Buckhead, GMP Peachtree) | Controlling-interest transfer tax | 1,250,000.00 |
| 8.02 | Texas (3 properties: GMP Westlake, GMP Katy, GMP Alliance) | No state transfer tax; nominal local fees | 0.00 |
| 8.03 | Florida (3 properties: GMP Lakeland, GMP Southport, GMP Brickell) | Documentary stamp tax on deemed consideration | 1,680,000.00 |
| 8.04 | Tennessee (3 properties: GMP Murfreesboro, GMP Cool Springs, GMP Mount Juliet) | Controlling-interest transfer tax | 740,000.00 |
| 8.05 | North Carolina (1 property: GMP SouthPark) | Excise tax | 180,000.00 |
| 8.06 | Total Transfer Taxes | 3,850,000.00 | |
| 8.07 | Buyer's 50% Share (per PSA) | 1,925,000.00 | |
| 8.08 | Seller's 50% Share (deducted from Seller proceeds) | 1,925,000.00 |
SECTION 9: LENDER CONSENT FEE DETAIL
| 9.01 | Pinnacle Federal Bank, N.A. — Consent Fee (0.25% of $421,600,000 OPB) | 1,054,000.00 |
| 9.02 | Veltrano Capital Lending Corp. — Consent Fee (0.50% of $142,300,000 OPB) | 711,500.00 |
| 9.03 | Sycamore Life Insurance Company — Consent Fee (0.125% of $48,100,000 OPB) | 60,125.00 |
| 9.04 | Total Lender Consent Fees | 1,825,625.00 |
| 9.05 | Buyer's 50% Share | 912,812.50 |
| 9.06 | Seller's 50% Share (deducted from Seller proceeds) | 912,812.50 |
SECTION 10: PCA REPAIR CREDIT DETAIL
| 10.01 | Buckhead Place Office Tower — Immediate Repairs | Rampart Building Sciences PCA | 445,000.00 |
| 10.02 | Cool Springs Office Park — Immediate Repairs | Rampart Building Sciences PCA | 310,000.00 |
| 10.03 | Lakeland Crossings Industrial — Immediate Repairs | Rampart Building Sciences PCA | 190,000.00 |
| 10.04 | SouthPark Corporate Center — Immediate Repairs | Rampart Building Sciences PCA | 125,000.00 |
| 10.05 | Total PCA Immediate Repair Costs | 2,140,000.00 | |
| 10.06 | PCA Repair Credit to Buyer (50% of total per PSA negotiation) | PSA First Amendment dated 4/12/2024 | 1,070,000.00 |
SECTION 11: SUMMARY — NET CASH DUE FROM BUYER AT CLOSING
| 11.01 | Adjusted Purchase Price (Line 1.03) | 1,098,930,000.00 | |
| 11.02 | Less: Total Deposit Credits (Line 2.03) | 55,000,000.00 | |
| 11.03 | Less: Total Assumed Debt Credit (Line 3.04) | 612,000,000.00 | |
| 11.04 | Less: Net Proration Credits to Buyer (preliminary) | Subject to 90-day post-closing true-up | 13,818,218.24 |
| 11.05 | Plus: Buyer's Closing Costs (Line 6.07) | 6,898,812.50 | |
| 11.06 | Plus: Indemnity Escrow Deposit (Line 7.01) | 16,500,000.00 | |
| 11.07 | Net Cash Due from Buyer at Closing | Wire to Commonwealth National Title escrow for disbursement | 441,510,594.26 |
SECTION 12: CASH EQUITY SOURCE
12.01
CERTIFICATION
Prepared by: Calderwood & Harkness LLP (Buyer's Counsel)
Responsible Partner: Douglas Fairchild
Reviewed by: Angela Fontaine, Billing Partner
Buyer Authorized Signatory: Marcus Devereaux, EVP, Acquisitions, Fairwater REIT
Date: June 6, 2024
[sheet: Property Allocation]
| Property # | Property Name | Address | City | State | Type | RSF | Target Entity LLC | EIN | Loan Reference | Lender | Allocated Purchase Price | Allocated Assumed Debt — OPB | PCA Repair Credit (50%) | Transfer Tax — Total | Transfer Tax — Buyer's 50% Share | Title Insurance Premium Allocation | Consent Fee Allocation |
| 1 | Fairfield Logistics Center I | 4200 Fairfield Industrial Blvd | Fairburn | GA | Logistics | 412000 | GMP Fairfield I LLC | 84-2310561 | Loan 1-A | Pinnacle Federal Bank, N.A. | 92,000,000.00 | 55,200,000.00 | 0.00 | 312,500.00 | 156,250.00 | 201,600.00 | 138,000.00 |
| 2 | Fairfield Logistics Center II | 4300 Fairfield Industrial Blvd | Fairburn | GA | Logistics | 387000 | GMP Fairfield II LLC | 84-2310578 | Loan 1-B | Pinnacle Federal Bank, N.A. | 86,500,000.00 | 51,900,000.00 | 0.00 | 312,500.00 | 156,250.00 | 189,400.00 | 129,750.00 |
| 3 | Westlake Distribution Hub | 11500 Westlake Parkway | Houston | TX | Logistics | 624000 | GMP Westlake LLC | 84-2415693 | Loan 1-C | Pinnacle Federal Bank, N.A. | 118,000,000.00 | 70,800,000.00 | 0.00 | 0.00 | 0.00 | 258,500.00 | 177,000.00 |
| 4 | Katy Freeway Logistics Park | 22600 Katy Freeway | Katy | TX | Logistics | 538000 | GMP Katy LLC | 84-2415710 | Loan 1-D | Pinnacle Federal Bank, N.A. | 98,000,000.00 | 58,800,000.00 | 0.00 | 0.00 | 0.00 | 214,600.00 | 147,000.00 |
| 5 | Alliance Commerce Center | 2800 Alliance Gateway Blvd | Fort Worth | TX | Logistics | 485000 | GMP Alliance LLC | 84-2415728 | Loan 1-E | Pinnacle Federal Bank, N.A. | 88,000,000.00 | 52,800,000.00 | 0.00 | 0.00 | 0.00 | 192,700.00 | 132,000.00 |
| 6 | Lakeland Crossings Industrial | 7100 Drane Field Road | Lakeland | FL | Logistics | 372000 | GMP Lakeland LLC | 84-2527834 | Loan 1-F | Pinnacle Federal Bank, N.A. | 72,000,000.00 | 43,200,000.00 | 190,000.00 | 560,000.00 | 280,000.00 | 157,700.00 | 108,000.00 |
| 7 | Southport Logistics Park | 3200 Southport Connector Road | Jacksonville | FL | Logistics | 410000 | GMP Southport LLC | 84-2527849 | Loan 1-G | Pinnacle Federal Bank, N.A. | 82,000,000.00 | 49,200,000.00 | 0.00 | 560,000.00 | 280,000.00 | 179,600.00 | 123,000.00 |
| 8 | Murfreesboro Distribution Center | 1600 Joe B. Jackson Parkway | Murfreesboro | TN | Logistics | 502000 | GMP Murfreesboro LLC | 84-2527856 | Loan 1-H | Pinnacle Federal Bank, N.A. | 78,000,000.00 | 39,700,000.00 | 0.00 | 246,700.00 | 123,350.00 | 170,800.00 | 99,250.00 |
| 9 | Buckhead Place Office Tower | 3380 Peachtree Road NE | Atlanta | GA | Office | 285000 | GMP Buckhead LLC | 84-2639901 | Loan 2-A | Veltrano Capital Lending Corp. | 95,000,000.00 | 57,000,000.00 | 445,000.00 | 312,500.00 | 156,250.00 | 208,100.00 | 285,000.00 |
| 10 | SouthPark Corporate Center | 6200 Fairview Road | Charlotte | NC | Office | 218000 | GMP SouthPark LLC | 84-2639918 | Loan 2-B | Veltrano Capital Lending Corp. | 68,000,000.00 | 34,000,000.00 | 125,000.00 | 180,000.00 | 90,000.00 | 148,900.00 | 170,000.00 |
| 11 | Cool Springs Office Park | 5000 Virginia Way | Brentwood | TN | Office | 196000 | GMP Cool Springs LLC | 84-2639925 | Loan 2-C | Veltrano Capital Lending Corp. | 58,000,000.00 | 29,000,000.00 | 310,000.00 | 246,700.00 | 123,350.00 | 127,000.00 | 145,000.00 |
| 12 | Brickell Bay Office Building | 1450 Brickell Avenue | Miami | FL | Office | 152000 | GMP Brickell LLC | 84-2639932 | Loan 2-D | Veltrano Capital Lending Corp. | 72,500,000.00 | 22,300,000.00 | 0.00 | 560,000.00 | 280,000.00 | 158,800.00 | 111,500.00 |
| 13 | Peachtree Corners Logistics Center | 5900 Peachtree Industrial Blvd | Peachtree Corners | GA | Logistics | 345000 | GMP Peachtree LLC | 84-2741063 | Loan 3-A | Sycamore Life Insurance Company | 52,000,000.00 | 31,200,000.00 | 0.00 | 312,500.00 | 156,250.00 | 113,900.00 | 39,000.00 |
| 14 | Mount Juliet Commerce Park | 400 South Mount Juliet Road | Mount Juliet | TN | Logistics | 298000 | GMP Mount Juliet LLC | 84-2741070 | Loan 3-B | Sycamore Life Insurance Company | 40,000,000.00 | 16,900,000.00 | 0.00 | 246,600.00 | 123,300.00 | 97,900.00 | 21,125.00 |
| TOTALS | 5224000 | 1,100,000,000.00 | 612,000,000.00 | 1,070,000.00 | 3,850,000.00 | 1,925,000.00 | 2,420,000.00 | 1,825,625.00 |
[sheet: Assumed Debt Detail]
| Loan Reference | Lender | Lender Address | Lender Contact | Lender Counsel | Loan Agreement Date | Property Secured | Target Entity | Outstanding Principal Balance | Interest Rate | Maturity Date | Consent Fee Rate | Consent Fee Amount | Consent Date Received | Replacement Guarantor |
| Loan 1-A | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Fairfield Logistics Center I | GMP Fairfield I LLC | 55,200,000.00 | 4.22% | 7/1/2028 | 0.25% | 138,000.00 | 6/4/2024 | Fairwater REIT |
| Loan 1-B | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Fairfield Logistics Center II | GMP Fairfield II LLC | 51,900,000.00 | 4.22% | 7/1/2028 | 0.25% | 129,750.00 | 6/4/2024 | Fairwater REIT |
| Loan 1-C | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Westlake Distribution Hub | GMP Westlake LLC | 70,800,000.00 | 4.22% | 7/1/2028 | 0.25% | 177,000.00 | 6/4/2024 | Fairwater REIT |
| Loan 1-D | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Katy Freeway Logistics Park | GMP Katy LLC | 58,800,000.00 | 4.22% | 7/1/2028 | 0.25% | 147,000.00 | 6/4/2024 | Fairwater REIT |
| Loan 1-E | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Alliance Commerce Center | GMP Alliance LLC | 52,800,000.00 | 4.22% | 7/1/2028 | 0.25% | 132,000.00 | 6/4/2024 | Fairwater REIT |
| Loan 1-F | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Lakeland Crossings Industrial | GMP Lakeland LLC | 43,200,000.00 | 4.22% | 7/1/2028 | 0.25% | 108,000.00 | 6/4/2024 | Fairwater REIT |
| Loan 1-G | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Southport Logistics Park | GMP Southport LLC | 49,200,000.00 | 4.22% | 7/1/2028 | 0.25% | 123,000.00 | 6/4/2024 | Fairwater REIT |
| Loan 1-H | Pinnacle Federal Bank, N.A. | 600 Travis Street, Suite 4400, Houston, TX 77002 | Bradley Carston, SVP | Whitfield & Archer LLP (Sandra Whitfield) | 9/15/2020 | Murfreesboro Distribution Center | GMP Murfreesboro LLC | 39,700,000.00 | 4.22% | 7/1/2028 | 0.25% | 99,250.00 | 6/4/2024 | Fairwater REIT |
| Pinnacle Subtotal | 421,600,000.00 | 1,054,000.00 | ||||||||||||
| Loan 2-A | Veltrano Capital Lending Corp. | 200 South Biscayne Blvd, Suite 3100, Miami, FL 33131 | Denise Alvarado, MD | Cranford McCabe LLP (Leo Cranford) | 2/1/2021 | Buckhead Place Office Tower | GMP Buckhead LLC | 57,000,000.00 | 4.68% | 3/1/2029 | 0.50% | 285,000.00 | 5/17/2024 | Fairwater REIT |
| Loan 2-B | Veltrano Capital Lending Corp. | 200 South Biscayne Blvd, Suite 3100, Miami, FL 33131 | Denise Alvarado, MD | Cranford McCabe LLP (Leo Cranford) | 2/1/2021 | SouthPark Corporate Center | GMP SouthPark LLC | 34,000,000.00 | 4.68% | 3/1/2029 | 0.50% | 170,000.00 | 5/17/2024 | Fairwater REIT |
| Loan 2-C | Veltrano Capital Lending Corp. | 200 South Biscayne Blvd, Suite 3100, Miami, FL 33131 | Denise Alvarado, MD | Cranford McCabe LLP (Leo Cranford) | 2/1/2021 | Cool Springs Office Park | GMP Cool Springs LLC | 29,000,000.00 | 4.68% | 3/1/2029 | 0.50% | 145,000.00 | 5/17/2024 | Fairwater REIT |
| Loan 2-D | Veltrano Capital Lending Corp. | 200 South Biscayne Blvd, Suite 3100, Miami, FL 33131 | Denise Alvarado, MD | Cranford McCabe LLP (Leo Cranford) | 2/1/2021 | Brickell Bay Office Building | GMP Brickell LLC | 22,300,000.00 | 4.68% | 3/1/2029 | 0.50% | 111,500.00 | 5/17/2024 | Fairwater REIT |
| Veltrano Subtotal | 142,300,000.00 | 711,500.00 | ||||||||||||
| Loan 3-A | Sycamore Life Insurance Company | 100 Constitution Plaza, Hartford, CT 06103 | Graham Hilliard, VP | Partridge Wynn & Slater LLP (Claire Wynn) | 11/22/2019 | Peachtree Corners Logistics Center | GMP Peachtree LLC | 31,200,000.00 | 3.95% | 12/1/2030 | 0.125% | 39,000.00 | 5/22/2024 | Fairwater REIT |
| Loan 3-B | Sycamore Life Insurance Company | 100 Constitution Plaza, Hartford, CT 06103 | Graham Hilliard, VP | Partridge Wynn & Slater LLP (Claire Wynn) | 11/22/2019 | Mount Juliet Commerce Park | GMP Mount Juliet LLC | 16,900,000.00 | 3.95% | 12/1/2030 | 0.125% | 21,125.00 | 5/22/2024 | Fairwater REIT |
| Sycamore Subtotal | 48,100,000.00 | 60,125.00 | ||||||||||||
| GRAND TOTAL | 612,000,000.00 | 1,825,625.00 |
[sheet: Closing Costs Detail]
Line Item
TITLE & SURVEY
| Title Insurance Premiums (Owner's + Loan Policies) | Commonwealth National Title Insurance Company | ALTA Owner's Policy (2021); aggregate insured $1,100,000,000; 14 properties | 2,420,000.00 | Buyer |
| Survey Costs | Meridian Land Surveying, Inc. | ALTA/NSPS 2021 surveys; 14 properties; Daniel Caulfield, PLS, PE | 196,000.00 | Buyer |
| Subtotal — Title & Survey | 2,616,000.00 | Buyer |
TRANSFER TAXES (Buyer's 50% Share)
| Georgia — Controlling-Interest Transfer Tax | Georgia Dept. of Revenue / County Clerks | 4 properties (Fairfield I, Fairfield II, Buckhead, Peachtree Corners) | 625,000.00 | Buyer (50% of $1,250,000) |
| Texas — Transfer Tax | N/A | No state transfer tax; nominal local fees | 0.00 | Buyer |
| Florida — Documentary Stamp Tax | Florida Dept. of Revenue / County Clerks | 3 properties (Lakeland, Southport, Brickell) | 840,000.00 | Buyer (50% of $1,680,000) |
| Tennessee — Transfer Tax | Tennessee Dept. of Revenue / County Register | 3 properties (Murfreesboro, Cool Springs, Mount Juliet) | 370,000.00 | Buyer (50% of $740,000) |
| North Carolina — Excise Tax | NC Dept. of Revenue / County Register of Deeds | 1 property (SouthPark) | 90,000.00 | Buyer (50% of $180,000) |
| Subtotal — Buyer's Transfer Tax Share | 1,925,000.00 | Buyer |
INSURANCE
| R&W Insurance Premium | Sentinel Specialty Insurance Company | $55M policy limit; $11M retention; 2.55% rate; bound 6/6/2024; Broker: Hartwick Gunderson & Associates | 1,402,500.00 | Buyer |
| Subtotal — Insurance | 1,402,500.00 | Buyer |
LENDER CONSENT FEES (Buyer's 50% Share)
| Pinnacle Federal Bank Consent Fee (50%) | Pinnacle Federal Bank, N.A. | 0.25% × $421,600,000 = $1,054,000; Buyer's 50% share | 527,000.00 | Buyer |
| Veltrano Capital Consent Fee (50%) | Veltrano Capital Lending Corp. | 0.50% × $142,300,000 = $711,500; Buyer's 50% share | 355,750.00 | Buyer |
| Sycamore Life Insurance Consent Fee (50%) | Sycamore Life Insurance Company | 0.125% × $48,100,000 = $60,125; Buyer's 50% share | 30,062.50 | Buyer |
| Subtotal — Buyer's Consent Fee Share | 912,812.50 | Buyer |
RECORDING & FILING
| Recording Fees and Filing Costs | Various county recorders / Secretaries of State | Entity filings, transfer tax returns, UCC-3 filings | 42,500.00 | Buyer |
| Subtotal — Recording & Filing | 42,500.00 | Buyer |
LEGAL FEES (estimated; subject to final invoicing)
| Calderwood & Harkness LLP — Legal Fees | Calderwood & Harkness LLP | Engagement dated 10/5/2023; fee cap $2,800,000 + disbursements; Matter No. 1036-00004 | TBD | Buyer |
| Local Counsel — Five States (aggregate estimate) | Breckenridge Osgood LLP; Talmadge Beaumont LLP; Haversham Cole PLLC; Ellsworth Ridley LLP; Palmetto Strauss PA | TX, GA, NC, TN, FL local counsel opinions and filings | TBD | Buyer |
OTHER
| Accounting / Tax Advisory Fees | Ashford Prewitt LLP | Martin Ashford, CPA; Naomi Ikeda, CPA — tax advisory and Form 8594 | TBD | Buyer |
| TOTAL BUYER'S CLOSING COSTS (known items) | Sum of all known line items above | 6,898,812.50 | Buyer |
[sheet: Wire Instructions Summary]
| Wire # | Payee | Purpose | Amount | Receiving Bank | Reference |
| 1 | Commonwealth National Title Insurance Company (Escrow) | Net cash equity to Seller (after deposit credits, assumed debt, PCA credit, and prorations) | 418,111,781.76 | Per Commonwealth escrow wire instructions; 191 Peachtree St NE, Ste 800, Atlanta, GA 30303 | Fairwater / GMP Fund III Closing — Equity |
| 2 | Commonwealth National Title Insurance Company (Indemnity Escrow) | Indemnity Escrow Deposit (1.5% of Purchase Price) | 16,500,000.00 | Per Commonwealth escrow wire instructions | Indemnity Escrow — 18-month hold |
| 3 | Pinnacle Federal Bank, N.A. | Buyer's 50% share of consent fee | 527,000.00 | Per Pinnacle wire instructions; 600 Travis St, Ste 4400, Houston, TX 77002 | Consent Fee — Loans 1-A through 1-H |
| 4 | Veltrano Capital Lending Corp. | Buyer's 50% share of consent fee | 355,750.00 | Per Veltrano wire instructions; 200 S Biscayne Blvd, Ste 3100, Miami, FL 33131 | Consent Fee — Loans 2-A through 2-D |
| 5 | Sycamore Life Insurance Company | Buyer's 50% share of consent fee | 30,062.50 | Per Sycamore wire instructions; 100 Constitution Plaza, Hartford, CT 06103 | Consent Fee — Loans 3-A and 3-B |
| 6 | Commonwealth National Title Insurance Company | Title insurance premiums (owner's and loan policies) | 2,420,000.00 | Per Commonwealth premium wire instructions | Title Premiums — 14 properties |
| 7 | Sentinel Specialty Insurance Company | R&W insurance premium | 1,402,500.00 | Per Sentinel wire instructions; 500 College Road East, Princeton, NJ 08540 | R&W Policy Premium — $55M limit |
| 8 | Various State/County Tax Authorities | Buyer's 50% share of transfer taxes | 1,925,000.00 | Per individual jurisdiction wire/check instructions | Transfer Taxes — GA, FL, TN, NC |
| 9 | Meridian Land Surveying, Inc. | Survey costs | 196,000.00 | Per Meridian wire instructions; 2745 Lenox Rd NE, Ste 300, Atlanta, GA 30309 | ALTA/NSPS Surveys — 14 properties |
| 10 | Various County Recorders / Secretaries of State | Recording fees and filing costs | 42,500.00 | Per individual jurisdiction instructions | Recording & Filing — 14 properties |
| TOTAL WIRES FROM BUYER | 441,510,594.26 | ||||
| Source of Funds: Draw on Fairwater REIT Unsecured Revolving Credit Facility | Aldgate National Bank, N.A. (Administrative Agent); SOFR + 130 bps; Contact: Trevor Kingsley, MD | ~488,000,000.00 |