[sheet: Tracker Summary]
Workstream | Total Items | Resolved | Waived | Open | % Complete
Title & Survey | 23 | 21 | 0 | 2 | 91.3%
Lease / Estoppel / SNDA | 18 | 14 | 1 | 3 | 83.3%
Environmental | 5 | 5 | 0 | 0 | 100.0%
Property Condition (PCA) | 6 | 6 | 0 | 0 | 100.0%
Zoning & Land Use | 2 | 2 | 0 | 0 | 100.0%
Loan / Lender Consent | 12 | 8 | 0 | 4 | 66.7%
Entity-Level / Organizational | 8 | 8 | 0 | 0 | 100.0%
Tax | 5 | 4 | 0 | 1 | 80.0%
Insurance | 4 | 3 | 0 | 1 | 75.0%
Service Contracts | 3 | 3 | 0 | 0 | 100.0%
TOTAL | 86 | 74 | 1 | 11 | 87.2%
[sheet: Detailed Tracker]
Item # | Workstream | Property / Entity | Description | Responsible Party | Date Identified | Target Resolution Date | Status | Resolution Date | Notes / Resolution Detail
1 | Title & Survey | Fairfield Logistics Center I (GMP Fairfield I LLC) | Title Commitment — Schedule B-II Exception #7: Unrecorded easement for utility access across northwest parcel boundary | Calderwood & Harkness LLP / Talmadge Beaumont LLP (GA) | 2024-03-15 | 2024-03-29 | Resolved | 2024-04-08 | Seller obtained recorded easement agreement from adjacent parcel owner; exception removed from final commitment per Commonwealth National Title confirmation dated April 8, 2024
2 | Title & Survey | Fairfield Logistics Center II (GMP Fairfield II LLC) | Survey — Minor encroachment of parking lot striping onto adjacent parcel (0.3 ft) | Meridian Land Surveying, Inc. / Calderwood & Harkness LLP | 2024-03-15 | 2024-03-29 | Resolved | 2024-04-11 | Accepted as permitted exception per PSA Exhibit P; title endorsement (survey) obtained from Commonwealth National Title
3 | Title & Survey | Westlake Distribution Hub (GMP Westlake LLC) | Title Commitment — Schedule B-II Exception #4: Mechanic's lien filed by subcontractor ($42,300); mandatory cure item | Blackridge Hayes LLP (Seller) | 2024-03-18 | 2024-03-29 | Resolved | 2024-04-05 | Seller paid and obtained lien release; recorded April 5, 2024; exception removed
4 | Title & Survey | Katy Freeway Logistics Park (GMP Katy LLC) | Survey revision needed — Table A Item 11(b) (utilities) not depicted; Meridian to revise | Meridian Land Surveying, Inc. | 2024-03-15 | 2024-04-01 | Resolved | 2024-04-02 | Revised survey received and certified April 2, 2024
5 | Title & Survey | Alliance Commerce Center (GMP Alliance LLC) | Title Commitment — Delinquent 2023 ad valorem taxes ($67,500); mandatory cure item | Blackridge Hayes LLP (Seller) | 2024-03-20 | 2024-03-29 | Resolved | 2024-04-10 | Seller paid delinquent taxes; tax certificate obtained and delivered to Commonwealth National Title
6 | Title & Survey | Lakeland Crossings Industrial (GMP Lakeland LLC) | Title Commitment — Exception #9: Drainage easement encumbering 0.8 acres in southeast corner; potential impact on expansion pad | Calderwood & Harkness LLP / Palmetto Strauss PA (FL) | 2024-03-16 | 2024-03-29 | Resolved | 2024-04-11 | Accepted as permitted exception; no current expansion plans; title endorsement for access obtained
7 | Title & Survey | Southport Logistics Park (GMP Southport LLC) | Survey — Fence encroachment from neighboring property (1.2 ft along southern boundary) | Calderwood & Harkness LLP / Meridian Land Surveying, Inc. | 2024-03-17 | 2024-03-29 | Resolved | 2024-04-11 | Accepted as permitted exception per Buyer approval; survey endorsement obtained
8 | Title & Survey | Murfreesboro Distribution Center (GMP Murfreesboro LLC) | Title Commitment — UCC-1 financing statement filed by Pinnacle Federal Bank against GMP Murfreesboro LLC; confirm lien relates solely to assumed loan and will remain as permitted exception | Calderwood & Harkness LLP | 2024-03-14 | 2024-03-29 | Resolved | 2024-03-28 | Confirmed UCC-1 relates to Loan 1-H (Pinnacle); will remain as permitted encumbrance under assumed debt
9 | Title & Survey | Buckhead Place Office Tower (GMP Buckhead LLC) | Title Commitment — Exception #5: Covenant restricting certain retail uses on ground floor; review for impact on leasing | Calderwood & Harkness LLP / Talmadge Beaumont LLP (GA) | 2024-03-18 | 2024-03-29 | Resolved | 2024-04-09 | Covenant reviewed; consistent with current office use and existing leases; accepted as permitted exception
10 | Title & Survey | SouthPark Corporate Center (GMP SouthPark LLC) | Title Commitment — Exception #3: Cross-easement agreement with adjacent retail center for shared access drive; confirm does not restrict development | Calderwood & Harkness LLP / Haversham Cole PLLC (NC) | 2024-03-15 | 2024-03-29 | Resolved | 2024-04-08 | Cross-easement reviewed; perpetual, non-exclusive; accepted as permitted exception
11 | Title & Survey | Cool Springs Office Park (GMP Cool Springs LLC) | Survey — Building footprint within 2 ft of setback line per zoning overlay; confirm nonconforming use status or variance | Calderwood & Harkness LLP / Ellsworth Ridley LLP (TN) | 2024-03-16 | 2024-03-29 | Resolved | 2024-04-12 | Zoning confirmation letter obtained confirming legal nonconforming status; title endorsement (zoning) obtained
12 | Title & Survey | Brickell Bay Office Building (GMP Brickell LLC) | Title Commitment — Exception #6: Condominium declaration and association assessments; confirm current on assessments | Palmetto Strauss PA (FL) / Blackridge Hayes LLP | 2024-03-19 | 2024-03-29 | Resolved | 2024-04-06 | Seller provided estoppel from condo association confirming no delinquent assessments
13 | Title & Survey | Peachtree Corners Logistics Center (GMP Peachtree LLC) | Title Commitment — Exception #11: Judgment lien against prior owner ($185,000); mandatory cure item — confirm release | Blackridge Hayes LLP (Seller) | 2024-03-17 | 2024-03-29 | Resolved | 2024-04-09 | Prior owner's judgment pre-dates GMP acquisition; lien release recorded; exception removed
14 | Title & Survey | Mount Juliet Commerce Park (GMP Mount Juliet LLC) | Survey — Stormwater detention pond encroaches 3 ft onto adjacent parcel; confirm easement in place | Meridian Land Surveying, Inc. / Ellsworth Ridley LLP (TN) | 2024-03-17 | 2024-03-29 | Resolved | 2024-04-10 | Recorded easement obtained from adjacent owner; survey revised to note easement; exception accepted
15 | Title & Survey | All Properties | Gap coverage confirmation — Commonwealth National Title to confirm gap indemnity from commitment effective dates through closing | Commonwealth National Title (Kenneth Stanhope) | 2024-03-14 | 2024-05-31 | Resolved | 2024-05-15 | Gap indemnity / bring-down letter received from Commonwealth National Title dated May 15, 2024
16 | Title & Survey | All Properties | Final certified ALTA/NSPS surveys — confirm receipt of all 14 final surveys certified to Buyer, title company, and lenders | Meridian Land Surveying, Inc. (Daniel Caulfield) | 2024-03-15 | 2024-04-15 | Resolved | 2024-04-12 | All 14 final certified surveys received and reviewed; transmittal memo issued
17 | Title & Survey | All Properties | Title insurance endorsement requests — confirm all endorsements (owner's comprehensive, access, survey, zoning, contiguity) ordered and available | Calderwood & Harkness LLP / Commonwealth National Title | 2024-04-01 | 2024-05-15 | Resolved | 2024-05-10 | All endorsements confirmed available; pro forma policies reviewed and approved
18 | Title & Survey | Westlake Distribution Hub (GMP Westlake LLC) | Title Commitment — Exception #8: Pipeline easement traversing northeast corner; confirm width and restrictions | Calderwood & Harkness LLP / Breckenridge Osgood LLP (TX) | 2024-03-18 | 2024-03-29 | Resolved | 2024-04-05 | Easement is 30-ft wide utility pipeline; does not affect building footprint or truck court; accepted as permitted exception
19 | Title & Survey | Alliance Commerce Center (GMP Alliance LLC) | Survey revision needed — adjoiner information incomplete per Table A Item 6(a) | Meridian Land Surveying, Inc. | 2024-03-15 | 2024-04-01 | Resolved | 2024-04-03 | Revised survey received with complete adjoiner information
20 | Title & Survey | Fairfield Logistics Center I (GMP Fairfield I LLC) | Title Commitment — Judgment search revealed pending tax lien ($12,400) against Target Entity; mandatory cure | Blackridge Hayes LLP (Seller) | 2024-03-20 | 2024-03-29 | Resolved | 2024-04-04 | Seller paid and obtained release of tax lien; confirmation delivered to Commonwealth National Title
21 | Title & Survey | Katy Freeway Logistics Park (GMP Katy LLC) | Title Commitment — Exception #5: Restrictive covenant limiting building height to 45 ft; confirm compliance | Calderwood & Harkness LLP / Breckenridge Osgood LLP (TX) | 2024-03-18 | 2024-03-29 | Resolved | 2024-04-01 | Existing building is 40 ft; compliant; accepted as permitted exception
22 | Title & Survey | All Properties (Portfolio-Wide) | Title premium allocation schedule — finalize allocation of $2,420,000 in premiums across 14 properties | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-04-15 | 2024-05-20 | Open | Draft allocation prepared; awaiting final confirmation from Commonwealth National Title on per-property premium rates. Expected resolution before closing.
23 | Title & Survey | All Properties (Portfolio-Wide) | Marked-up title commitments with final permitted exceptions — compile for PSA Exhibit P verification | Calderwood & Harkness LLP (Grace Nakamura) | 2024-04-12 | 2024-05-25 | Open | Mark-up in progress; 12 of 14 properties complete; remaining 2 (Buckhead Place, Brickell Bay) in final review
24 | Lease / Estoppel / SNDA | All Properties (87 leases) | Estoppel certificate delivery — target 80% of ABR ($59,840,000 of $74,800,000); from every tenant occupying 25,000+ RSF | Blackridge Hayes LLP (Seller) / Argyle Property Services LLC (Sean Kilpatrick) | 2024-03-04 | 2024-05-15 | Open | As of May 20, 2024: 71 of 87 estoppels received, representing approximately 86% of ABR. Deadline extended to May 15, 2024 per PSA First Amendment. Additional estoppels expected before closing. 6 estoppels flagged for discrepancies — see Item #27.
25 | Lease / Estoppel / SNDA | All Properties (38 Major Tenant SNDAs) | SNDA execution — 38 required for tenants with ABR ≥ $1,500,000; delivery deadline May 15, 2024 | Calderwood & Harkness LLP / Blackridge Hayes LLP | 2024-03-04 | 2024-05-15 | Open | As of May 20, 2024: 30 of 38 Major Tenant SNDAs executed. 8 outstanding; negotiations ongoing with tenant counsel. PSA permits post-closing carve-out for up to 4 outstanding SNDAs with $200,000 holdback.
26 | Lease / Estoppel / SNDA | All Properties (87 leases) | Lease audit — comprehensive review of all 87 leases for key terms, options, restrictions, co-tenancy, assignment/subletting | Calderwood & Harkness LLP (Grace Nakamura) | 2024-02-28 | 2024-04-10 | Resolved | 2024-04-10 | Lease audit memoranda (portfolio summary and top 10 tenants) completed and delivered to client April 10, 2024
27 | Lease / Estoppel / SNDA | Various (6 tenants) | Estoppel discrepancies — 6 estoppel certificates contain discrepancies from rent roll (rent amount, lease expiration, security deposit variances) | Calderwood & Harkness LLP (Grace Nakamura) / Blackridge Hayes LLP (Thomas Keating) | 2024-05-06 | 2024-05-15 | Open | C&H identified discrepancies in email to Blackridge Hayes dated May 6, 2024. Seller providing supplemental disclosure to reconcile. Expected resolution before closing.
28 | Lease / Estoppel / SNDA | Cascade Supply Chain Solutions Inc. (Westlake Distribution Hub) | Cascade lease — confirm renewal option terms (2 x 5-year options) and current rent escalation schedule | Calderwood & Harkness LLP | 2024-03-05 | 2024-04-10 | Resolved | 2024-04-08 | Renewal options confirmed: 2 x 5-year at 95% FMV; 3% annual escalations; ABR $8,736,000 (11.7% of portfolio ABR)
29 | Lease / Estoppel / SNDA | Zynvaro Distribution Holdings LLC (Katy Freeway Logistics Park) | Mercer lease — confirm ROFR provision and any co-tenancy requirements | Calderwood & Harkness LLP | 2024-03-05 | 2024-04-10 | Resolved | 2024-04-09 | ROFR confirmed on adjacent expansion land only; no co-tenancy clause; ABR $7,532,000 (10.1% of portfolio ABR)
30 | Lease / Estoppel / SNDA | Thornton-Whitaker Pharmaceuticals Corp. (Fairfield Logistics Center I) | Thornton-Whitaker lease — confirm specialized HVAC/cold storage landlord obligations and capital expenditure commitments | Calderwood & Harkness LLP | 2024-03-06 | 2024-04-10 | Resolved | 2024-04-10 | Landlord obligation for temperature-controlled warehouse maintenance confirmed; annual CapEx reserve of $180,000 per lease terms; ABR $6,180,000 (8.3% of portfolio ABR)
31 | Lease / Estoppel / SNDA | Birchwood Technology Group Inc. (SouthPark Corporate Center) | Birchwood lease — confirm early termination option and conditions | Calderwood & Harkness LLP | 2024-03-06 | 2024-04-10 | Resolved | 2024-04-10 | Early termination option at month 84 with 12 months' notice and 9-month termination fee; ABR $5,668,000 (7.6% of portfolio ABR)
32 | Lease / Estoppel / SNDA | Atlas Freight Logistics Corp. (Southport Logistics Park) | Atlas Freight lease — confirm expansion option and excess land rights | Calderwood & Harkness LLP | 2024-03-06 | 2024-04-10 | Resolved | 2024-04-09 | Expansion option on 50,000 SF adjacent pad confirmed; ABR $5,330,000 (7.1% of portfolio ABR)
33 | Lease / Estoppel / SNDA | All Properties | Security deposit reconciliation — confirm aggregate $4,283,000 across 87 leases matches Target Entity bank account balances at Magnolia Commerce Bank | Blackridge Hayes LLP / Argyle Property Services LLC | 2024-03-10 | 2024-04-15 | Resolved | 2024-04-14 | Security deposit schedule reconciled to bank statements at Magnolia Commerce Bank, N.A.; aggregate $4,283,000 confirmed
34 | Lease / Estoppel / SNDA | All Properties | Rent roll verification — reconcile PSA Exhibit H rent roll (as of 12/31/2023) against tenant ledgers and bank deposits | Calderwood & Harkness LLP / Ashford Prewitt LLP | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-08 | Rent roll verified; total annual in-place base rent $74,800,000; 93.2% weighted-average occupancy confirmed
35 | Lease / Estoppel / SNDA | All Properties | Lease abstract compilation — all 87 lease abstracts completed and indexed | Calderwood & Harkness LLP (Grace Nakamura / Rafael Dominguez) | 2024-02-28 | 2024-04-10 | Resolved | 2024-04-10 | All 87 lease abstracts completed
36 | Lease / Estoppel / SNDA | All Properties | Tenant notification letter — prepare form letter and distribution list for 87 tenants re change of ownership | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-04-15 | 2024-05-25 | Resolved | 2024-05-18 | Form letter finalized; distribution list of all 87 tenants confirmed; to be mailed day after closing
37 | Lease / Estoppel / SNDA | All Properties | Major Tenant ABR threshold confirmation — identify all tenants with ABR ≥ $1,500,000 for SNDA requirement | Calderwood & Harkness LLP | 2024-03-01 | 2024-03-15 | Resolved | 2024-03-12 | 38 Major Tenants identified with ABR ≥ $1,500,000 per annum
38 | Lease / Estoppel / SNDA | All Properties | Estoppel form review — confirm PSA Exhibit E form is acceptable to Buyer and lenders (Pinnacle, Veltrano, Sycamore) | Calderwood & Harkness LLP | 2024-03-01 | 2024-03-15 | Resolved | 2024-03-14 | Estoppel form confirmed acceptable to all three lenders
39 | Lease / Estoppel / SNDA | All Properties | Remaining estoppel certificates — track delivery of outstanding 16 estoppels for tenants representing ~14% of ABR | Blackridge Hayes LLP / Argyle Property Services LLC | 2024-05-15 | 2024-06-06 | Waived | Seller's counsel and property manager following up with remaining tenants. Minimum 80% ABR threshold ($59,840,000) expected to be met at closing.
40 | Lease / Estoppel / SNDA | All Properties (Outstanding SNDAs) | Remaining SNDA negotiations — 8 outstanding as of May 20; negotiate post-closing carve-out for any not received by closing | Calderwood & Harkness LLP / Blackridge Hayes LLP | 2024-05-15 | 2024-06-06 | Open | Target: execute at least 4 more before closing (reducing outstanding to 4 or fewer for post-closing carve-out with $200,000 holdback)
41 | Environmental | All Properties (14 Phase I ESAs) | Phase I ESA review — review all 14 Phase I environmental site assessments from Trident Environmental Group LLC | Calderwood & Harkness LLP / Trident Environmental Group LLC (Rachel Kwan) | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-08 | All 14 Phase I ESAs reviewed; 12 properties clean (no RECs); 2 properties with de minimis RECs (controlled)
42 | Environmental | Westlake Distribution Hub (GMP Westlake LLC) | De minimis REC — historical petroleum release from former underground storage tank (removed 1998); residual contamination below regulatory action levels | Trident Environmental Group LLC (Rachel Kwan) | 2024-03-20 | 2024-04-10 | Resolved | 2024-04-08 | No further action letter on file from Texas Commission on Environmental Quality; de minimis REC; no Phase II required; accepted by Buyer
43 | Environmental | Lakeland Crossings Industrial (GMP Lakeland LLC) | De minimis REC — elevated metals in soil near loading dock area; concentrations below Florida DEP cleanup target levels | Trident Environmental Group LLC (Rachel Kwan) | 2024-03-20 | 2024-04-10 | Resolved | 2024-04-08 | Concentrations below applicable Florida DEP Soil Cleanup Target Levels; de minimis REC; no Phase II required; accepted by Buyer with standard environmental indemnity
44 | Environmental | All Properties | Confirm no Phase II ESA required for any property | Calderwood & Harkness LLP / Trident Environmental Group LLC | 2024-04-08 | 2024-04-15 | Resolved | 2024-04-08 | Confirmed — no Phase II ESA warranted for any property based on Phase I findings
45 | Environmental | All Properties | Environmental reports list — finalize PSA Exhibit N (Environmental Reports List) | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-04-01 | 2024-04-15 | Resolved | 2024-04-10 | Exhibit N finalized listing all 14 Phase I ESAs prepared by Trident Environmental Group LLC
46 | Property Condition (PCA) | All Properties (14 PCAs) | PCA review — review all 14 property condition assessment reports from Rampart Building Sciences, Inc. | Calderwood & Harkness LLP / Rampart Building Sciences, Inc. (Alan Westbrook) | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-08 | All 14 PCAs reviewed; aggregate estimated immediate repair costs of $2,140,000 identified
47 | Property Condition (PCA) | Buckhead Place Office Tower (GMP Buckhead LLC) | PCA — $890,000 estimated immediate repair costs (HVAC system replacement, elevator modernization) | Rampart Building Sciences, Inc. / Calderwood & Harkness LLP | 2024-03-22 | 2024-04-10 | Resolved | 2024-04-12 | Negotiated 50% PCA credit; Buyer credit of $445,000 (50% of $890,000) included in aggregate $1,070,000 PCA credit at closing
48 | Property Condition (PCA) | Cool Springs Office Park (GMP Cool Springs LLC) | PCA — $620,000 estimated immediate repair costs (roof replacement, parking lot resurfacing) | Rampart Building Sciences, Inc. / Calderwood & Harkness LLP | 2024-03-22 | 2024-04-10 | Resolved | 2024-04-12 | Negotiated 50% PCA credit; Buyer credit of $310,000 included in aggregate PCA credit
49 | Property Condition (PCA) | Lakeland Crossings Industrial (GMP Lakeland LLC) | PCA — $380,000 estimated immediate repair costs (dock leveler replacement, fire suppression system upgrade) | Rampart Building Sciences, Inc. / Calderwood & Harkness LLP | 2024-03-22 | 2024-04-10 | Resolved | 2024-04-12 | Negotiated 50% PCA credit; Buyer credit of $190,000 included in aggregate PCA credit
50 | Property Condition (PCA) | SouthPark Corporate Center (GMP SouthPark LLC) | PCA — $250,000 estimated immediate repair costs (lobby renovation, ADA compliance upgrades) | Rampart Building Sciences, Inc. / Calderwood & Harkness LLP | 2024-03-22 | 2024-04-10 | Resolved | 2024-04-12 | Negotiated 50% PCA credit; Buyer credit of $125,000 included in aggregate PCA credit
51 | Property Condition (PCA) | All Properties | PCA credit negotiation — aggregate $2,140,000 immediate repairs; negotiated 50% credit ($1,070,000) to Buyer as purchase price reduction | Calderwood & Harkness LLP (Douglas Fairchild) / Blackridge Hayes LLP (Nathaniel Pryce) | 2024-04-08 | 2024-04-15 | Resolved | 2024-04-12 | PSA First Amendment (April 12, 2024) clarified PCA credit mechanics; $1,070,000 credit to Buyer confirmed; adjusted purchase price $1,098,930,000
52 | Zoning & Land Use | All Properties (14) | Zoning confirmation letters — obtain from local jurisdiction for all 14 properties confirming permitted use (logistics/warehouse or office) | Calderwood & Harkness LLP / Local Counsel (5 jurisdictions) | 2024-03-01 | 2024-04-15 | Resolved | 2024-04-12 | Zoning confirmation letters obtained for 14 of 14 properties; all properties confirmed in compliance with applicable zoning
53 | Zoning & Land Use | All Properties | Zoning and land use compliance memorandum — finalize comprehensive memo with local counsel input | Calderwood & Harkness LLP / Breckenridge Osgood LLP / Talmadge Beaumont LLP / Haversham Cole PLLC / Ellsworth Ridley LLP / Palmetto Strauss PA | 2024-03-15 | 2024-04-15 | Resolved | 2024-04-14 | Memo finalized with input from all five local counsel firms; no zoning violations or non-conforming use issues (except Cool Springs — legal nonconforming, see Item #11)
54 | Loan / Lender Consent | Pinnacle Federal Bank — Loans 1-A through 1-H ($421,600,000 OPB) | Consent request submitted; change of control consent required under Master Loan Agreement dated September 15, 2020 | Calderwood & Harkness LLP / Whitfield & Archer LLP (Sandra Whitfield) | 2024-03-08 | 2024-05-24 | Open | Consent request sent March 8, 2024. Pinnacle reviewing Fairwater financials and replacement guaranty. Consent fee: $1,054,000 (0.25% of OPB). As of May 20, 2024: Pinnacle has requested additional financial information; consent expected but not yet received. This is the critical path item that may delay closing beyond May 31, 2024.
55 | Loan / Lender Consent | Veltrano Capital Lending Corp. — Loans 2-A through 2-D ($142,300,000 OPB) | Consent request submitted; change of control consent required under Loan Agreement dated February 1, 2021 | Calderwood & Harkness LLP / Cranford McCabe LLP (Leo Cranford) | 2024-03-08 | 2024-05-24 | Resolved | 2024-05-17 | Consent received May 17, 2024. Consent fee: $711,500 (0.50% of OPB). Replacement guaranty executed by Fairwater REIT.
56 | Loan / Lender Consent | Sycamore Life Insurance Company — Loans 3-A and 3-B ($48,100,000 OPB) | Consent request submitted; change of control consent required under Note Purchase Agreement dated November 22, 2019 | Calderwood & Harkness LLP / Partridge Wynn & Slater LLP (Claire Wynn) | 2024-03-08 | 2024-05-24 | Resolved | 2024-05-22 | Consent expected imminently (received May 22, 2024 per subsequent confirmation). Consent fee: $60,125 (0.125% of OPB). As of tracker date (May 20), final consent letter in Sycamore's signatory queue.
57 | Loan / Lender Consent | Pinnacle Federal Bank | Replacement Guaranty — Pinnacle: Fairwater REIT to replace GMP Fund III as carve-out guarantor; $500,000,000 minimum tangible net worth, $50,000,000 minimum liquid assets | Calderwood & Harkness LLP / Whitfield & Archer LLP | 2024-03-08 | 2024-05-24 | Open | Replacement guaranty form substantially agreed; Pinnacle's counsel (Whitfield & Archer) has approved form subject to final consent. Execution contingent on consent delivery.
58 | Loan / Lender Consent | Veltrano Capital Lending Corp. | Replacement Guaranty — Veltrano: executed by Fairwater REIT | Calderwood & Harkness LLP / Cranford McCabe LLP | 2024-03-08 | 2024-05-17 | Resolved | 2024-05-17 | Executed concurrently with consent
59 | Loan / Lender Consent | Sycamore Life Insurance Company | Replacement Guaranty — Sycamore: substantially agreed pending consent | Calderwood & Harkness LLP / Partridge Wynn & Slater LLP | 2024-03-08 | 2024-05-24 | Open | Form agreed; execution to occur concurrently with consent delivery
60 | Loan / Lender Consent | Pinnacle Federal Bank — Loans 1-A through 1-H | Assumption Agreement — Pinnacle: Fairwater to assume all borrower obligations under Pinnacle loans (4.22% fixed, maturing July 1, 2028) | Calderwood & Harkness LLP / Whitfield & Archer LLP | 2024-03-15 | 2024-05-31 | Open | Draft assumption agreement substantially negotiated; execution contingent on Pinnacle consent
61 | Loan / Lender Consent | Veltrano Capital — Loans 2-A through 2-D | Assumption Agreement — Veltrano: Fairwater to assume all borrower obligations (4.68% fixed, maturing March 1, 2029) | Calderwood & Harkness LLP / Cranford McCabe LLP | 2024-03-15 | 2024-05-17 | Resolved | 2024-05-17 | Executed concurrently with consent
62 | Loan / Lender Consent | Sycamore Life — Loans 3-A and 3-B | Assumption Agreement — Sycamore: Fairwater to assume all borrower obligations (3.95% fixed, maturing December 1, 2030) | Calderwood & Harkness LLP / Partridge Wynn & Slater LLP | 2024-03-15 | 2024-05-24 | Resolved | 2024-05-20 | Assumption agreement form finalized and pre-executed by Buyer; Sycamore's execution to follow with consent
63 | Loan / Lender Consent | All Lenders | Consent fee payment coordination — total $1,825,625 (Pinnacle $1,054,000; Veltrano $711,500; Sycamore $60,125); 50/50 split (Buyer $912,812.50; Seller $912,812.50) | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-05-01 | 2024-05-31 | Resolved | 2024-05-17 | Veltrano fee ($711,500) wired May 17. Sycamore and Pinnacle fees to be wired upon/at closing. Wire instructions verified.
64 | Loan / Lender Consent | All Lenders | Loan document review memoranda — comprehensive review of all three loan facilities completed | Calderwood & Harkness LLP (Grace Nakamura) | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-08 | Separate memoranda completed for Pinnacle, Veltrano, and Sycamore loan documents; change of control provisions, default triggers, and borrower covenants analyzed
65 | Loan / Lender Consent | All Lenders | Lender consent strategy memorandum — internal C&H analysis of consent process, fees, and timeline | Calderwood & Harkness LLP (Douglas Fairchild) | 2024-03-01 | 2024-03-05 | Resolved | 2024-03-05 | Memo dated March 5, 2024 completed and circulated internally
66 | Entity-Level / Organizational | All 14 Target Entities | Organizational document review — certificates of formation, operating agreements, good-standing certificates for all 14 Delaware LLCs | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-05 | All organizational documents reviewed; all entities in good standing in Delaware
67 | Entity-Level / Organizational | All 14 Target Entities | UCC searches — Delaware Secretary of State, plus each state where property is located | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-03-01 | 2024-04-01 | Resolved | 2024-03-28 | UCC searches completed; existing UCC-1 filings relate solely to assumed mortgage loans (Pinnacle, Veltrano, Sycamore); no unexpected liens
68 | Entity-Level / Organizational | All 14 Target Entities + GMP Fund III | Judgment and lien searches — federal and state courts in Delaware and each property state | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-03-01 | 2024-04-01 | Resolved | 2024-03-30 | No outstanding judgments or liens against any Target Entity or GMP Fund III (except title items addressed separately)
69 | Entity-Level / Organizational | All 14 Target Entities + GMP Fund III | Litigation searches — confirm no pending or threatened litigation other than disclosed on PSA Exhibit J | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-03-01 | 2024-04-01 | Resolved | 2024-03-29 | No undisclosed litigation identified; PSA Exhibit J disclosures reviewed and confirmed immaterial
70 | Entity-Level / Organizational | GMP Fund III / Greystone Meridian Capital LLC | Authorization and capacity — confirm GP authority to execute PSA and consummate sale; review LP agreement for required approvals | Calderwood & Harkness LLP (Grace Nakamura) | 2024-02-28 | 2024-03-15 | Resolved | 2024-03-12 | LP agreement reviewed; GP has sole authority to sell portfolio assets; no LP consent required; Victor Lansdell and Elise Rathborne confirmed as authorized signatories
71 | Entity-Level / Organizational | All 14 Target Entities | Foreign qualification status — confirm each Target Entity is qualified to do business in its property state (GA, TX, FL, TN, NC) | Calderwood & Harkness LLP / Local Counsel (5 jurisdictions) | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-08 | All Target Entities confirmed qualified in applicable states
72 | Entity-Level / Organizational | All 14 Target Entities | EIN verification — confirm EINs for all Target Entities match IRS records | Calderwood & Harkness LLP / Ashford Prewitt LLP | 2024-03-01 | 2024-03-20 | Resolved | 2024-03-18 | All 14 EINs verified
73 | Entity-Level / Organizational | All 14 Target Entities | Operating account review — confirm bank accounts at Magnolia Commerce Bank, N.A. (Linda Prescott, VP) and balances | Blackridge Hayes LLP / Argyle Property Services LLC | 2024-03-01 | 2024-04-15 | Resolved | 2024-04-12 | All operating accounts at Magnolia Commerce Bank confirmed; account balances reconciled to financial statements
74 | Tax | Transaction-wide | Transfer tax analysis — controlling-interest transfer tax exposure across GA (~$1,250,000), TX ($0), FL (~$1,680,000), TN (~$740,000), NC (~$180,000); total ~$3,850,000 split 50/50 | Calderwood & Harkness LLP (Sylvia Hartwell) / Local Counsel | 2024-03-01 | 2024-04-15 | Resolved | 2024-04-10 | Transfer tax analysis memorandum completed; estimated $3,850,000 total; Buyer's share $1,925,000; Seller's share $1,925,000
75 | Tax | Transaction-wide | REIT qualification impact analysis — confirm portfolio acquisition does not adversely affect Fairwater's REIT income (75% gross income test) and asset (75% asset test) tests | Calderwood & Harkness LLP (Sylvia Hartwell) / Ashford Prewitt LLP (Naomi Ikeda) | 2024-03-01 | 2024-04-15 | Resolved | 2024-04-10 | REIT qualification impact memorandum completed; acquisition enhances REIT asset base; no adverse impact on income or asset tests
76 | Tax | Transaction-wide | Purchase price allocation — agree Section 1060 allocation methodology per PSA Exhibit K based on appraised values from Stonebridge Valuation Advisors, LLC | Calderwood & Harkness LLP (Sylvia Hartwell) / Blackridge Hayes LLP (Ingrid Solberg) | 2024-03-01 | 2024-04-15 | Resolved | 2024-04-14 | Allocation schedule agreed between Buyer and Seller; reflected in PSA Exhibit K
77 | Tax | Transaction-wide | FIRPTA analysis — confirm GMP Fund III (EIN 83-1647205) is domestic partnership; prepare FIRPTA certificate form | Calderwood & Harkness LLP (Sylvia Hartwell) | 2024-03-01 | 2024-03-20 | Resolved | 2024-03-15 | Confirmed Seller is domestic LP; FIRPTA affidavit (PSA Exhibit O) prepared for belt-and-suspenders execution at closing
78 | Tax | Transaction-wide | Transfer tax return preparation — coordinate with local counsel and Ashford Prewitt for filings in GA, FL, TN, NC | Calderwood & Harkness LLP (Sylvia Hartwell) / Ashford Prewitt LLP (Naomi Ikeda) | 2024-05-01 | 2024-06-06 | Open | Transfer tax returns being prepared; coordinating with Naomi Ikeda (Ashford Prewitt) per email May 20, 2024. Filing to occur at or immediately after closing.
79 | Insurance | All Properties | Existing insurance policy review — identify coverage gaps in current property and liability policies | Calderwood & Harkness LLP (Rafael Dominguez) / Hartwick Gunderson & Associates, Inc. (Peter Langford) | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-08 | Insurance coverage review memorandum completed; coverage gaps identified and addressed in replacement policy specifications
80 | Insurance | All Properties | Replacement P&C policy binding — bind new property and casualty insurance policies with Ironclad Indemnity Insurance Company effective closing date | Hartwick Gunderson & Associates, Inc. (Peter Langford) / Calderwood & Harkness LLP | 2024-04-15 | 2024-06-06 | Open | Policy specifications confirmed; Ironclad Indemnity has issued binder subject to closing confirmation. Final binding to occur at closing.
81 | Insurance | Transaction-wide | R&W insurance policy — $55,000,000 limit (5% of purchase price); $11,000,000 retention (1%); premium $1,402,500 (2.55% of limit); Sentinel Specialty Insurance Company via Hartwick Gunderson | Calderwood & Harkness LLP / Hartwick Gunderson (Peter Langford) / Sentinel Specialty Insurance Company | 2024-02-05 | 2024-06-06 | Resolved | 2024-05-15 | R&W policy terms finalized; Sentinel Specialty has confirmed binding subject to no-claims declaration and premium payment at closing. Broker submission memo dated February 5, 2024.
82 | Insurance | All Properties | PSA Exhibit M — insurance requirements schedule confirmed as satisfied by Ironclad Indemnity binder | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-04-15 | 2024-05-20 | Resolved | 2024-05-18 | All PSA insurance requirements confirmed satisfiable by Ironclad Indemnity policy specifications
83 | Service Contracts | All Properties (63 contracts) | Service contract review — review all 63 property-level service contracts for assignability, termination, auto-renewal | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-03-01 | 2024-04-10 | Resolved | 2024-04-08 | Service contract review memorandum completed; 12 contracts recommended for post-closing termination; remaining 51 are assignable or continue at entity level
84 | Service Contracts | All Properties | Service contract schedule — finalize PSA Exhibit I (List of Service Contracts) with vendor names, scope, term, and assignability | Calderwood & Harkness LLP (Rafael Dominguez) | 2024-04-01 | 2024-04-15 | Resolved | 2024-04-12 | Exhibit I finalized with 63 contracts listed
85 | Service Contracts | All Properties | Post-closing contract termination notices — prepare termination notices for 12 contracts identified for termination | Calderwood & Harkness LLP / Fairwater Property Management LLC (Leah Torrance) | 2024-04-15 | 2024-05-20 | Resolved | 2024-05-18 | Termination notices drafted; to be sent post-closing during 90-day transition period under Transition Services Agreement with Argyle Property Services LLC ($375,000/month)
86 | Title & Survey | All Properties | Pro forma title policies — review and approve ALTA Owner's Policies (2021 form) for all 14 properties; aggregate insured amount $1,100,000,000 | Calderwood & Harkness LLP / Commonwealth National Title (Kenneth Stanhope / Virginia Moorehead) | 2024-04-15 | 2024-05-25 | Resolved | 2024-05-15 | Pro forma policies reviewed and approved for all 14 properties
[sheet: Key Contacts]
Organization | Contact Name | Title / Role | Phone | Email | Workstream(s)
Calderwood & Harkness LLP | Douglas Fairchild | Responsible Partner, Real Estate | (212) 555-0100 | dfairchild@calderwoodharkness.com | Overall / Transaction Lead
Calderwood & Harkness LLP | Grace Nakamura | Lead Associate, Real Estate | (212) 555-0102 | gnakamura@calderwoodharkness.com | Lease / Title / Lender Consent / Overall DD
Calderwood & Harkness LLP | Rafael Dominguez | Working Associate, Real Estate | (202) 555-0104 | rdominguez@calderwoodharkness.com | Entity / Insurance / Service Contracts / Title
Calderwood & Harkness LLP | Sylvia Hartwell | Specialist Partner, Tax | (202) 555-0106 | shartwell@calderwoodharkness.com | Tax
Blackridge Hayes LLP | Nathaniel Pryce | Lead Partner, Real Estate (Seller) | (212) 555-0200 | npryce@blackridgehayes.com | All (Seller coordination)
Blackridge Hayes LLP | Thomas Keating | Senior Associate (Seller) | (212) 555-0202 | tkeating@blackridgehayes.com | Estoppels / SNDAs / Leases / Title cures
Blackridge Hayes LLP | Ingrid Solberg | Tax Partner (Seller) | (212) 555-0204 | isolberg@blackridgehayes.com | Tax / Purchase Price Allocation
Commonwealth National Title Insurance Company | Kenneth Stanhope | SVP, Title Officer | (404) 555-0300 | kstanhope@commonwealthtitle.com | Title & Survey / Escrow
Commonwealth National Title Insurance Company | Virginia Moorehead | VP, Underwriting Counsel | (404) 555-0302 | vmoorehead@commonwealthtitle.com | Title & Survey / Pro Forma Policies
Meridian Land Surveying, Inc. | Daniel Caulfield | PLS, PE, Lead Surveyor | (404) 555-0350 | dcaulfield@meridiansurvey.com | Survey
Trident Environmental Group LLC | Rachel Kwan | Senior Environmental Scientist | (612) 555-0400 | rkwan@tridentenv.com | Environmental
Rampart Building Sciences, Inc. | Alan Westbrook | PE, Project Manager | (410) 555-0450 | awestbrook@rampartbldg.com | PCA
Whitfield & Archer LLP | Sandra Whitfield | Partner (Pinnacle's counsel) | (713) 555-0500 | swhitfield@whitfieldarcher.com | Lender Consent — Pinnacle
Cranford McCabe LLP | Leo Cranford | Partner (Veltrano's counsel) | (305) 555-0550 | lcranford@cranfordmccabe.com | Lender Consent — Veltrano
Partridge Wynn & Slater LLP | Claire Wynn | Partner (Sycamore's counsel) | (860) 555-0600 | cwynn@partridgewynn.com | Lender Consent — Sycamore
Argyle Property Services LLC | Sean Kilpatrick | Portfolio Manager | (404) 555-0650 | skilpatrick@argyleservices.com | Leases / Estoppels / Operations
Hartwick Gunderson & Associates, Inc. | Peter Langford | Account Executive | (410) 555-0700 | plangford@hartwickgunderson.com | Insurance / R&W Insurance
Ashford Prewitt LLP | Naomi Ikeda | CPA, Tax Partner | (410) 555-0750 | nikeda@ashfordprewitt.com | Tax / Transfer Tax
Breckenridge Osgood LLP | James Breckenridge | Partner (TX local counsel) | (713) 555-0800 | jbreckenridge@breckenridgeosgood.com | TX Title / Zoning / Transfer Tax
Talmadge Beaumont LLP | Catherine Beaumont | Partner (GA local counsel) | (404) 555-0850 | cbeaumont@talmadgebeaumont.com | GA Title / Zoning / Transfer Tax
Haversham Cole PLLC | Marshall Haversham | Partner (NC local counsel) | (704) 555-0900 | mhaversham@havershamcole.com | NC Title / Zoning / Transfer Tax
Ellsworth Ridley LLP | Diane Ellsworth | Partner (TN local counsel) | (615) 555-0950 | dellsworth@ellsworthridley.com | TN Title / Zoning / Transfer Tax
Palmetto Strauss PA | Roberto Strauss | Partner (FL local counsel) | (305) 555-1000 | rstrauss@palmettostrauss.com | FL Title / Zoning / Transfer Tax
Fairwater Property Management LLC | Leah Torrance | VP, Acquisitions Integration | (212) 555-1050 | ltorrance@fairwaterreit.com | Service Contracts / Post-Closing Transition
Stonebridge Valuation Advisors, LLC | Harrison Whitmore | MAI, Managing Director | (404) 555-1100 | hwhitmore@stonebridgeval.com | Appraisals / Purchase Price Allocation
[sheet: Critical Path Items]
Item # (Ref) | Description | Responsible Party | Current Status | Risk Level | Impact if Unresolved | Mitigation / Next Steps | Expected Resolution Date
54 | Pinnacle Federal Bank lender consent — Loans 1-A through 1-H ($421,600,000 OPB); consent fee $1,054,000 | Whitfield & Archer LLP / Pinnacle Federal Bank (Bradley Carston) | Open — additional financial information requested by Pinnacle; review ongoing | High | Closing cannot occur without Pinnacle consent; this is the largest lender ($421.6M of $612M total assumed debt). Lender consent deadline is May 24, 2024; scheduled closing May 31, 2024. | Douglas Fairchild to call Bradley Carston (Pinnacle SVP) directly; C&H to provide supplemental Fairwater financial package. If not received by May 24, PSA Second Amendment to extend closing to June 7, 2024 will be negotiated. | 2024-06-04
57 | Replacement Guaranty — Pinnacle: execution contingent on consent | Calderwood & Harkness LLP / Whitfield & Archer LLP | Form agreed; awaiting consent | High | Cannot be executed until Pinnacle consent is granted | Execute simultaneously with consent | 2024-06-04
60 | Assumption Agreement — Pinnacle: execution contingent on consent | Calderwood & Harkness LLP / Whitfield & Archer LLP | Substantially negotiated; awaiting consent | High | Cannot be executed until Pinnacle consent is granted | Execute simultaneously with consent | 2024-06-04
59 | Replacement Guaranty — Sycamore: substantially agreed pending consent | Calderwood & Harkness LLP / Partridge Wynn & Slater LLP | Form agreed; execution to occur concurrently with consent delivery | Medium | Cannot be executed until Sycamore consent is granted; consent expected imminently | Execute simultaneously with Sycamore consent; follow up with Claire Wynn | 2024-05-24
25 | SNDA execution — 30 of 38 Major Tenant SNDAs executed; 8 outstanding | Calderwood & Harkness LLP / Blackridge Hayes LLP | Negotiations ongoing with 8 tenant counsel | Medium | PSA requires all Major Tenant SNDAs but allows post-closing carve-out for up to 4 with $200,000 holdback | Prioritize 4 most likely to execute before closing; negotiate side letter for remaining 4 | 2024-06-06
27 | 6 estoppel certificates with discrepancies from rent roll | Blackridge Hayes LLP (Thomas Keating) | Seller providing supplemental disclosure | Medium | Must be resolved or Buyer may reject non-conforming estoppels | Seller to provide reconciliation by May 25 | 2024-05-25
24 | Estoppel certificate delivery — currently ~86% of ABR; target 80% ($59,840,000) minimum; threshold met but additional estoppels needed for Major Tenants | Blackridge Hayes LLP / Argyle Property Services LLC | 71 of 87 received; 80% ABR threshold met | Low | PSA condition precedent is 80% ABR and all tenants >25,000 RSF; current coverage exceeds threshold | Continue follow-up with remaining tenants through Seller's property manager | 2024-06-06
78 | Transfer tax return preparation — GA, FL, TN, NC filings | Sylvia Hartwell / Naomi Ikeda (Ashford Prewitt) | In preparation | Low | Filing required at or immediately after closing; does not gate closing | Complete preparation by May 30 | 2024-05-30
80 | Replacement P&C insurance binding — Ironclad Indemnity Insurance Company | Peter Langford (Hartwick Gunderson) | Binder issued; final binding at closing | Low | Must bind effective closing date; binder already in place | Confirm binding instructions with Ironclad Indemnity 2 days before closing | 2024-06-06
22 | Title premium allocation schedule — awaiting Commonwealth National Title confirmation | Rafael Dominguez / Commonwealth National Title | Draft prepared; awaiting final rates | Low | Administrative item; does not gate closing | Follow up with Kenneth Stanhope | 2024-05-28
23 | Marked-up title commitments — 12 of 14 complete; Buckhead Place and Brickell Bay in final review | Grace Nakamura | In progress | Low | Must be finalized for closing binder | Complete by May 25 | 2024-05-25