[sheet: Premium Allocation Summary]
Item | Detail | Amount
Transaction | Fairwater REIT Acquisition of GMP Fund III 14-Property Portfolio
PSA Date | February 28, 2024
Closing Date | June 6, 2024
Purchase Price | $1,100,000,000 | $1,100,000,000
Adjusted Purchase Price (after PCA credit) | $1,098,930,000 | $1,098,930,000
Aggregate Insured Amount (Owner's Policies) | $1,100,000,000 | $1,100,000,000
Total Assumed Debt (Loan Policies) | $612,000,000 | $612,000,000
Title Insurer | Commonwealth National Title Insurance Company
Title Officer | Kenneth Stanhope, SVP
Title Policy Form | ALTA Owner's Policy (2021)
Escrow Office Address | 191 Peachtree Street NE, Suite 800, Atlanta, GA 30303
Total Owner's Policy Premiums | $1,578,400
Total Loan Policy Premiums | $841,600
Grand Total Title Insurance Premiums | $2,420,000
Payment Responsibility | Buyer (Fairwater Real Estate Investment Trust) | $2,420,000
Prepared By | Calderwood & Harkness LLP — Rafael Dominguez
C&H Matter Number | 1036-00004
Date Prepared | May 30, 2024
[sheet: Property-Level Allocation]
Property # | Property Name | Address | City | State | Property Type | Target Entity (LLC) | Allocated Purchase Price / Insured Amount — Owner's Policy | Owner's Policy Premium | Lender | Loan Reference | Outstanding Principal Balance — Loan Policy Insured Amount | Loan Policy Premium | Total Premium
1 | Fairfield Logistics Center I | 4200 Fairfield Industrial Blvd | Fairburn | GA | Logistics | GMP Fairfield I LLC | $97,500,000 | $139,800 | Pinnacle Federal Bank, N.A. | Loan 1-A | $52,700,000 | $72,200 | $212,000
2 | Fairfield Logistics Center II | 4300 Fairfield Industrial Blvd | Fairburn | GA | Logistics | GMP Fairfield II LLC | $91,200,000 | $130,700 | Pinnacle Federal Bank, N.A. | Loan 1-B | $49,500,000 | $67,800 | $198,500
3 | Westlake Distribution Hub | 11500 Westlake Parkway | Houston | TX | Logistics | GMP Westlake LLC | $131,500,000 | $188,500 | Pinnacle Federal Bank, N.A. | Loan 1-C | $79,800,000 | $109,300 | $297,800
4 | Katy Freeway Logistics Park | 22600 Katy Freeway | Katy | TX | Logistics | GMP Katy LLC | $113,400,000 | $162,500 | Pinnacle Federal Bank, N.A. | Loan 1-D | $68,800,000 | $94,300 | $256,800
5 | Alliance Commerce Center | 2800 Alliance Gateway Blvd | Fort Worth | TX | Logistics | GMP Alliance LLC | $102,200,000 | $146,500 | Pinnacle Federal Bank, N.A. | Loan 1-E | $62,000,000 | $84,900 | $231,400
6 | Lakeland Crossings Industrial | 7100 Drane Field Road | Lakeland | FL | Logistics | GMP Lakeland LLC | $62,400,000 | $89,500 | Pinnacle Federal Bank, N.A. | Loan 1-F | $37,800,000 | $51,800 | $141,300
7 | Southport Logistics Park | 3200 Southport Connector Road | Jacksonville | FL | Logistics | GMP Southport LLC | $78,600,000 | $112,700 | Pinnacle Federal Bank, N.A. | Loan 1-G | $47,700,000 | $65,400 | $178,100
8 | Murfreesboro Distribution Center | 1600 Joe B. Jackson Parkway | Murfreesboro | TN | Logistics | GMP Murfreesboro LLC | $84,800,000 | $121,600 | Pinnacle Federal Bank, N.A. | Loan 1-H | $23,300,000 | $31,900 | $153,500
9 | Buckhead Place Office Tower | 3380 Peachtree Road NE | Atlanta | GA | Office | GMP Buckhead LLC | $85,500,000 | $122,600 | Veltrano Capital Lending Corp. | Loan 2-A | $51,200,000 | $70,200 | $192,800
10 | SouthPark Corporate Center | 6200 Fairview Road | Charlotte | NC | Office | GMP SouthPark LLC | $65,400,000 | $93,800 | Veltrano Capital Lending Corp. | Loan 2-B | $39,200,000 | $53,700 | $147,500
11 | Cool Springs Office Park | 5000 Virginia Way | Brentwood | TN | Office | GMP Cool Springs LLC | $52,800,000 | $75,700 | Veltrano Capital Lending Corp. | Loan 2-C | $29,400,000 | $40,300 | $116,000
12 | Brickell Bay Office Building | 1450 Brickell Avenue | Miami | FL | Office | GMP Brickell LLC | $48,200,000 | $69,100 | Veltrano Capital Lending Corp. | Loan 2-D | $22,500,000 | $30,800 | $99,900
13 | Peachtree Corners Logistics Center | 5900 Peachtree Industrial Blvd | Peachtree Corners | GA | Logistics | GMP Peachtree LLC | $47,800,000 | $68,500 | Sycamore Life Insurance Company | Loan 3-A | $28,100,000 | $38,500 | $107,000
14 | Mount Juliet Commerce Park | 400 South Mount Juliet Road | Mount Juliet | TN | Logistics | GMP Mount Juliet LLC | $38,700,000 | $56,400 | Sycamore Life Insurance Company | Loan 3-B | $20,000,000 | $30,500 | $86,900
TOTAL | $1,100,000,000 | $1,578,400 | $612,000,000 | $841,600 | $2,420,000
[sheet: By Lender]
Lender | Loan Agreement Date | Interest Rate | Maturity Date | Number of Properties | Aggregate OPB / Loan Policy Insured Amount | Aggregate Loan Policy Premium | Lender Counsel
Pinnacle Federal Bank, N.A. | September 15, 2020 | 4.22% | July 1, 2028 | 8 | $421,600,000 | $577,600 | Whitfield & Archer LLP (Sandra Whitfield)
Veltrano Capital Lending Corp. | February 1, 2021 | 4.68% | March 1, 2029 | 4 | $142,300,000 | $195,000 | Cranford McCabe LLP (Leo Cranford)
Sycamore Life Insurance Company | November 22, 2019 | 3.95% | December 1, 2030 | 2 | $48,100,000 | $69,000 | Partridge Wynn & Slater LLP (Claire Wynn)
TOTAL | 14 | $612,000,000 | $841,600
[sheet: By State]
State | Number of Properties | Property Types | Local Counsel | Aggregate Allocated Purchase Price | Owner's Policy Premiums | Loan Policy Premiums | Total Premiums
Georgia | 4 | 3 Logistics / 1 Office | Talmadge Beaumont LLP (Catherine Beaumont) | $322,000,000 | $461,600 | $248,700 | $710,300
Texas | 3 | 3 Logistics | Breckenridge Osgood LLP (James Breckenridge) | $347,100,000 | $497,500 | $288,500 | $786,000
Florida | 3 | 2 Logistics / 1 Office | Palmetto Strauss PA (Roberto Strauss) | $189,200,000 | $271,300 | $148,000 | $419,300
Tennessee | 3 | 2 Logistics / 1 Office | Ellsworth Ridley LLP (Diane Ellsworth) | $176,300,000 | $253,700 | $102,700 | $356,400
North Carolina | 1 | 1 Office | Haversham Cole PLLC (Marshall Haversham) | $65,400,000 | $93,800 | $53,700 | $147,500
TOTAL | 14 | 10 Logistics / 4 Office | $1,100,000,000 | $1,578,400 | $841,600 | $2,420,000
[sheet: Endorsement Detail]
Property # | Property Name | Policy Type | Endorsement Type | Endorsement Description | Endorsement Premium
1 | Fairfield Logistics Center I | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $4,200
1 | Fairfield Logistics Center I | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,800
1 | Fairfield Logistics Center I | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $2,100
1 | Fairfield Logistics Center I | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $3,500
1 | Fairfield Logistics Center I | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $1,200
1 | Fairfield Logistics Center I | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $850
1 | Fairfield Logistics Center I | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $600
1 | Fairfield Logistics Center I | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $3,100
1 | Fairfield Logistics Center I | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $900
1 | Fairfield Logistics Center I | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $750
1 | Fairfield Logistics Center I | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $500
1 | Fairfield Logistics Center I | Loan | Usury (ALTA 27-06) | Usury endorsement | $400
Subtotal — Property #1 | $19,900
2 | Fairfield Logistics Center II | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $3,900
2 | Fairfield Logistics Center II | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,700
2 | Fairfield Logistics Center II | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,950
2 | Fairfield Logistics Center II | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $3,200
2 | Fairfield Logistics Center II | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $1,100
2 | Fairfield Logistics Center II | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $800
2 | Fairfield Logistics Center II | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $550
2 | Fairfield Logistics Center II | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $2,900
2 | Fairfield Logistics Center II | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $850
2 | Fairfield Logistics Center II | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $700
2 | Fairfield Logistics Center II | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $475
2 | Fairfield Logistics Center II | Loan | Usury (ALTA 27-06) | Usury endorsement | $375
Subtotal — Property #2 | $18,500
3 | Westlake Distribution Hub | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $5,600
3 | Westlake Distribution Hub | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $2,400
3 | Westlake Distribution Hub | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $2,800
3 | Westlake Distribution Hub | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $4,700
3 | Westlake Distribution Hub | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $1,600
3 | Westlake Distribution Hub | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $1,100
3 | Westlake Distribution Hub | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $800
3 | Westlake Distribution Hub | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $4,200
3 | Westlake Distribution Hub | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $1,200
3 | Westlake Distribution Hub | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $1,000
3 | Westlake Distribution Hub | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $650
3 | Westlake Distribution Hub | Loan | Usury (ALTA 27-06) | Usury endorsement | $550
Subtotal — Property #3 | $26,600
4 | Katy Freeway Logistics Park | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $4,850
4 | Katy Freeway Logistics Park | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $2,100
4 | Katy Freeway Logistics Park | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $2,450
4 | Katy Freeway Logistics Park | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $4,100
4 | Katy Freeway Logistics Park | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $1,400
4 | Katy Freeway Logistics Park | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $950
4 | Katy Freeway Logistics Park | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $700
4 | Katy Freeway Logistics Park | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $3,650
4 | Katy Freeway Logistics Park | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $1,050
4 | Katy Freeway Logistics Park | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $875
4 | Katy Freeway Logistics Park | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $575
4 | Katy Freeway Logistics Park | Loan | Usury (ALTA 27-06) | Usury endorsement | $475
Subtotal — Property #4 | $23,175
5 | Alliance Commerce Center | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $4,400
5 | Alliance Commerce Center | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,900
5 | Alliance Commerce Center | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $2,200
5 | Alliance Commerce Center | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $3,700
5 | Alliance Commerce Center | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $1,250
5 | Alliance Commerce Center | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $875
5 | Alliance Commerce Center | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $650
5 | Alliance Commerce Center | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $3,300
5 | Alliance Commerce Center | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $950
5 | Alliance Commerce Center | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $800
5 | Alliance Commerce Center | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $525
5 | Alliance Commerce Center | Loan | Usury (ALTA 27-06) | Usury endorsement | $425
Subtotal — Property #5 | $20,975
6 | Lakeland Crossings Industrial | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $2,700
6 | Lakeland Crossings Industrial | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,150
6 | Lakeland Crossings Industrial | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,350
6 | Lakeland Crossings Industrial | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $2,250
6 | Lakeland Crossings Industrial | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $775
6 | Lakeland Crossings Industrial | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $525
6 | Lakeland Crossings Industrial | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $400
6 | Lakeland Crossings Industrial | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $2,000
6 | Lakeland Crossings Industrial | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $575
6 | Lakeland Crossings Industrial | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $475
6 | Lakeland Crossings Industrial | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $325
6 | Lakeland Crossings Industrial | Loan | Usury (ALTA 27-06) | Usury endorsement | $275
Subtotal — Property #6 | $12,800
7 | Southport Logistics Park | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $3,400
7 | Southport Logistics Park | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,450
7 | Southport Logistics Park | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,700
7 | Southport Logistics Park | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $2,850
7 | Southport Logistics Park | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $975
7 | Southport Logistics Park | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $675
7 | Southport Logistics Park | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $500
7 | Southport Logistics Park | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $2,550
7 | Southport Logistics Park | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $725
7 | Southport Logistics Park | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $600
7 | Southport Logistics Park | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $400
7 | Southport Logistics Park | Loan | Usury (ALTA 27-06) | Usury endorsement | $325
Subtotal — Property #7 | $16,150
8 | Murfreesboro Distribution Center | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $3,650
8 | Murfreesboro Distribution Center | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,550
8 | Murfreesboro Distribution Center | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,825
8 | Murfreesboro Distribution Center | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $3,050
8 | Murfreesboro Distribution Center | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $1,050
8 | Murfreesboro Distribution Center | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $725
8 | Murfreesboro Distribution Center | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $525
8 | Murfreesboro Distribution Center | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $1,250
8 | Murfreesboro Distribution Center | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $350
8 | Murfreesboro Distribution Center | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $300
8 | Murfreesboro Distribution Center | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $200
8 | Murfreesboro Distribution Center | Loan | Usury (ALTA 27-06) | Usury endorsement | $175
Subtotal — Property #8 | $14,650
9 | Buckhead Place Office Tower | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $3,700
9 | Buckhead Place Office Tower | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,575
9 | Buckhead Place Office Tower | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,850
9 | Buckhead Place Office Tower | Owner's | Zoning (ALTA 3.2) | Zoning — completed structure | $3,900
9 | Buckhead Place Office Tower | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $1,075
9 | Buckhead Place Office Tower | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $750
9 | Buckhead Place Office Tower | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $525
9 | Buckhead Place Office Tower | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $2,750
9 | Buckhead Place Office Tower | Loan | Variable Rate (ALFA 6-06) | Variable rate / future advance | $775
9 | Buckhead Place Office Tower | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $650
9 | Buckhead Place Office Tower | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $425
9 | Buckhead Place Office Tower | Loan | Usury (ALTA 27-06) | Usury endorsement | $350
Subtotal — Property #9 | $18,325
10 | SouthPark Corporate Center | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $2,825
10 | SouthPark Corporate Center | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $1,200
10 | SouthPark Corporate Center | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,400
10 | SouthPark Corporate Center | Owner's | Zoning (ALTA 3.2) | Zoning — completed structure | $2,975
10 | SouthPark Corporate Center | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $825
10 | SouthPark Corporate Center | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $575
10 | SouthPark Corporate Center | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $400
10 | SouthPark Corporate Center | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $2,100
10 | SouthPark Corporate Center | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $600
10 | SouthPark Corporate Center | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $500
10 | SouthPark Corporate Center | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $325
10 | SouthPark Corporate Center | Loan | Usury (ALTA 27-06) | Usury endorsement | $275
Subtotal — Property #10 | $14,000
11 | Cool Springs Office Park | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $2,275
11 | Cool Springs Office Park | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $975
11 | Cool Springs Office Park | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,150
11 | Cool Springs Office Park | Owner's | Zoning (ALTA 3.2) | Zoning — completed structure | $2,400
11 | Cool Springs Office Park | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $650
11 | Cool Springs Office Park | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $450
11 | Cool Springs Office Park | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $325
11 | Cool Springs Office Park | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $1,575
11 | Cool Springs Office Park | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $450
11 | Cool Springs Office Park | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $375
11 | Cool Springs Office Park | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $250
11 | Cool Springs Office Park | Loan | Usury (ALTA 27-06) | Usury endorsement | $200
Subtotal — Property #11 | $11,075
12 | Brickell Bay Office Building | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $2,075
12 | Brickell Bay Office Building | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $900
12 | Brickell Bay Office Building | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,050
12 | Brickell Bay Office Building | Owner's | Zoning (ALTA 3.2) | Zoning — completed structure | $2,200
12 | Brickell Bay Office Building | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $600
12 | Brickell Bay Office Building | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $425
12 | Brickell Bay Office Building | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $300
12 | Brickell Bay Office Building | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $1,200
12 | Brickell Bay Office Building | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $350
12 | Brickell Bay Office Building | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $300
12 | Brickell Bay Office Building | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $200
12 | Brickell Bay Office Building | Loan | Usury (ALTA 27-06) | Usury endorsement | $175
Subtotal — Property #12 | $9,775
13 | Peachtree Corners Logistics Center | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $2,050
13 | Peachtree Corners Logistics Center | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $875
13 | Peachtree Corners Logistics Center | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $1,025
13 | Peachtree Corners Logistics Center | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $1,725
13 | Peachtree Corners Logistics Center | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $575
13 | Peachtree Corners Logistics Center | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $400
13 | Peachtree Corners Logistics Center | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $300
13 | Peachtree Corners Logistics Center | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $1,500
13 | Peachtree Corners Logistics Center | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $425
13 | Peachtree Corners Logistics Center | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $350
13 | Peachtree Corners Logistics Center | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $225
13 | Peachtree Corners Logistics Center | Loan | Usury (ALTA 27-06) | Usury endorsement | $200
Subtotal — Property #13 | $9,650
14 | Mount Juliet Commerce Park | Owner's | Comprehensive (ALTA 9.10) | Owner's comprehensive endorsement | $1,675
14 | Mount Juliet Commerce Park | Owner's | Access (ALTA 17-06) | Access and entry endorsement | $725
14 | Mount Juliet Commerce Park | Owner's | Survey (ALTA 25-06) | Same as survey endorsement | $850
14 | Mount Juliet Commerce Park | Owner's | Zoning (ALTA 3.1) | Zoning — unimproved land | $1,400
14 | Mount Juliet Commerce Park | Owner's | Contiguity (ALTA 19-06) | Contiguity endorsement | $475
14 | Mount Juliet Commerce Park | Owner's | Environmental Protection Lien (ALTA 8.1) | EPA lien protection endorsement | $325
14 | Mount Juliet Commerce Park | Owner's | Tax Parcel (ALTA 18-06) | Tax parcel endorsement | $250
14 | Mount Juliet Commerce Park | Loan | Comprehensive (ALTA 9.10) | Lender's comprehensive endorsement | $1,075
14 | Mount Juliet Commerce Park | Loan | Variable Rate (ALTA 6-06) | Variable rate / future advance | $300
14 | Mount Juliet Commerce Park | Loan | Last Dollar (ALTA 20-06) | First loss / last dollar endorsement | $250
14 | Mount Juliet Commerce Park | Loan | Doing Business (ALTA 24-06) | Doing business endorsement | $175
14 | Mount Juliet Commerce Park | Loan | Usury (ALTA 27-06) | Usury endorsement | $150
Subtotal — Property #14 | $7,650
GRAND TOTAL — ALL ENDORSEMENTS | $239,225
[sheet: Notes & Certifications]
Item | Detail
Title Insurer | Commonwealth National Title Insurance Company
Insurer Address | 191 Peachtree Street NE, Suite 800, Atlanta, GA 30303
Title Officer | Kenneth Stanhope, Senior Vice President
National Counsel | Virginia Moorehead, AVP
Policy Form | ALTA Owner's Policy (2021 form)
Loan Policy Form | ALTA Loan Policy (2021 form)
Survey Standard | ALTA/NSPS 2021 Minimum Standard Detail Requirements
Surveyor | Meridian Land Surveying, Inc. (Daniel Caulfield, PLS, PE)
Aggregate Owner's Insured Amount | $1,100,000,000 (allocated per PSA Exhibit K — Purchase Price Allocation Schedule based on appraised values from Stonebridge Valuation Advisors, LLC)
Aggregate Loan Insured Amount | $612,000,000 (sum of Pinnacle $421,600,000 + Veltrano $142,300,000 + Sycamore $48,100,000)
Payment Responsibility | All title insurance premiums are the responsibility of Buyer (Fairwater Real Estate Investment Trust) per Section 9.3(a) of the PSA
Premium Payment Method | Wire transfer to Commonwealth National Title Insurance Company on closing date (June 6, 2024) per funds flow memorandum
Buyer Entity | Fairwater Real Estate Investment Trust (EIN: 52-2198437)
Buyer Address | 7200 Chesapeake Parkway, Suite 1100, Columbia, MD 21044
Seller Entity | Greystone Meridian Partners Fund III, L.P. (EIN: 83-1647205)
Seller Address | 600 Lexington Avenue, 34th Floor, New York, NY 10022
PSA Date | February 28, 2024
Closing Date | June 6, 2024
Prepared By | Calderwood & Harkness LLP, Matter No. 1036-00004
Responsible Attorney | Douglas Fairchild, Responsible Partner
Prepared By (Associate) | Rafael Dominguez, Working Associate
Date Prepared | May 30, 2024
Note 1 | Owner's policy premiums calculated using Commonwealth National Title's filed rate schedule for each applicable state. Simultaneous-issue discount applied to loan policy premiums.
Note 2 | Allocated insured amounts for owner's policies are based on the agreed purchase price allocation per PSA Exhibit K (Stonebridge Valuation Advisors, LLC appraised values). Actual premium rates may vary slightly by state.
Note 3 | This schedule is subject to final adjustment upon issuance of final ALTA Owner's Policies, confirmed July 15, 2024.
Note 4 | Endorsement premiums are included in the per-property totals and detailed on the Endorsement Detail sheet.
Note 5 | Survey certifications run to Fairwater Real Estate Investment Trust, Commonwealth National Title Insurance Company, Pinnacle Federal Bank N.A., Veltrano Capital Lending Corp., and Sycamore Life Insurance Company.