FR EA
1043-00002 · Ironhaven Data Centers LLC · Closing
master-closing-checklist.xlsx DOCUMENT Real Estate
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Contract analysis Extract to table

[sheet: Cover & Summary]

FieldDetail
Project NameStonebridge Data Center Campus
Client / DeveloperIronhaven Data Centers LLC (IHDC)
Client HQ Address44680 Prentice Drive, Suite 200, Ashburn, VA 20147
Client EIN84-3291057
Virginia SCC Entity ID — IHDCS7491283
Equity SponsorRidgeline Capital Partners Fund IV, LP
Investment IDRCP-IV-2025-DC-07
Intermediate HoldcoRCP Digital Holdings LLC (92% interest in IHDC)
Management PoolIronhaven Management Incentive Pool LLC (8% profits interest)
Single-Purpose BorrowerStonebridge Campus Holdings LLC (Virginia LLC, to be formed; wholly owned by IHDC)
Borrower EINTo be obtained upon formation
Project LocationNE corner of Belmont Ridge Road and Stonebridge Boulevard, Loudoun County, VA 20148
Total Campus Acreage81.4 acres (62.0 + 19.4)
Total Project Budget$600,000,000
Capacity96 MW critical IT load (4 buildings × 24 MW)
Total Gross Floor Area480,000 sq ft (4 × 120,000 sq ft)
Calderwood & Harkness Matter No.1043-00002
Governing LawCommonwealth of Virginia
Land Closing Target (Both Parcels)September 15, 2025
Construction Loan Closing TargetOctober 15, 2025
EPC Contract Execution TargetOctober 20, 2025
Notice to Proceed TargetNovember 1, 2025
Prepared ByCynthia Ho / Grace Nakamura — Calderwood & Harkness LLP
Responsible PartnerDouglas Fairchild — Calderwood & Harkness LLP
Billing PartnerAngela Fontaine — Calderwood & Harkness LLP
Last Updated[Date]

[sheet: Parties & Contacts]

Party / EntityRoleEntity TypeJurisdictionKey ContactTitleAddressPhoneEmailEIN / ID
Ironhaven Data Centers LLCClient / Buyer / Developer / GuarantorLLCDelaware (HQ: Virginia)Marcus Thorne (CEO); Priya Dasgupta (CFO); Leonard Castellano (EVP Development)See column44680 Prentice Drive, Suite 200, Ashburn, VA 2014784-3291057
Ridgeline Capital Partners Fund IV, LPEquity Sponsor (92% indirect interest)Limited PartnershipDelawareJulian Hargrove, Managing PartnerManaging Partner
Ridgeline Capital Management LLCGeneral Partner of Ridgeline Fund IVLLC (GP)DelawareJulian HargroveManaging Partner
RCP Digital Holdings LLCIntermediate HoldcoLLCDelaware
Stonebridge Campus Holdings LLCSingle-Purpose Borrower (to be formed)LLCVirginiaTBDTo be obtained
Blackthorn Realty Group, Inc.Seller — Stonebridge ParcelCorporationVirginiaDonald R. Whitaker (President); Patricia Whitaker-Connolly (GC)See column112 East Market Street, Suite 400, Leesburg, VA 2017654-1987234
Meridian Acres LLCSeller — Meridian ParcelLLCVirginiaTheodore Ashford, Managing MemberManaging Member3401 Old Ox Road, Sterling, VA 2016684-6120983
Summit National Bank, N.A.Administrative Agent / Lead Lender ($180M)National BankOCCKaren Ellsworth, MD RE FinanceManaging Director1275 Avenue of Commerce, 12th Floor, McLean, VA 22102
Cascade Commercial Lending Corp.Co-Lender ($130M)CorporationDelawareDavid Rennick, Relationship ManagerRelationship Manager500 Market Street, Suite 3200, Philadelphia, PA 19103
Harborview Trust CompanyCo-Lender ($80M)Trust CompanyConnecticutSusan Applegategate, Lending OfficerLending Officer200 Constitution Plaza, Suite 1400, Hartford, CT 06103
Titan-McAllister Construction Group, LLCEPC ContractorLLCMarylandRaymond Okafor (President); Michelle Tran (SVP DC Programs)See column7900 Harkins Road, Suite 100, Lanham, MD 20706
Vantage Power CooperativeUtility ProviderElectric CooperativeVirginia601 Sycolin Road SE, Leesburg, VA 20175
Fidelitas Title & Escrow, Inc.Title Company / Escrow AgentCorporationVirginia44121 Harry Byrd Highway, Suite 120, Ashburn, VA 20147
Sovereign Title Insurance CompanyTitle UnderwriterInsurance CompanyVirginia
Calderwood & Harkness LLPClient's Counsel (Lead)LLPNew YorkDouglas Fairchild (Partner); Cynthia Ho (Lead Assoc.); Grace Nakamura (Assoc.); Sylvia Hartwell (Tax)See column425 Lexington Avenue, New York, NY 10017 / 1900 K Street NW, Suite 800, Washington, DC 20006
Ashcroft & Wynn, P.C.Local Zoning CounselP.C.VirginiaThomas Ashcroft, Lead PartnerLead Partner25 West Market Street, Leesburg, VA 20176
Whitfield, Poole & Stratton LLPSeller's Counsel (Blackthorn)LLPVirginiaHarrison Poole, Lead PartnerLead Partner305 Harrison Street SE, Suite 200, Leesburg, VA 20175
Dunleavy & Dunmore Benefits Consulting, PLLCSeller's Counsel (Meridian)PLLCVirginiaFiona Dunleavy, Lead AttorneyLead Attorney118 North King Street, Leesburg, VA 20176
Redmond & Calloway LLPLender's CounselLLPVirginiaVictor Redmond, Lead PartnerLead Partner8300 Greensboro Drive, Suite 1100, McLean, VA 22102
Greystone Appraisal Partners, LLCAppraiserLLCVirginiaJanet Choi, MAILead Appraiser
Pendleton Environmental Associates, Inc.Environmental ConsultantCorporationVirginiaDr. Renata VolkovLead Environmental Scientist
Brannigan Geotechnical Engineering, LLCGeotechnical ConsultantLLCVirginiaNeil Brannigan, PEProject Engineer
Lumen Ridge Engineering, PLLCCivil / Site EngineerPLLCVirginiaCarlos Esteban, PEProject Principal
Cornerstone Land Use Consulting, LLCLand Use ConsultantLLCVirginiaAlan MercerPrincipal Consultant19 Cornwall Street NW, Suite 210, Leesburg, VA 20176
Kestrel Infrastructure Advisors, LLCOwner's Representative / PMLLCVirginiaDiane PrescottEngagement Lead1750 Tysons Boulevard, Suite 600, Tysons, VA 22102
Northgate Insurance Brokerage, LLCInsurance BrokerLLCVirginiaWilliam KeaneAccount Executive
Pinnacle Indemnity Insurance Co.CGL Carrier (TMCG)Insurance CompanyPennsylvania
Great Basin Surety & Insurance Corp.Builder's Risk / SuretyCorporationWyoming
Clearwater Specialty Underwriters, Inc.D&O Carrier (IHDC)CorporationNew York
Fielding & Associates, CPAsIHDC Accountants / TaxCPA PartnershipVirginiaRobert Fielding, CPAEngagement Partner

[sheet: Key Dates & Milestones]

Item No.Milestone / EventTarget DateActual DateWorkstreamResponsible PartyStatusNotes
1Matter Opened at Calderwood & Harkness LLPMarch 12, 2025March 12, 2025AdministrationDouglas Fairchild / C&HCompleteMatter No. 1043-00002
2Engagement Letter Executed — C&H to IHDCMarch 12, 2025March 12, 2025AdministrationDouglas FairchildComplete
3Retention of Ashcroft & Wynn, P.C. as Local Zoning CounselMarch 18, 2025March 18, 2025EntitlementsDouglas FairchildComplete
4Title Commitment Effective Date — Stonebridge ParcelApril 3, 2025April 3, 2025Land — StonebridgeFidelitas / Sovereign TitleCompleteOwner's policy: $58,500,000
5Title Commitment Effective Date — Meridian ParcelApril 10, 2025April 10, 2025Land — MeridianFidelitas / Sovereign TitleCompleteOwner's policy: $19,400,000
6Stonebridge PSA ExecutionApril 15, 2025April 15, 2025Land — StonebridgeIHDC / Blackthorn / C&H / WPSCompletePurchase price: $58,500,000; EMD: $2,925,000
7Meridian PSA ExecutionApril 22, 2025April 22, 2025Land — MeridianIHDC / Meridian / C&H / D&MCompletePurchase price: $19,400,000; EMD: $970,000
8ZMOD Application FilingMay 30, 2025EntitlementsC&H / A&W / CornerstonePendingZMOD-2025-0038
9Phase I ESA Completion (Both Parcels)June 1, 2025Due DiligencePendleton (Dr. Volkov)PendingKnown issue: former agricultural use — Stonebridge NW quadrant (~4.2 acres)
10ALTA Survey Completion (Both Parcels)June 15, 2025Due DiligenceLumen Ridge (Carlos Esteban, PE)Pending
11Phase II ESA Completion (Stonebridge)July 1, 2025Due DiligencePendleton (Dr. Volkov)PendingSampling for residual pesticide contamination in NW quadrant
12Meridian Due Diligence ExpirationJuly 7, 2025Land — MeridianIHDC / C&HPending75 days from April 22, 2025
13Stonebridge Due Diligence ExpirationJuly 14, 2025Land — StonebridgeIHDC / C&HPending90 days from April 15, 2025
14Construction Loan Commitment LetterAugust 1, 2025FinancingSummit (Karen Ellsworth) / C&H / R&CPendingRef. CL-2025-VA-04418; $390M facility
15Land Closings — Both ParcelsSeptember 15, 2025Land — BothIHDC / Sellers / Fidelitas / C&HPendingAssignment to Stonebridge Campus Holdings LLC
16ZMOD Approval — Board of SupervisorsOctober 2025EntitlementsA&W / Cornerstone / IHDCPendingBoard hearing
17Construction Loan ClosingOctober 15, 2025FinancingStonebridge Holdings / Summit / Cascade / Harborview / C&H / R&CPending$390,000,000 facility
18EPC Contract ExecutionOctober 20, 2025EPCStonebridge Holdings / TMCG / C&HPendingGMP: $412,000,000
19Notice to Proceed (NTP)November 1, 2025EPCStonebridge Holdings / TMCGPendingCommences 24-month construction period
20Substation EnergizationJune 1, 2027PowerVPC / IHDCPending230kV/34.5kV dedicated substation on Meridian Parcel
21Substantial Completion — Building AAugust 1, 2027EPCTMCGPending24 MW / 120,000 sq ft
22Substantial Completion — Buildings B–DNovember 1, 2027EPCTMCGPending72 MW / 360,000 sq ft (phased)
23Stabilization Target (85% Leased)Q2 2028OperationsIHDCPending

[sheet: I - Entity & Organizational]

Item No.Document / DeliverableApplicable ClosingResponsible PartyDeadlineStatusDate CompletedNotes
I-1Memorandum re: Project Entity Structure and FormationPre-ClosingCynthia Ho / C&HCompleteMarch 20, 2025Structure: Ridgeline Fund IV → RCP Digital Holdings → IHDC → Stonebridge Campus Holdings LLC
I-2Articles of Organization — Stonebridge Campus Holdings LLC (Virginia LLC)Land Closing (Sept 15, 2025)Cynthia Ho / C&HAugust 2025DraftFiling with Virginia SCC; single-purpose borrower entity
I-3Certificate of Formation Filing Cover Letter to Virginia SCCLand ClosingGrace Nakamura / C&HAugust 2025Draft
I-4Operating Agreement — Stonebridge Campus Holdings LLCLand ClosingCynthia Ho / C&HSeptember 2025DraftIncludes SPE covenants, separateness provisions, transfer restrictions per lender requirements
I-5Secretary's Certificate — Ironhaven Data Centers LLC (Authority to Enter Into Transactions)Land Closing / Loan ClosingCynthia Ho / C&HSeptember 2025DraftCertifying authority of Marcus Thorne (CEO) and Priya Dasgupta (CFO) as authorized signatories
I-6Board / Member Consent Resolution — IHDC Authorizing Stonebridge Campus Development and FinancingLand Closing / Loan ClosingCynthia Ho / C&HSeptember 2025DraftAuthorizes PSAs, entity formation, EPC, LLSA, loan docs, equity contribution; total budget $600M
I-7Good Standing Certificate — Ironhaven Data Centers LLC (Delaware)Land Closing / Loan ClosingGrace Nakamura / C&H10 days before closingPendingDelaware Secretary of State
I-8Good Standing Certificate — Ironhaven Data Centers LLC (Virginia)Land Closing / Loan ClosingGrace Nakamura / C&H10 days before closingPendingVirginia SCC; Entity ID S7491283
I-9Foreign Qualification Certificate — Stonebridge Campus Holdings LLC (if applicable)Land ClosingGrace Nakamura / C&HSeptember 2025Pending
I-10Good Standing Certificate — Blackthorn Realty Group, Inc. (Virginia)Land Closing — StonebridgeWPS (Harrison Poole)10 days before closingPendingVirginia SCC; Entity ID 0412876-3
I-11Good Standing Certificate — Meridian Acres LLC (Virginia)Land Closing — MeridianD&M (Fiona Dunleavy)10 days before closingPending
I-12Authority Certificate / Resolution — Blackthorn Realty Group, Inc.Land Closing — StonebridgeWPSSeptember 2025PendingSigned by Donald R. Whitaker, President
I-13Authority Certificate / Resolution — Meridian Acres LLCLand Closing — MeridianD&MSeptember 2025PendingSigned by Theodore Ashford, Managing Member

[sheet: II - Land — Stonebridge]

Item No.Document / DeliverableResponsible PartyDeadlineStatusDate CompletedNotes
II-1Purchase and Sale Agreement — Stonebridge Parcel (Blackthorn Realty Group, Inc. as Seller)C&H / WPSApril 15, 2025ExecutedApril 15, 2025Purchase price: $58,500,000; 62.0 acres ($943,548/acre); Loudoun County Tax Map /95-4A-1///
II-2Earnest Money Deposit — First Tranche ($1,462,500)IHDC / FidelitasApril 15, 2025CompleteApril 15, 2025Deposited with Fidelitas Title & Escrow, Inc. at PSA execution
II-3Earnest Money Deposit — Second Tranche ($1,462,500)IHDC / FidelitasJuly 14, 2025PendingDue upon expiration of 90-day due diligence period; total EMD = $2,925,000 (5%)
II-4Escrow Agreement — Earnest Money Deposit (Stonebridge)C&H / WPS / FidelitasApril 15, 2025ExecutedApril 15, 2025Escrow agent: Fidelitas Title & Escrow, Inc.
II-5Title Commitment — Stonebridge ParcelFidelitas / Sovereign TitleApril 3, 2025ReceivedApril 3, 2025Effective date: April 3, 2025; Owner's policy: $58,500,000; Underwriter: Sovereign Title Insurance Company
II-6Title Review Memorandum — Stonebridge ParcelCynthia Ho / Grace Nakamura / C&HMay 2025CompleteIdentifies Schedule B-II exceptions, liens, easements, encumbrances
II-7Title Objection Letter to Whitfield, Poole & Stratton LLPCynthia Ho / C&HMay 2025DraftRequesting curative action by Blackthorn prior to closing
II-8Title Curative Documents / Responses from BlackthornWPS (Harrison Poole)August 2025Pending
II-9Updated / Pro Forma Title Commitment (post-cure)Fidelitas / Sovereign TitleSeptember 2025Pending
II-10Owner's Title Insurance Policy — Stonebridge ($58,500,000)Fidelitas / Sovereign TitleAt/post closingPending
II-11ALTA/NSPS Survey — Stonebridge ParcelLumen Ridge (Carlos Esteban, PE)June 15, 2025Pending62.0 acres
II-12Survey Review Memorandum — Stonebridge ParcelGrace Nakamura / C&HJuly 2025DraftIdentifies encroachments, setbacks, easement locations
II-13Phase I ESA — Stonebridge ParcelPendleton (Dr. Renata Volkov)June 1, 2025PendingKnown issue: former agricultural use; potential residual pesticide contamination in NW quadrant (~4.2 acres)
II-14Phase II ESA — Stonebridge ParcelPendleton (Dr. Volkov)July 1, 2025PendingSampling authorized for NW quadrant pesticide issue
II-15Environmental Due Diligence Summary Memorandum — StonebridgeGrace Nakamura / C&HJuly 2025Draft
II-16Geotechnical Investigation Report — StonebridgeBrannigan (Neil Brannigan, PE)July 2025PendingFoundation design recommendations
II-17Appraisal — Stonebridge ParcelGreystone (Janet Choi, MAI)August 2025PendingMAI appraisal for construction lender
II-18First Amendment to Stonebridge PSA (Due Diligence Extension)C&H / WPSIf needed by July 14, 2025DraftContingency document in case Phase II requires additional time
II-19Assignment and Assumption of Stonebridge PSA (IHDC to Stonebridge Campus Holdings LLC)Cynthia Ho / C&HSeptember 2025DraftIHDC retains guaranty obligations
II-20Special Warranty Deed — Stonebridge ParcelWPS (Harrison Poole)September 15, 2025DraftGrantor: Blackthorn Realty Group, Inc.; Grantee: Stonebridge Campus Holdings LLC; $58,500,000
II-21Settlement Statement / HUD — Stonebridge ParcelFidelitas / C&HSeptember 15, 2025DraftIncludes prorations, adjustments, recording fees, transfer taxes, title premiums
II-22Seller's Affidavit and FIRPTA Certificate — BlackthornWPSSeptember 15, 2025Pending
II-23Transfer Tax Return / Recordation Tax Calculation — StonebridgeFidelitas / C&HSeptember 15, 2025PendingLoudoun County recording
II-24Bring-Down Title Search — StonebridgeFidelitasSeptember 15, 2025Pending

II-25

[sheet: III - Land — Meridian]

Item No.Document / DeliverableResponsible PartyDeadlineStatusDate CompletedNotes
III-1Purchase and Sale Agreement — Meridian Parcel (Meridian Acres LLC as Seller)C&H / D&MApril 22, 2025ExecutedApril 22, 2025Purchase price: $19,400,000; 19.4 acres ($1,000,000/acre); Tax Map /95-4A-2///
III-2Earnest Money Deposit ($970,000)IHDC / FidelitasApril 22, 2025CompleteApril 22, 20255% of purchase price; deposited at execution with Fidelitas Title & Escrow, Inc.
III-3Escrow Agreement — Earnest Money Deposit (Meridian)C&H / D&M / FidelitasApril 22, 2025ExecutedApril 22, 2025
III-4Title Commitment — Meridian ParcelFidelitas / Sovereign TitleApril 10, 2025ReceivedApril 10, 2025Effective date: April 10, 2025; Owner's policy: $19,400,000
III-5Title Review Memorandum — Meridian ParcelGrace Nakamura / C&HMay 2025Complete
III-6Title Objection Letter to Dunleavy & Dunmore Benefits Consulting, PLLCGrace Nakamura / C&HMay 2025DraftRequesting curative action by Meridian Acres LLC
III-7Title Curative Documents / Responses from MeridianD&M (Fiona Dunleavy)August 2025Pending
III-8Updated / Pro Forma Title Commitment (post-cure)Fidelitas / Sovereign TitleSeptember 2025Pending
III-9Owner's Title Insurance Policy — Meridian ($19,400,000)Fidelitas / Sovereign TitleAt/post closingPending
III-10ALTA/NSPS Survey — Meridian ParcelLumen Ridge (Carlos Esteban, PE)June 15, 2025Pending19.4 acres; substation easement and utility routing locations
III-11Survey Review Memorandum — Meridian ParcelGrace Nakamura / C&HJuly 2025Draft
III-12Phase I ESA — Meridian ParcelPendleton (Dr. Volkov)June 1, 2025Pending
III-13Environmental Due Diligence Summary Memorandum — MeridianGrace Nakamura / C&HJuly 2025Draft
III-14Geotechnical Investigation Report — MeridianBrannigan (Neil Brannigan, PE)July 2025Pending
III-15Appraisal — Meridian ParcelGreystone (Janet Choi, MAI)August 2025PendingMAI appraisal for construction lender
III-16Assignment and Assumption of Meridian PSA (IHDC to Stonebridge Campus Holdings LLC)Cynthia Ho / C&HSeptember 2025Draft
III-17Special Warranty Deed — Meridian ParcelD&M (Fiona Dunleavy)September 15, 2025DraftGrantor: Meridian Acres LLC; Grantee: Stonebridge Campus Holdings LLC; $19,400,000
III-18Settlement Statement / HUD — Meridian ParcelFidelitas / C&HSeptember 15, 2025Draft
III-19Seller's Affidavit and FIRPTA Certificate — MeridianD&MSeptember 15, 2025Pending
III-20Transfer Tax Return / Recordation Tax Calculation — MeridianFidelitas / C&HSeptember 15, 2025Pending
III-21Bring-Down Title Search — MeridianFidelitasSeptember 15, 2025Pending
III-22Keys / Access / Possession Confirmation — MeridianMeridian Acres / IHDCSeptember 15, 2025Pending