FR EA
1043-00002 · Ironhaven Data Centers LLC · Construction/EPC
epc-exhibit-b-gmp-schedule.xlsx DOCUMENT Real Estate
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Contract analysis Extract to table

[sheet: GMP Summary]

Line No.Cost CategoryBuilding A — 24 MWBuilding B — 24 MWBuilding C — 24 MWBuilding D — 24 MWCentral Utility PlantSite Civil & Structured ParkingTotal% of GMPNotes
1Structural / Foundations820000082000008200000820000031000000359000008.71%Includes mat foundations per Brannigan Geotechnical recommendations
2Building Shell / Envelope11500000115000001150000011500000420000005070000012.30%Pre-engineered metal + concrete tilt-up hybrid; ~120,000 SF shell per building
3Mechanical / HVAC Systems9800000980000098000009800000650000004570000011.09%Chilled water plant, CRAH units, piping
4Electrical — Power Distribution14200000142000001420000014200000580000006280000015.24%UPS, switchgear, PDUs, busway; 24 MW per building
5Electrical — Backup Generators750000075000007500000750000000300000007.28%2N diesel generator configuration per building
6Fire Protection & Life Safety28000002800000280000028000008000000120000002.91%Pre-action sprinkler, VESDA, FM-200
7Building Interiors / Fit-Out320000032000003200000320000015000000143000003.47%Office, NOC, loading docks, security
8Site Civil Work0000028500000285000006.92%Grading, utilities, roads, stormwater per Lumen Ridge Engineering design
9Structured Parking00000820000082000001.99%~400 spaces
10Central Utility Plant — Process Equipment0000124000000124000003.01%Cooling towers, pumps, thermal storage
11Fuel Storage & Distribution1800000180000018000001800000500000077000001.87%Diesel fuel tanks, piping, containment
12Security & Access Control Systems90000090000090000090000030000060000045000001.09%Fencing, bollards, CCTV, biometric access
13Commissioning & Testing1600000160000016000001600000800000072000001.75%IST, integrated systems testing
Subtotal — Direct Construction Costs61500000615000006150000061500000359000003730000031970000077.60%
14General Conditions720000072000007200000720000034000003800000360000008.74%Site staff, temp facilities, insurance, bonds admin
15Contractor's Fee (Overhead & Profit)520000052000005200000520000028000002400000260000006.31%6.31% of direct costs + general conditions
16GMP Contingency410000041000004100000410000029000003500000228000005.53%Owner-controlled; drawdown requires mutual approval
17Subcontractor Default Insurance1500000150000015000001500000500000100000075000001.82%SDI premium
GUARANTEED MAXIMUM PRICE (GMP)795000007950000079500000795000004550000048000000412000000100.00%Per EPC Agreement between Stonebridge Campus Holdings LLC and Titan-McAllister Construction Group, LLC

[sheet: Per-Building Allocation]

Building / FacilityDirect Building CostsAllocated Share — Central Utility PlantAllocated Share — Site Civil & ParkingTotal Allocated GMPCapacity — MW Critical IT LoadGross Floor Area — SFCost per SFCost per MW
Building A79500000113750001212500010300000024120000858.334291667
Building B79500000113750001212500010300000024120000858.334291667
Building C79500000113750001212500010300000024120000858.334291667
Building D79500000113750001212500010300000024120000858.334291667
TOTAL318000000455000004850000041200000096480000858.334291667
NotesDirect Building Costs include all line items from GMP Summary allocated to each building column25% of CUP total ($45,500,000) allocated to each building25% of Site Civil & Parking total ($48,500,000) allocated to each buildingEquals $412,000,000 / 4 = $103,000,000 per building

[sheet: Draw Schedule]

Month No.PeriodMonthly Gross DrawRetainage RateRetainage WithheldNet Monthly PaymentCumulative Gross DrawCumulative Retainage HeldCumulative Net Paid% CompleteMilestone Notes
1Nov 2025500000010%5000004500000500000050000045000001.2%NTP issued November 1, 2025; mobilization and site preparation
2Dec 2025850000010%8500007650000135000001350000121500003.3%Grading and earthwork; foundation layout
3Jan 20261200000010%120000010800000255000002550000229500006.2%Mass excavation; underground utilities commence
4Feb 20261500000010%150000013500000405000004050000364500009.8%Foundation pours — Buildings A & B
5Mar 20261750000010%1750000157500005800000058000005220000014.1%Foundation pours — Buildings C & D; CUP foundations
6Apr 20262200000010%2200000198000008000000080000007200000019.4%Building A structural steel erection
7May 20262200000010%220000019800000102000000102000009180000024.8%Building B structural steel erection; Building A envelope
8Jun 20262300000010%2300000207000001250000001250000011250000030.3%Buildings C & D steel erection; CUP structural
9Jul 20262400000010%2400000216000001490000001490000013410000036.2%Envelope — Buildings A & B; MEP rough-in Building A
10Aug 20262400000010%2400000216000001730000001730000015570000042.0%MEP rough-in Buildings A & B; envelope Buildings C & D
11Sep 20262200000010%2200000198000001950000001950000017550000047.3%Electrical switchgear installation Building A; CUP equipment set
12Oct 20262500000010%2500000225000002200000002200000019800000053.4%50% completion threshold — retainage reduces to 5%; generator installation Building A
13Nov 2026240000005%1200000228000002440000002320000022080000059.2%Retainage now 5% per EPC Agreement; UPS installation Building A
14Dec 2026220000005%1100000209000002660000002430000024170000064.6%MEP systems Building B; generator installation Building B
15Jan 2027200000005%1000000190000002860000002530000026070000069.4%Building A electrical testing; CUP cooling towers operational
16Feb 2027190000005%950000180500003050000002625000027875000074.0%Building A commissioning begins; Building C MEP rough-in complete
17Mar 2027180000005%900000171000003230000002715000029585000078.4%Building B UPS and switchgear testing; Building D MEP rough-in
18Apr 2027170000005%850000161500003400000002800000031200000082.5%Building A IST; Building C generator and UPS install
19May 2027160000005%800000152000003560000002880000032720000086.4%Building A punch list; Building B commissioning begins
20Jun 2027140000005%700000133000003700000002950000034050000089.8%Building A final testing; Building C commissioning begins
21Jul 2027180000005%900000171000003880000003040000035760000094.2%Building A — Substantial Completion August 1, 2027
22Aug 2027100000005%50000095000003980000003090000036710000096.6%Building B IST complete; Building D commissioning
23Sep 202780000005%40000076000004060000003130000037470000098.5%Buildings C & D final testing; site civil punch list
24Oct 202760000005%300000570000041200000031600000380400000100.0%Substantial Completion — Buildings B–D: November 1, 2027
RRetainage Release0N/A-31600000316000004120000000412000000100.0%Retainage released upon final completion and lien waivers
TOTAL41200000004120000004120000000412000000100.0%

[sheet: Liquidated Damages Schedule]

BuildingPer-Building GMP AllocationScheduled Substantial CompletionLD Rate per Calendar Day of DelayLD Cap (10% of Per-Building GMP)Maximum LD Days Before Cap Reached
Building A103000000August 1, 20271250001030000082
Building B103000000November 1, 20271250001030000082
Building C103000000November 1, 20271250001030000082
Building D103000000November 1, 20271250001030000082
TOTAL / AGGREGATE412000000N/A (per building)41200000N/A

[sheet: Contract Reference Data]

ItemDetail
EPC Agreement TitleEPC Agreement — Stonebridge Data Center Campus
OwnerStonebridge Campus Holdings LLC (a Virginia LLC wholly owned by Ironhaven Data Centers LLC)
ContractorTitan-McAllister Construction Group, LLC
Contractor Address7900 Harkins Road, Suite 100, Lanham, MD 20706
Contractor PresidentRaymond Okafor
Contractor SVP, Data Center ProgramsMichelle Tran
Contract TypeGuaranteed Maximum Price (GMP)
Guaranteed Maximum Price$412,000,000
ScopeFour data center buildings (A–D, each ~120,000 SF shell, 24 MW), central utility plant, site civil work, structured parking, 2N diesel generators
Total Gross Floor Area480,000 SF (4 × 120,000 SF)
Total Critical IT Capacity96 MW (4 × 24 MW)
Cost per SF (GMP basis)$858.33 ($412,000,000 / 480,000 SF)
Cost per MW (GMP basis)$4,291,667 ($412,000,000 / 96 MW)
Construction Duration24 months (NTP to Substantial Completion of final building)
Notice to Proceed (NTP) TargetNovember 1, 2025
Substantial Completion — Building AAugust 1, 2027
Substantial Completion — Buildings B–DNovember 1, 2027
Liquidated Damages (Delay)$125,000 per calendar day per building
LD Cap per Building$10,300,000 (10% of per-building GMP of $103,000,000)
Aggregate LD Cap$41,200,000 (4 × $10,300,000)
Maximum LD Days per Building82 calendar days ($10,300,000 / $125,000 = 82.4, rounded down)
Retainage10% until 50% completion; 5% thereafter
Performance Bond$412,000,000 (100% of GMP) — Great Basin Surety & Insurance Corp.
Payment Bond$412,000,000 (100% of GMP) — Great Basin Surety & Insurance Corp.
Builder's Risk Policy$412,000,000 — Great Basin Surety & Insurance Corp.; $250,000 deductible per occurrence
CGL Coverage (Contractor)$150,000,000 per occurrence — Pinnacle Indemnity Insurance Co.
Owner's RepresentativeKestrel Infrastructure Advisors, LLC (Diane Prescott)
Civil / Site EngineerLumen Ridge Engineering, PLLC (Carlos Esteban, PE)
Geotechnical ConsultantBrannigan Geotechnical Engineering, LLC (Neil Brannigan, PE)
Project LocationNE corner of Belmont Ridge Road and Stonebridge Boulevard, Loudoun County, VA 20148 (Tax Map Ref. /95-4A-1/// and /95-4A-2///)
Total Campus Acreage81.4 acres (62.0 — Stonebridge Parcel + 19.4 — Meridian Parcel)
Change of ControlContractor has a right to consent (not to be unreasonably withheld) to any change of control of the project owner entity; Owner has a termination right upon a change of control of Contractor
Total Project Budget (All Sources)$600,000,000
EPC GMP as % of Total Budget68.67% ($412,000,000 / $600,000,000)
Governing LawCommonwealth of Virginia
Exhibit B Effective DateTo be dated as of EPC Agreement execution (target: October 20, 2025)