1043-00002 · Ironhaven Data Centers LLC · Construction/EPC

epc-exhibit-c-construction-schedule.xlsx DOCUMENT Real Estate

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[sheet: Cover & General Info]

Field	Value
Document Title	Exhibit C to EPC Agreement — Construction Schedule and Milestone Dates
Project Name	Stonebridge Data Center Campus
Project Location	NE corner of Belmont Ridge Road and Stonebridge Boulevard, Loudoun County, Virginia 20148
Owner	Stonebridge Campus Holdings LLC (a Virginia LLC, wholly owned by Ironhaven Data Centers LLC)
Contractor	Titan-McAllister Construction Group, LLC
Contractor Address	7900 Harkins Road, Suite 100, Lanham, MD 20706
Contractor President	Raymond Okafor
Contractor SVP, Data Center Programs	Michelle Tran
EPC Agreement GMP	$412,000,000
Contract Type	Guaranteed Maximum Price (GMP)
Total Gross Floor Area	480,000 sq ft (4 buildings × 120,000 sq ft each)
Total Critical IT Load Capacity	96 MW (4 buildings × 24 MW each)
Total Construction Duration	24 months from Notice to Proceed (NTP)
Notice to Proceed (NTP) Target Date	November 1, 2025
Substantial Completion — Building A	August 1, 2027
Substantial Completion — Buildings B, C, D	November 1, 2027
Liquidated Damages (Delay)	$125,000 per calendar day per building
LD Cap Per Building	$10,300,000 (10% of per-building GMP allocation of $103,000,000)
Owner's Representative	Kestrel Infrastructure Advisors, LLC (Diane Prescott, Engagement Lead)
Civil / Site Engineer	Lumen Ridge Engineering, PLLC (Carlos Esteban, PE, Project Principal)
Exhibit Effective Date	To be dated as of EPC Agreement Execution (target: October 20, 2025)
Draft Status	DRAFT — Subject to revision pending final NTP date confirmation

[sheet: Master Milestone Schedule]

Milestone ID	Milestone Description	Target Start Date	Target Completion Date	Duration (days or months)	Predecessor Milestone ID	Responsible Party	Notes / Conditions
M-001	Notice to Proceed (NTP) Issued	November 1, 2025	November 1, 2025	0 days	N/A	Owner / Stonebridge Campus Holdings LLC	Requires EPC Agreement execution (target Oct 20, 2025), construction loan closing (target Oct 15, 2025), and minimum equity contribution of $52,500,000
M-002	Construction Mobilization & Site Preparation	November 1, 2025	December 15, 2025	45 days	M-001	Titan-McAllister Construction Group, LLC	Includes contractor mobilization, temporary facilities, erosion & sediment control installation
M-003	Mass Grading and Earthwork — Full Campus	December 1, 2025	March 15, 2026	105 days	M-002	Titan-McAllister Construction Group, LLC	Geotechnical recommendations per Brannigan Geotechnical Engineering, LLC (Neil Brannigan, PE); civil design per Lumen Ridge Engineering, PLLC
M-004	Underground Utilities — Stormwater, Water, Sewer, Ductbanks	January 15, 2026	May 31, 2026	137 days	M-003 (partial)	Titan-McAllister Construction Group, LLC	Coordinates with Loudoun County stormwater management requirements and cross-access utility easements across Stonebridge Parcel (62.0 acres) and Meridian Parcel (19.4 acres)
M-005	Foundations — Building A	March 1, 2026	June 15, 2026	107 days	M-003	Titan-McAllister Construction Group, LLC	Building A: ~120,000 sq ft shell, 24 MW critical IT load
M-006	Foundations — Building B	April 1, 2026	July 15, 2026	106 days	M-003	Titan-McAllister Construction Group, LLC	Building B: ~120,000 sq ft shell, 24 MW critical IT load
M-007	Foundations — Building C	May 1, 2026	August 15, 2026	107 days	M-003	Titan-McAllister Construction Group, LLC	Building C: ~120,000 sq ft shell, 24 MW critical IT load
M-008	Foundations — Building D	June 1, 2026	September 15, 2026	107 days	M-003	Titan-McAllister Construction Group, LLC	Building D: ~120,000 sq ft shell, 24 MW critical IT load
M-009	Central Utility Plant (CUP) — Foundations & Structural	April 1, 2026	September 30, 2026	183 days	M-003	Titan-McAllister Construction Group, LLC	Serves all four data center buildings
M-010	Structural Steel & Building Envelope — Building A	June 15, 2026	December 15, 2026	184 days	M-005	Titan-McAllister Construction Group, LLC
M-011	Structural Steel & Building Envelope — Building B	July 15, 2026	January 15, 2027	184 days	M-006	Titan-McAllister Construction Group, LLC
M-012	Structural Steel & Building Envelope — Building C	August 15, 2026	February 15, 2027	184 days	M-007	Titan-McAllister Construction Group, LLC
M-013	Structural Steel & Building Envelope — Building D	September 15, 2026	March 15, 2027	182 days	M-008	Titan-McAllister Construction Group, LLC
M-014	Substation Construction — 230kV/34.5kV Dedicated Substation (VPC)	March 1, 2026	June 1, 2027	15 months	M-003	Vantage Power Cooperative (contractor) / IHDC funding ($18,500,000 line extension contribution)	Located on Meridian Parcel; substation owned by VPC post-construction; energization target June 1, 2027. Coordinates with VPC Service Application No. LSA-2025-0091
M-015	Primary Electrical Distribution — Switchgear & MV Cabling	January 1, 2027	May 31, 2027	151 days	M-014 (partial), M-010	Titan-McAllister Construction Group, LLC	Part of $61,000,000 power infrastructure budget
M-016	MEP Rough-In — Building A	December 15, 2026	April 30, 2027	137 days	M-010	Titan-McAllister Construction Group, LLC	Mechanical, electrical, plumbing systems
M-017	MEP Rough-In — Building B	January 15, 2027	May 31, 2027	136 days	M-011	Titan-McAllister Construction Group, LLC
M-018	MEP Rough-In — Building C	February 15, 2027	June 30, 2027	135 days	M-012	Titan-McAllister Construction Group, LLC
M-019	MEP Rough-In — Building D	March 15, 2027	July 31, 2027	139 days	M-013	Titan-McAllister Construction Group, LLC
M-020	Backup Generator Installation — Building A (2N Configuration)	February 1, 2027	May 15, 2027	104 days	M-010	Titan-McAllister Construction Group, LLC	2N diesel generator configuration; procurement included in EPC GMP
M-021	Backup Generator Installation — Building B (2N Configuration)	March 1, 2027	June 15, 2027	107 days	M-011	Titan-McAllister Construction Group, LLC	2N diesel generator configuration
M-022	Backup Generator Installation — Building C (2N Configuration)	April 1, 2027	July 15, 2027	106 days	M-012	Titan-McAllister Construction Group, LLC	2N diesel generator configuration
M-023	Backup Generator Installation — Building D (2N Configuration)	May 1, 2027	August 15, 2027	107 days	M-013	Titan-McAllister Construction Group, LLC	2N diesel generator configuration
M-024	CUP — MEP Fit-Out and Equipment Installation	October 1, 2026	April 30, 2027	212 days	M-009	Titan-McAllister Construction Group, LLC	Cooling plant, chiller systems, pumps

M-025	Substation Energization	June 1, 2027	June 1, 2027	0 days	M-014	Vantage Power Cooperative	Triggers commencement of 10-year LLSA term; contracted demand: 120 MVA
M-026	Structured Parking — Construction	June 1, 2026	February 28, 2027	273 days	M-003	Titan-McAllister Construction Group, LLC	Included in GMP scope
M-027	Commissioning & Testing — Building A	May 1, 2027	July 15, 2027	76 days	M-016, M-020, M-025	Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC	Integrated systems testing including power, cooling, fire suppression, BMS
M-028	Commissioning & Testing — Building B	June 1, 2027	August 31, 2027	92 days	M-017, M-021, M-025	Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC
M-029	Commissioning & Testing — Building C	July 1, 2027	September 30, 2027	92 days	M-018, M-022, M-025	Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC
M-030	Commissioning & Testing — Building D	August 1, 2027	October 15, 2027	76 days	M-019, M-023, M-025	Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC
M-031	Substantial Completion — Building A	August 1, 2027	August 1, 2027	0 days (milestone)	M-027	Titan-McAllister Construction Group, LLC	Contractual Substantial Completion date; LDs of $125,000/calendar day accrue after this date if not achieved; LD cap: $10,300,000
M-032	Substantial Completion — Building B	November 1, 2027	November 1, 2027	0 days (milestone)	M-028	Titan-McAllister Construction Group, LLC	Contractual Substantial Completion date; LDs of $125,000/calendar day; LD cap: $10,300,000
M-033	Substantial Completion — Building C	November 1, 2027	November 1, 2027	0 days (milestone)	M-029	Titan-McAllister Construction Group, LLC	Contractual Substantial Completion date; LDs of $125,000/calendar day; LD cap: $10,300,000
M-034	Substantial Completion — Building D	November 1, 2027	November 1, 2027	0 days (milestone)	M-030	Titan-McAllister Construction Group, LLC	Contractual Substantial Completion date; LDs of $125,000/calendar day; LD cap: $10,300,000
M-035	Site Work Final Completion (Landscaping, Screening, Hardscape)	September 1, 2027	November 15, 2027	76 days	M-003, M-026	Titan-McAllister Construction Group, LLC	Includes visual screening commitments per ZMOD proffer statement
M-036	Punchlist Completion — All Buildings	November 1, 2027	January 31, 2028	92 days	M-031 through M-034	Titan-McAllister Construction Group, LLC	Final retainage release conditioned on punchlist completion; retainage at 5% after 50% completion
M-037	Final Completion — Full Campus	January 31, 2028	January 31, 2028	0 days (milestone)	M-036	Titan-McAllister Construction Group, LLC	All punchlist items resolved; final lien waivers obtained; as-built drawings delivered
M-038	Stabilization Target (85% Leased)	Q2 2028	Q2 2028	N/A	M-034	Ironhaven Data Centers LLC	Post-construction leasing milestone; relevant to DSCR covenant (≥ 1.25x) under construction loan

[sheet: Building-Level Schedule Summary]

Facility

Gross Floor Area (sq ft)

IT Load Capacity (MW)

Per-Building GMP Allocation ($)

Foundation Start

Foundation Complete

Structural / Envelope Start

Structural / Envelope Complete

MEP Rough-In Start

MEP Rough-In Complete

Generator Install Start

Generator Install Complete

Commissioning Start

Commissioning Complete

Substantial Completion Date

LD Rate ($/calendar day)

LD Cap ($)

Building A

120000

103000000

March 1, 2026

June 15, 2026

December 15, 2026

April 30, 2027

February 1, 2027

May 15, 2027

May 1, 2027

July 15, 2027

August 1, 2027

125000

10300000

Building B

120000

103000000

April 1, 2026

July 15, 2026

January 15, 2027

May 31, 2027

March 1, 2027

June 15, 2027

June 1, 2027

August 31, 2027

November 1, 2027

125000

10300000

Building C

120000

103000000

May 1, 2026

August 15, 2026

February 15, 2027

June 30, 2027

April 1, 2027

July 15, 2027

July 1, 2027

September 30, 2027

November 1, 2027

125000

10300000

Building D

120000

103000000

June 1, 2026

September 15, 2026

March 15, 2027

July 31, 2027

May 1, 2027

August 15, 2027

August 1, 2027

October 15, 2027

November 1, 2027

125000

10300000

Central Utility Plant

N/A

Included in GMP

April 1, 2026

September 30, 2026

N/A

October 1, 2026

April 30, 2027

N/A

May 1, 2027

July 31, 2027

N/A (tied to Bldg A SC)

N/A

TOTAL

480000

412000000

41200000

[sheet: Critical Path & Dependencies]

Item ID	Critical Path Item / Dependency	Related Milestone ID	Required By Date	Responsible Party	Status / Risk Level	Notes
CP-001	EPC Agreement Execution	M-001	October 20, 2025	Owner (Stonebridge Campus Holdings LLC) / Contractor (Titan-McAllister Construction Group, LLC)	Prerequisite to NTP	Target execution date: October 20, 2025; GMP of $412,000,000
CP-002	Construction Loan Closing — $390,000,000 Facility	M-001	October 15, 2025	Owner / Summit National Bank, N.A. (Admin Agent), Cascade Commercial Lending Corp., Harborview Trust Company	Prerequisite to NTP	Loan Commitment Ref: CL-2025-VA-04418; LTC ≤ 65%
CP-003	Minimum Equity Contribution Funded ($52,500,000)	M-001	Before first loan draw	Ironhaven Data Centers LLC / Ridgeline Capital Partners Fund IV, LP	Prerequisite to first draw	25% of $210,000,000 total equity commitment
CP-004	ZMOD Approval — Loudoun County Board of Supervisors	M-001, M-002	October 2025	Owner / Ashcroft & Wynn, P.C. (Thomas Ashcroft) / Cornerstone Land Use Consulting, LLC (Alan Mercer)	Critical for construction permits	ZMOD-2025-0038; proffer estimate $2,400,000 ($5.00/sq ft × 480,000 sq ft)
CP-005	Land Closings — Stonebridge Parcel (62.0 acres) and Meridian Parcel (19.4 acres)	M-001	September 15, 2025	Owner / Fidelitas Title & Escrow, Inc.	Prerequisite to construction loan and NTP	Stonebridge: $58,500,000 (Blackthorn Realty Group, Inc.); Meridian: $19,400,000 (Meridian Acres LLC)
CP-006	Building Permits Issued — All Buildings	M-002	Prior to NTP or concurrent with mobilization	Loudoun County / Owner	Schedule-critical	Dependent on ZMOD approval and site plan approval
CP-007	Phase II ESA Completion — Stonebridge Parcel Northwest Quadrant (~4.2 acres)	M-003	July 1, 2025	Pendleton Environmental Associates, Inc. (Dr. Renata Volkov)	Must clear before mass grading of NW quadrant	Former agricultural use; potential residual pesticide contamination
CP-008	Geotechnical Report — Final Foundation Recommendations	M-005	Prior to foundation design finalization	Brannigan Geotechnical Engineering, LLC (Neil Brannigan, PE)	Critical for foundation schedule	Campus-wide investigation
CP-009	VPC Substation Construction & Energization	M-025	June 1, 2027	Vantage Power Cooperative	Critical for commissioning	IHDC funding $18,500,000 line extension contribution; 230kV/34.5kV substation on Meridian Parcel; VPC Application No. LSA-2025-0091
CP-010	ALTA Survey Completion — Both Parcels	M-002	June 15, 2025	Lumen Ridge Engineering, PLLC (Carlos Esteban, PE)	Required for site design finalization	81.4 total acres
CP-011	Performance and Payment Bonds Delivered ($412M each)	M-001	At EPC execution	Great Basin Surety & Insurance Corp. (for Titan-McAllister)	Condition to NTP	100% of GMP; required by both EPC Agreement and construction loan
CP-012	Builder's Risk Policy in Effect ($412M)	M-001	At NTP	Great Basin Surety & Insurance Corp. / Northgate Insurance Brokerage, LLC (William Keane)	Condition to NTP	$250,000 deductible per occurrence
CP-013	Owner's Insurance Program (OCIP or Traditional) Finalized	M-001	Prior to NTP	Northgate Insurance Brokerage, LLC / Owner	Schedule-adjacent	OCIP under evaluation; estimated 12–15% savings vs. traditional
CP-014	Lender Approval of EPC Contract and Construction Schedule	M-001	At or prior to construction loan closing	Summit National Bank, N.A. / Redmond & Calloway LLP (Victor Redmond)	Condition precedent to loan closing	Collateral assignment of EPC contract to lenders required

[sheet: Retainage & Payment Schedule]

Month	Calendar Month	Cumulative % Complete (%)	Monthly Draw Amount — Estimated ($)	Cumulative Draws ($)	Retainage Rate (%)	Retainage Withheld — Monthly ($)	Cumulative Retainage Held ($)	Net Payment to Contractor ($)	Notes
Month 1	November 2025	1.5	6180000	6180000	10	618000	618000	5562000	Mobilization, temporary facilities, E&S controls
Month 2	December 2025	3.5	8240000	14420000	10	824000	1442000	7416000	Site prep continues; mass grading begins
Month 3	January 2026	5.5	8240000	22660000	10	824000	2266000	7416000	Mass grading; underground utilities commence
Month 4	February 2026	8	10300000	32960000	10	1030000	3296000	9270000	Earthwork continues; utility trenching
Month 5	March 2026	11	12360000	45320000	10	1236000	4532000	11124000	Foundations start — Bldg A; substation construction begins
Month 6	April 2026	14	12360000	57680000	10	1236000	5768000	11124000	Foundations in progress — Bldgs A & B; CUP foundations begin
Month 7	May 2026	17.5	14420000	72100000	10	1442000	7210000	12978000	Foundations — Bldgs A, B, C; underground utilities
Month 8	June 2026	21	14420000	86520000	10	1442000	8652000	12978000	Bldg A structural steel begins; foundations Bldgs B, C, D
Month 9	July 2026	24.5	14420000	100940000	10	1442000	10094000	12978000	Structural steel — Bldg A; foundations Bldgs B, C, D
Month 10	August 2026	28.5	16480000	117420000	10	1648000	11742000	14832000	Structural steel — Bldgs A, B; foundations Bldgs C, D
Month 11	September 2026	33	18540000	135960000	10	1854000	13596000	16686000	Structural steel — Bldgs A, B, C; CUP structural complete
Month 12	October 2026	38	20600000	156560000	10	2060000	15656000	18540000	Structural steel — Bldgs A–C; CUP MEP fit-out begins
Month 13	November 2026	43	20600000	177160000	10	2060000	17716000	18540000	Structural steel & envelope — all buildings; parking structure
Month 14	December 2026	48.5	22660000	199820000	10	2266000	19982000	20394000	Bldg A envelope complete; MEP rough-in Bldg A begins
Month 15	January 2027	53	18540000	218360000	5	927000	20909000	17613000	Retainage drops to 5% after 50% completion; MEP Bldgs A, B
Month 16	February 2027	57	16480000	234840000	5	824000	21733000	15656000	MEP rough-in Bldgs A, B, C; generator install Bldg A
Month 17	March 2027	62	20600000	255440000	5	1030000	22763000	19570000	MEP all buildings; generator installs Bldgs A, B
Month 18	April 2027	67	20600000	276040000	5	1030000	23793000	19570000	MEP rough-in all buildings; CUP fit-out nearing completion
Month 19	May 2027	72	20600000	296640000	5	1030000	24823000	19570000	Commissioning Bldg A begins; MEP completion Bldg A; generators Bldgs B, C
Month 20	June 2027	77	20600000	317240000	5	1030000	25853000	19570000	Substation energized; commissioning Bldgs A, B; generators Bldgs C, D
Month 21	July 2027	83	24720000	341960000	5	1236000	27089000	23484000	Commissioning Bldgs A, B, C; Bldg A commissioning complete
Month 22	August 2027	88	20600000	362560000	5	1030000	28119000	19570000	Substantial Completion — Bldg A achieved; commissioning Bldgs B, C, D
Month 23	September 2027	92	16480000	379040000	5	824000	28943000	15656000	Commissioning Bldgs B, C, D; site work finalization
Month 24	October 2027	95.5	14420000	393460000	5	721000	29664000	13699000	Commissioning completion Bldgs B, C, D; punchlist preparation

Month 25	November 2027	97.5	8240000	401700000	5	412000	30076000	7828000	Substantial Completion — Bldgs B, C, D achieved; punchlist begins
Month 26	December 2027	99	6180000	407880000	5	309000	30385000	5871000	Punchlist work; site work final completion
Month 27	January 2028	100	4120000	412000000	0	0	0	34505000	Final Completion; all retainage released upon punchlist sign-off and final lien waivers

[sheet: Liquidated Damages Schedule]

Building	Contractual Substantial Completion Date	Per-Building GMP Allocation ($)	LD Rate — Per Calendar Day ($)	LD Cap — % of Building GMP (%)	LD Cap Amount ($)	Maximum LD Days Before Cap (days)	Notes
Building A	August 1, 2027	103000000	125000	10	10300000	82	LD cap reached after 82.4 calendar days of delay ($10,300,000 ÷ $125,000)
Building B	November 1, 2027	103000000	125000	10	10300000	82
Building C	November 1, 2027	103000000	125000	10	10300000	82
Building D	November 1, 2027	103000000	125000	10	10300000	82
TOTAL	412000000	41200000	Aggregate LD cap across all buildings = $41,200,000

[sheet: Cover & General Info]
Field | Value
Document Title | Exhibit C to EPC Agreement — Construction Schedule and Milestone Dates
Project Name | Stonebridge Data Center Campus
Project Location | NE corner of Belmont Ridge Road and Stonebridge Boulevard, Loudoun County, Virginia 20148
Owner | Stonebridge Campus Holdings LLC (a Virginia LLC, wholly owned by Ironhaven Data Centers LLC)
Contractor | Titan-McAllister Construction Group, LLC
Contractor Address | 7900 Harkins Road, Suite 100, Lanham, MD 20706
Contractor President | Raymond Okafor
Contractor SVP, Data Center Programs | Michelle Tran
EPC Agreement GMP | $412,000,000
Contract Type | Guaranteed Maximum Price (GMP)
Total Gross Floor Area | 480,000 sq ft (4 buildings × 120,000 sq ft each)
Total Critical IT Load Capacity | 96 MW (4 buildings × 24 MW each)
Total Construction Duration | 24 months from Notice to Proceed (NTP)
Notice to Proceed (NTP) Target Date | November 1, 2025
Substantial Completion — Building A | August 1, 2027
Substantial Completion — Buildings B, C, D | November 1, 2027
Liquidated Damages (Delay) | $125,000 per calendar day per building
LD Cap Per Building | $10,300,000 (10% of per-building GMP allocation of $103,000,000)
Owner's Representative | Kestrel Infrastructure Advisors, LLC (Diane Prescott, Engagement Lead)
Civil / Site Engineer | Lumen Ridge Engineering, PLLC (Carlos Esteban, PE, Project Principal)
Exhibit Effective Date | To be dated as of EPC Agreement Execution (target: October 20, 2025)
Draft Status | DRAFT — Subject to revision pending final NTP date confirmation
[sheet: Master Milestone Schedule]
Milestone ID | Milestone Description | Target Start Date | Target Completion Date | Duration (days or months) | Predecessor Milestone ID | Responsible Party | Notes / Conditions
M-001 | Notice to Proceed (NTP) Issued | November 1, 2025 | November 1, 2025 | 0 days | N/A | Owner / Stonebridge Campus Holdings LLC | Requires EPC Agreement execution (target Oct 20, 2025), construction loan closing (target Oct 15, 2025), and minimum equity contribution of $52,500,000
M-002 | Construction Mobilization & Site Preparation | November 1, 2025 | December 15, 2025 | 45 days | M-001 | Titan-McAllister Construction Group, LLC | Includes contractor mobilization, temporary facilities, erosion & sediment control installation
M-003 | Mass Grading and Earthwork — Full Campus | December 1, 2025 | March 15, 2026 | 105 days | M-002 | Titan-McAllister Construction Group, LLC | Geotechnical recommendations per Brannigan Geotechnical Engineering, LLC (Neil Brannigan, PE); civil design per Lumen Ridge Engineering, PLLC
M-004 | Underground Utilities — Stormwater, Water, Sewer, Ductbanks | January 15, 2026 | May 31, 2026 | 137 days | M-003 (partial) | Titan-McAllister Construction Group, LLC | Coordinates with Loudoun County stormwater management requirements and cross-access utility easements across Stonebridge Parcel (62.0 acres) and Meridian Parcel (19.4 acres)
M-005 | Foundations — Building A | March 1, 2026 | June 15, 2026 | 107 days | M-003 | Titan-McAllister Construction Group, LLC | Building A: ~120,000 sq ft shell, 24 MW critical IT load
M-006 | Foundations — Building B | April 1, 2026 | July 15, 2026 | 106 days | M-003 | Titan-McAllister Construction Group, LLC | Building B: ~120,000 sq ft shell, 24 MW critical IT load
M-007 | Foundations — Building C | May 1, 2026 | August 15, 2026 | 107 days | M-003 | Titan-McAllister Construction Group, LLC | Building C: ~120,000 sq ft shell, 24 MW critical IT load
M-008 | Foundations — Building D | June 1, 2026 | September 15, 2026 | 107 days | M-003 | Titan-McAllister Construction Group, LLC | Building D: ~120,000 sq ft shell, 24 MW critical IT load
M-009 | Central Utility Plant (CUP) — Foundations & Structural | April 1, 2026 | September 30, 2026 | 183 days | M-003 | Titan-McAllister Construction Group, LLC | Serves all four data center buildings
M-010 | Structural Steel & Building Envelope — Building A | June 15, 2026 | December 15, 2026 | 184 days | M-005 | Titan-McAllister Construction Group, LLC
M-011 | Structural Steel & Building Envelope — Building B | July 15, 2026 | January 15, 2027 | 184 days | M-006 | Titan-McAllister Construction Group, LLC
M-012 | Structural Steel & Building Envelope — Building C | August 15, 2026 | February 15, 2027 | 184 days | M-007 | Titan-McAllister Construction Group, LLC
M-013 | Structural Steel & Building Envelope — Building D | September 15, 2026 | March 15, 2027 | 182 days | M-008 | Titan-McAllister Construction Group, LLC
M-014 | Substation Construction — 230kV/34.5kV Dedicated Substation (VPC) | March 1, 2026 | June 1, 2027 | 15 months | M-003 | Vantage Power Cooperative (contractor) / IHDC funding ($18,500,000 line extension contribution) | Located on Meridian Parcel; substation owned by VPC post-construction; energization target June 1, 2027. Coordinates with VPC Service Application No. LSA-2025-0091
M-015 | Primary Electrical Distribution — Switchgear & MV Cabling | January 1, 2027 | May 31, 2027 | 151 days | M-014 (partial), M-010 | Titan-McAllister Construction Group, LLC | Part of $61,000,000 power infrastructure budget
M-016 | MEP Rough-In — Building A | December 15, 2026 | April 30, 2027 | 137 days | M-010 | Titan-McAllister Construction Group, LLC | Mechanical, electrical, plumbing systems
M-017 | MEP Rough-In — Building B | January 15, 2027 | May 31, 2027 | 136 days | M-011 | Titan-McAllister Construction Group, LLC
M-018 | MEP Rough-In — Building C | February 15, 2027 | June 30, 2027 | 135 days | M-012 | Titan-McAllister Construction Group, LLC
M-019 | MEP Rough-In — Building D | March 15, 2027 | July 31, 2027 | 139 days | M-013 | Titan-McAllister Construction Group, LLC
M-020 | Backup Generator Installation — Building A (2N Configuration) | February 1, 2027 | May 15, 2027 | 104 days | M-010 | Titan-McAllister Construction Group, LLC | 2N diesel generator configuration; procurement included in EPC GMP
M-021 | Backup Generator Installation — Building B (2N Configuration) | March 1, 2027 | June 15, 2027 | 107 days | M-011 | Titan-McAllister Construction Group, LLC | 2N diesel generator configuration
M-022 | Backup Generator Installation — Building C (2N Configuration) | April 1, 2027 | July 15, 2027 | 106 days | M-012 | Titan-McAllister Construction Group, LLC | 2N diesel generator configuration
M-023 | Backup Generator Installation — Building D (2N Configuration) | May 1, 2027 | August 15, 2027 | 107 days | M-013 | Titan-McAllister Construction Group, LLC | 2N diesel generator configuration
M-024 | CUP — MEP Fit-Out and Equipment Installation | October 1, 2026 | April 30, 2027 | 212 days | M-009 | Titan-McAllister Construction Group, LLC | Cooling plant, chiller systems, pumps
M-025 | Substation Energization | June 1, 2027 | June 1, 2027 | 0 days | M-014 | Vantage Power Cooperative | Triggers commencement of 10-year LLSA term; contracted demand: 120 MVA
M-026 | Structured Parking — Construction | June 1, 2026 | February 28, 2027 | 273 days | M-003 | Titan-McAllister Construction Group, LLC | Included in GMP scope
M-027 | Commissioning & Testing — Building A | May 1, 2027 | July 15, 2027 | 76 days | M-016, M-020, M-025 | Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC | Integrated systems testing including power, cooling, fire suppression, BMS
M-028 | Commissioning & Testing — Building B | June 1, 2027 | August 31, 2027 | 92 days | M-017, M-021, M-025 | Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC
M-029 | Commissioning & Testing — Building C | July 1, 2027 | September 30, 2027 | 92 days | M-018, M-022, M-025 | Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC
M-030 | Commissioning & Testing — Building D | August 1, 2027 | October 15, 2027 | 76 days | M-019, M-023, M-025 | Titan-McAllister Construction Group, LLC / Kestrel Infrastructure Advisors, LLC
M-031 | Substantial Completion — Building A | August 1, 2027 | August 1, 2027 | 0 days (milestone) | M-027 | Titan-McAllister Construction Group, LLC | Contractual Substantial Completion date; LDs of $125,000/calendar day accrue after this date if not achieved; LD cap: $10,300,000
M-032 | Substantial Completion — Building B | November 1, 2027 | November 1, 2027 | 0 days (milestone) | M-028 | Titan-McAllister Construction Group, LLC | Contractual Substantial Completion date; LDs of $125,000/calendar day; LD cap: $10,300,000
M-033 | Substantial Completion — Building C | November 1, 2027 | November 1, 2027 | 0 days (milestone) | M-029 | Titan-McAllister Construction Group, LLC | Contractual Substantial Completion date; LDs of $125,000/calendar day; LD cap: $10,300,000
M-034 | Substantial Completion — Building D | November 1, 2027 | November 1, 2027 | 0 days (milestone) | M-030 | Titan-McAllister Construction Group, LLC | Contractual Substantial Completion date; LDs of $125,000/calendar day; LD cap: $10,300,000
M-035 | Site Work Final Completion (Landscaping, Screening, Hardscape) | September 1, 2027 | November 15, 2027 | 76 days | M-003, M-026 | Titan-McAllister Construction Group, LLC | Includes visual screening commitments per ZMOD proffer statement
M-036 | Punchlist Completion — All Buildings | November 1, 2027 | January 31, 2028 | 92 days | M-031 through M-034 | Titan-McAllister Construction Group, LLC | Final retainage release conditioned on punchlist completion; retainage at 5% after 50% completion
M-037 | Final Completion — Full Campus | January 31, 2028 | January 31, 2028 | 0 days (milestone) | M-036 | Titan-McAllister Construction Group, LLC | All punchlist items resolved; final lien waivers obtained; as-built drawings delivered
M-038 | Stabilization Target (85% Leased) | Q2 2028 | Q2 2028 | N/A | M-034 | Ironhaven Data Centers LLC | Post-construction leasing milestone; relevant to DSCR covenant (≥ 1.25x) under construction loan
[sheet: Building-Level Schedule Summary]
Facility | Gross Floor Area (sq ft) | IT Load Capacity (MW) | Per-Building GMP Allocation ($) | Foundation Start | Foundation Complete | Structural / Envelope Start | Structural / Envelope Complete | MEP Rough-In Start | MEP Rough-In Complete | Generator Install Start | Generator Install Complete | Commissioning Start | Commissioning Complete | Substantial Completion Date | LD Rate ($/calendar day) | LD Cap ($)
Building A | 120000 | 24 | 103000000 | March 1, 2026 | June 15, 2026 | June 15, 2026 | December 15, 2026 | December 15, 2026 | April 30, 2027 | February 1, 2027 | May 15, 2027 | May 1, 2027 | July 15, 2027 | August 1, 2027 | 125000 | 10300000
Building B | 120000 | 24 | 103000000 | April 1, 2026 | July 15, 2026 | July 15, 2026 | January 15, 2027 | January 15, 2027 | May 31, 2027 | March 1, 2027 | June 15, 2027 | June 1, 2027 | August 31, 2027 | November 1, 2027 | 125000 | 10300000
Building C | 120000 | 24 | 103000000 | May 1, 2026 | August 15, 2026 | August 15, 2026 | February 15, 2027 | February 15, 2027 | June 30, 2027 | April 1, 2027 | July 15, 2027 | July 1, 2027 | September 30, 2027 | November 1, 2027 | 125000 | 10300000
Building D | 120000 | 24 | 103000000 | June 1, 2026 | September 15, 2026 | September 15, 2026 | March 15, 2027 | March 15, 2027 | July 31, 2027 | May 1, 2027 | August 15, 2027 | August 1, 2027 | October 15, 2027 | November 1, 2027 | 125000 | 10300000
Central Utility Plant | N/A | N/A | Included in GMP | April 1, 2026 | September 30, 2026 | N/A | N/A | October 1, 2026 | April 30, 2027 | N/A | N/A | May 1, 2027 | July 31, 2027 | N/A (tied to Bldg A SC) | N/A | N/A
TOTAL | 480000 | 96 | 412000000 | 41200000
[sheet: Critical Path & Dependencies]
Item ID | Critical Path Item / Dependency | Related Milestone ID | Required By Date | Responsible Party | Status / Risk Level | Notes
CP-001 | EPC Agreement Execution | M-001 | October 20, 2025 | Owner (Stonebridge Campus Holdings LLC) / Contractor (Titan-McAllister Construction Group, LLC) | Prerequisite to NTP | Target execution date: October 20, 2025; GMP of $412,000,000
CP-002 | Construction Loan Closing — $390,000,000 Facility | M-001 | October 15, 2025 | Owner / Summit National Bank, N.A. (Admin Agent), Cascade Commercial Lending Corp., Harborview Trust Company | Prerequisite to NTP | Loan Commitment Ref: CL-2025-VA-04418; LTC ≤ 65%
CP-003 | Minimum Equity Contribution Funded ($52,500,000) | M-001 | Before first loan draw | Ironhaven Data Centers LLC / Ridgeline Capital Partners Fund IV, LP | Prerequisite to first draw | 25% of $210,000,000 total equity commitment
CP-004 | ZMOD Approval — Loudoun County Board of Supervisors | M-001, M-002 | October 2025 | Owner / Ashcroft & Wynn, P.C. (Thomas Ashcroft) / Cornerstone Land Use Consulting, LLC (Alan Mercer) | Critical for construction permits | ZMOD-2025-0038; proffer estimate $2,400,000 ($5.00/sq ft × 480,000 sq ft)
CP-005 | Land Closings — Stonebridge Parcel (62.0 acres) and Meridian Parcel (19.4 acres) | M-001 | September 15, 2025 | Owner / Fidelitas Title & Escrow, Inc. | Prerequisite to construction loan and NTP | Stonebridge: $58,500,000 (Blackthorn Realty Group, Inc.); Meridian: $19,400,000 (Meridian Acres LLC)
CP-006 | Building Permits Issued — All Buildings | M-002 | Prior to NTP or concurrent with mobilization | Loudoun County / Owner | Schedule-critical | Dependent on ZMOD approval and site plan approval
CP-007 | Phase II ESA Completion — Stonebridge Parcel Northwest Quadrant (~4.2 acres) | M-003 | July 1, 2025 | Pendleton Environmental Associates, Inc. (Dr. Renata Volkov) | Must clear before mass grading of NW quadrant | Former agricultural use; potential residual pesticide contamination
CP-008 | Geotechnical Report — Final Foundation Recommendations | M-005 | Prior to foundation design finalization | Brannigan Geotechnical Engineering, LLC (Neil Brannigan, PE) | Critical for foundation schedule | Campus-wide investigation
CP-009 | VPC Substation Construction & Energization | M-025 | June 1, 2027 | Vantage Power Cooperative | Critical for commissioning | IHDC funding $18,500,000 line extension contribution; 230kV/34.5kV substation on Meridian Parcel; VPC Application No. LSA-2025-0091
CP-010 | ALTA Survey Completion — Both Parcels | M-002 | June 15, 2025 | Lumen Ridge Engineering, PLLC (Carlos Esteban, PE) | Required for site design finalization | 81.4 total acres
CP-011 | Performance and Payment Bonds Delivered ($412M each) | M-001 | At EPC execution | Great Basin Surety & Insurance Corp. (for Titan-McAllister) | Condition to NTP | 100% of GMP; required by both EPC Agreement and construction loan
CP-012 | Builder's Risk Policy in Effect ($412M) | M-001 | At NTP | Great Basin Surety & Insurance Corp. / Northgate Insurance Brokerage, LLC (William Keane) | Condition to NTP | $250,000 deductible per occurrence
CP-013 | Owner's Insurance Program (OCIP or Traditional) Finalized | M-001 | Prior to NTP | Northgate Insurance Brokerage, LLC / Owner | Schedule-adjacent | OCIP under evaluation; estimated 12–15% savings vs. traditional
CP-014 | Lender Approval of EPC Contract and Construction Schedule | M-001 | At or prior to construction loan closing | Summit National Bank, N.A. / Redmond & Calloway LLP (Victor Redmond) | Condition precedent to loan closing | Collateral assignment of EPC contract to lenders required
[sheet: Retainage & Payment Schedule]
Month | Calendar Month | Cumulative % Complete (%) | Monthly Draw Amount — Estimated ($) | Cumulative Draws ($) | Retainage Rate (%) | Retainage Withheld — Monthly ($) | Cumulative Retainage Held ($) | Net Payment to Contractor ($) | Notes
Month 1 | November 2025 | 1.5 | 6180000 | 6180000 | 10 | 618000 | 618000 | 5562000 | Mobilization, temporary facilities, E&S controls
Month 2 | December 2025 | 3.5 | 8240000 | 14420000 | 10 | 824000 | 1442000 | 7416000 | Site prep continues; mass grading begins
Month 3 | January 2026 | 5.5 | 8240000 | 22660000 | 10 | 824000 | 2266000 | 7416000 | Mass grading; underground utilities commence
Month 4 | February 2026 | 8 | 10300000 | 32960000 | 10 | 1030000 | 3296000 | 9270000 | Earthwork continues; utility trenching
Month 5 | March 2026 | 11 | 12360000 | 45320000 | 10 | 1236000 | 4532000 | 11124000 | Foundations start — Bldg A; substation construction begins
Month 6 | April 2026 | 14 | 12360000 | 57680000 | 10 | 1236000 | 5768000 | 11124000 | Foundations in progress — Bldgs A & B; CUP foundations begin
Month 7 | May 2026 | 17.5 | 14420000 | 72100000 | 10 | 1442000 | 7210000 | 12978000 | Foundations — Bldgs A, B, C; underground utilities
Month 8 | June 2026 | 21 | 14420000 | 86520000 | 10 | 1442000 | 8652000 | 12978000 | Bldg A structural steel begins; foundations Bldgs B, C, D
Month 9 | July 2026 | 24.5 | 14420000 | 100940000 | 10 | 1442000 | 10094000 | 12978000 | Structural steel — Bldg A; foundations Bldgs B, C, D
Month 10 | August 2026 | 28.5 | 16480000 | 117420000 | 10 | 1648000 | 11742000 | 14832000 | Structural steel — Bldgs A, B; foundations Bldgs C, D
Month 11 | September 2026 | 33 | 18540000 | 135960000 | 10 | 1854000 | 13596000 | 16686000 | Structural steel — Bldgs A, B, C; CUP structural complete
Month 12 | October 2026 | 38 | 20600000 | 156560000 | 10 | 2060000 | 15656000 | 18540000 | Structural steel — Bldgs A–C; CUP MEP fit-out begins
Month 13 | November 2026 | 43 | 20600000 | 177160000 | 10 | 2060000 | 17716000 | 18540000 | Structural steel & envelope — all buildings; parking structure
Month 14 | December 2026 | 48.5 | 22660000 | 199820000 | 10 | 2266000 | 19982000 | 20394000 | Bldg A envelope complete; MEP rough-in Bldg A begins
Month 15 | January 2027 | 53 | 18540000 | 218360000 | 5 | 927000 | 20909000 | 17613000 | Retainage drops to 5% after 50% completion; MEP Bldgs A, B
Month 16 | February 2027 | 57 | 16480000 | 234840000 | 5 | 824000 | 21733000 | 15656000 | MEP rough-in Bldgs A, B, C; generator install Bldg A
Month 17 | March 2027 | 62 | 20600000 | 255440000 | 5 | 1030000 | 22763000 | 19570000 | MEP all buildings; generator installs Bldgs A, B
Month 18 | April 2027 | 67 | 20600000 | 276040000 | 5 | 1030000 | 23793000 | 19570000 | MEP rough-in all buildings; CUP fit-out nearing completion
Month 19 | May 2027 | 72 | 20600000 | 296640000 | 5 | 1030000 | 24823000 | 19570000 | Commissioning Bldg A begins; MEP completion Bldg A; generators Bldgs B, C
Month 20 | June 2027 | 77 | 20600000 | 317240000 | 5 | 1030000 | 25853000 | 19570000 | Substation energized; commissioning Bldgs A, B; generators Bldgs C, D
Month 21 | July 2027 | 83 | 24720000 | 341960000 | 5 | 1236000 | 27089000 | 23484000 | Commissioning Bldgs A, B, C; Bldg A commissioning complete
Month 22 | August 2027 | 88 | 20600000 | 362560000 | 5 | 1030000 | 28119000 | 19570000 | Substantial Completion — Bldg A achieved; commissioning Bldgs B, C, D
Month 23 | September 2027 | 92 | 16480000 | 379040000 | 5 | 824000 | 28943000 | 15656000 | Commissioning Bldgs B, C, D; site work finalization
Month 24 | October 2027 | 95.5 | 14420000 | 393460000 | 5 | 721000 | 29664000 | 13699000 | Commissioning completion Bldgs B, C, D; punchlist preparation
Month 25 | November 2027 | 97.5 | 8240000 | 401700000 | 5 | 412000 | 30076000 | 7828000 | Substantial Completion — Bldgs B, C, D achieved; punchlist begins
Month 26 | December 2027 | 99 | 6180000 | 407880000 | 5 | 309000 | 30385000 | 5871000 | Punchlist work; site work final completion
Month 27 | January 2028 | 100 | 4120000 | 412000000 | 0 | 0 | 0 | 34505000 | Final Completion; all retainage released upon punchlist sign-off and final lien waivers
[sheet: Liquidated Damages Schedule]
Building | Contractual Substantial Completion Date | Per-Building GMP Allocation ($) | LD Rate — Per Calendar Day ($) | LD Cap — % of Building GMP (%) | LD Cap Amount ($) | Maximum LD Days Before Cap (days) | Notes
Building A | August 1, 2027 | 103000000 | 125000 | 10 | 10300000 | 82 | LD cap reached after 82.4 calendar days of delay ($10,300,000 ÷ $125,000)
Building B | November 1, 2027 | 103000000 | 125000 | 10 | 10300000 | 82
Building C | November 1, 2027 | 103000000 | 125000 | 10 | 10300000 | 82
Building D | November 1, 2027 | 103000000 | 125000 | 10 | 10300000 | 82
TOTAL | 412000000 | 41200000 | Aggregate LD cap across all buildings = $41,200,000

[sheet: Cover & General Info]

Record

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