[sheet: Cover]
Field | Value
Transaction | $45,000,000 Construction-to-Permanent Loan Facility
Borrower | Ironhaven Loudoun Edge LLC (a Virginia LLC, single-purpose bankruptcy-remote entity)
Sole Member of Borrower | Ironhaven Data Centers LLC (a Virginia LLC)
Equity Sponsor / Guarantor | Cobalt Ridge Capital Partners, LP (a Delaware LP)
Lender | Pinnacle Federal Savings Bank
Borrower's Counsel | Calderwood & Harkness LLP
Lender's Counsel | Hargrove, Liddell & Pace LLP
Project | Loudoun Edge Facility — 4.5 MW Edge Data Center, 52,000 SF
Project Address | 44350 Prentice Drive, Ashburn, Loudoun County, VA 20147
Tax Map Parcel No. | 087-23-5571
Total Project Cost | $57,000,000
Loan Amount | $45,000,000
Equity Contribution | $12,000,000 (Cobalt Ridge Capital Partners, LP)
Loan-to-Cost Ratio | 78.9%
Loan-to-Value (As-Stabilized) | 60.4% (based on $74,500,000 appraised value)
Signing Date | March 18, 2024
Final Closing / Funding Date | March 29, 2024
Prepared By | Rafael Dominguez, Calderwood & Harkness LLP
Responsible Partner | Angela Fontaine, Calderwood & Harkness LLP
Billing Partner | Douglas Fairchild, Calderwood & Harkness LLP
Working Associate | Cynthia Ho, Calderwood & Harkness LLP
Date of Checklist | March 29, 2024
[sheet: Closing Checklist]
Item No. | Category | Description | Responsible Party | Due Date | Status | Date Completed | Document Reference / Notes
I. LOAN DOCUMENTS
1.1 | Loan Documents | Construction Loan Agreement between Ironhaven Loudoun Edge LLC (Borrower) and Pinnacle Federal Savings Bank (Lender) — execution version | C&H / HLP | 03/18/2024 | Complete | 03/18/2024 | SOFR + 275 bps construction phase; 5-Yr Treasury + 225 bps permanent phase; 25-yr amortization; 7-yr maturity; Virginia law
1.2 | Loan Documents | Promissory Note ($45,000,000) executed by Ironhaven Loudoun Edge LLC in favor of Pinnacle Federal Savings Bank | C&H | 03/18/2024 | Complete | 03/18/2024 | Variable rate during construction (SOFR + 275 bps, SOFR floor 3.00%); converts to fixed rate post-conversion
1.3 | Loan Documents | Deed of Trust, Assignment of Leases and Rents, Security Agreement, and Fixture Filing — granted by Ironhaven Loudoun Edge LLC to trustee for benefit of Pinnacle Federal Savings Bank; encumbering 44350 Prentice Drive, Ashburn, VA 20147 (Parcel 087-23-5571) | C&H | 03/18/2024 | Complete | 03/18/2024 | For recording in Loudoun County Circuit Court Clerk's Office; includes UCC fixture filing; absolute assignment of leases and rents
1.4 | Loan Documents | Completion Guaranty executed by Cobalt Ridge Capital Partners, LP in favor of Pinnacle Federal Savings Bank | C&H / Cobalt Ridge | 03/18/2024 | Complete | 03/18/2024 | Limited recourse; guarantees lien-free completion by Outside Completion Date (09/30/2025); carve-outs for fraud, misapplication, environmental, voluntary bankruptcy
1.5 | Loan Documents | Environmental Indemnity Agreement executed jointly by Ironhaven Data Centers LLC and Cobalt Ridge Capital Partners, LP in favor of Pinnacle Federal Savings Bank | C&H | 03/18/2024 | Complete | 03/18/2024 | Unsecured, non-recourse carve-out indemnification; references Phase I ESA dated 02/16/2024
1.6 | Loan Documents | Collateral Assignment of Construction Contract, Plans, and Permits — Ironhaven Loudoun Edge LLC (Assignor) to Pinnacle Federal Savings Bank (Assignee) | C&H | 03/18/2024 | Complete | 03/18/2024 | Assigns GMP contract with Marlowe Asset Management-Pacific Construction, Inc. ($33,750,000), all Ashford Corporation plans, and permits including Building Permit BLD-2024-001287; includes VPC consent signed by Robert Castellano
1.7 | Loan Documents | Cash Management Agreement — lockbox and springing cash sweep mechanics | C&H / HLP | 03/18/2024 | Complete | 03/18/2024 | Springing cash sweep post-conversion upon DSCR < 1.20x
1.8 | Loan Documents | Pledge Agreement — pledge of 100% membership interests in Ironhaven Loudoun Edge LLC by Ironhaven Data Centers LLC to Pinnacle Federal Savings Bank | C&H | 03/18/2024 | Complete | 03/18/2024 | Secures all obligations under Loan Agreement
II. BORROWER DELIVERABLES
2.1 | Borrower Deliverables | Borrower's Closing Certificate and Secretary's Certificate of Ironhaven Loudoun Edge LLC | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024 | Certifies R&Ws, no default, conditions precedent satisfied, incumbency, specimen signatures, attached org docs and resolutions
2.2 | Borrower Deliverables | Articles of Organization of Ironhaven Loudoun Edge LLC — certified copy from VA SCC (Entity ID S9103284) | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024 | Formed January 8, 2024; EIN 93-4178226
2.3 | Borrower Deliverables | Operating Agreement of Ironhaven Loudoun Edge LLC (single-purpose, bankruptcy-remote provisions) | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024 | Sole member: Ironhaven Data Centers LLC
2.4 | Borrower Deliverables | Certificate of Good Standing — Ironhaven Loudoun Edge LLC from VA SCC | C&H / Borrower | 03/18/2024 | Complete | 03/15/2024 | Dated within 30 days of closing
2.5 | Borrower Deliverables | Articles of Organization of Ironhaven Data Centers LLC — certified copy from VA SCC (Entity ID S7842196) | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024 | EIN 84-3291057; HQ: 1900 Dominion Tower, Suite 400, Tysons Corner, VA 22182
2.6 | Borrower Deliverables | Certificate of Good Standing — Ironhaven Data Centers LLC from VA SCC | C&H / Borrower | 03/18/2024 | Complete | 03/15/2024 | Dated within 30 days of closing
2.7 | Borrower Deliverables | Operating Agreement of Ironhaven Data Centers LLC (confirming Cobalt Ridge Capital Partners, LP holds 82% membership interest) | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024
2.8 | Borrower Deliverables | Resolutions of Ironhaven Data Centers LLC as sole member of Ironhaven Loudoun Edge LLC authorizing the loan transaction | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024 | Attached to Closing Certificate
2.9 | Borrower Deliverables | Certificate of Limited Partnership of Cobalt Ridge Capital Partners, LP — certified copy from Delaware Secretary of State | C&H / Cobalt Ridge | 03/18/2024 | Complete | 03/14/2024 | EIN 82-6504391; GP: Cobalt Ridge GP LLC (DE LLC)
2.10 | Borrower Deliverables | Certificate of Good Standing — Cobalt Ridge Capital Partners, LP from Delaware Secretary of State | C&H / Cobalt Ridge | 03/18/2024 | Complete | 03/14/2024
2.11 | Borrower Deliverables | Resolutions / Authorization of Cobalt Ridge Capital Partners, LP and Cobalt Ridge GP LLC to execute Completion Guaranty and Environmental Indemnity | C&H / Cobalt Ridge | 03/18/2024 | Complete | 03/18/2024 | Signed by Marcus J. Kellner, Managing Partner
2.12 | Borrower Deliverables | Insurance Certificate — Builder's Risk Policy from Atlas Property & Casualty Insurance Company (Policy No. BRA-2024-00417) | Borrower / Atlas P&C | 03/18/2024 | Complete | 03/15/2024 | Builder's risk coverage: $48,000,000 (replacement cost); Pinnacle Federal Savings Bank named as additional insured and loss payee
2.13 | Borrower Deliverables | Insurance Certificate — Commercial General Liability from Atlas Property & Casualty Insurance Company | Borrower / Atlas P&C | 03/18/2024 | Complete | 03/15/2024 | Pinnacle Federal Savings Bank named as additional insured
2.14 | Borrower Deliverables | Evidence of Performance and Payment Bonds issued by Allegiance Bond & Casualty Co. for GMP contract with Marlowe Asset Management-Pacific Construction, Inc. | Borrower / VPC | 03/18/2024 | Complete | 03/14/2024 | Bond amount: $33,750,000 (GMP contract price)
2.15 | Borrower Deliverables | Registered Agent Confirmation — Commonwealth Registered Agents Inc., 1021 E. Cary Street, Richmond, VA 23219 | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024 | Registered agent for Ironhaven Loudoun Edge LLC
III. TITLE AND SURVEY
3.1 | Title and Survey | Title Insurance Commitment issued by Meridian Surety & Title Company for lender's policy — proposed insured: Pinnacle Federal Savings Bank; amount: $45,000,000 | C&H / Meridian Title | 03/18/2024 | Complete | 02/20/2024 | Title officer: Karen Pavelka; reviewed per C&H internal memo dated 02/26/2024 (prepared by Cynthia Ho, reviewed by Rafael Dominguez)
3.2 | Title and Survey | Lender's Title Insurance Policy (ALTA) — Meridian Surety & Title Company; effective date March 18, 2024 | Meridian Title | 03/18/2024 | Complete | 03/18/2024 | Fee simple vested in Ironhaven Loudoun Edge LLC; insured amount $45,000,000
3.3 | Title and Survey | Owner's Title Insurance Policy (ALTA) — Meridian Surety & Title Company | Meridian Title | 03/18/2024 | Complete | 03/18/2024
3.4 | Title and Survey | Title Endorsements: ALTA 3.1 (Zoning with Parking), ALTA 9 (Comprehensive), ALTA 17 (Access), ALTA 28 (Easement), Construction Loan / Disbursement Endorsement | C&H / Meridian Title | 03/18/2024 | Complete | 03/18/2024 | Per C&H endorsement memo recommendations
3.5 | Title and Survey | ALTA/NSPS Land Title Survey of project site — 44350 Prentice Drive, Ashburn, VA 20147 (3.2 acres) | Borrower / Surveyor | 03/18/2024 | Complete | 02/22/2024 | Certified to Borrower, Lender, and Meridian Title; shows no encroachments
3.6 | Title and Survey | Legal Description review and confirmation (Exhibit A to Deed of Trust) | C&H | 03/18/2024 | Complete | 03/12/2024 | Matches survey and title commitment
3.7 | Title and Survey | Clearance of Schedule B-I Requirements (recording of deed of trust, UCC filings, execution of affidavits) | C&H / Meridian Title | 03/18/2024 | Complete | 03/18/2024
3.8 | Title and Survey | Review of Schedule B-II Exceptions — removal or endorsement of standard exceptions, utility easements, Loudoun County PD-IP zoning restrictions | C&H | 03/18/2024 | Complete | 03/18/2024 | No material title defects identified
IV. OPINIONS AND LEGAL DELIVERABLES
4.1 | Opinions | Opinion Letter of Borrower's Counsel (Calderwood & Harkness LLP) addressed to Pinnacle Federal Savings Bank | C&H (Angela Fontaine) | 03/18/2024 | Complete | 03/18/2024 | Covers due organization/good standing (IHDC & SPE), due authorization/execution/delivery, enforceability (customary qualifications), no conflicts, no govt consents (other than recordation), perfection of security interests upon recording and UCC-1 filing
4.2 | Opinions | Opinion Letter of Lender's Counsel (Hargrove, Liddell & Pace LLP), if required | HLP | 03/18/2024 | Complete | 03/18/2024 | Jonathan Breckinridge, Partner
4.3 | Opinions | Zoning Compliance Letter from Fenwick, Gallo & Stein LLP (Patricia Gallo) confirming project site zoned PD-IP and data center use permitted | FGS | 03/18/2024 | Complete | 02/28/2024 | Zoning: PD-IP (Planned Development — Industrial Park) under Loudoun County Revised 1993 Zoning Ordinance
V. THIRD-PARTY REPORTS
5.1 | Third-Party Reports | Appraisal Report — Graystone Appraisal Group LLC (David Huang, MAI); 'as-stabilized' and 'as-is' valuations | Graystone | 03/18/2024 | Complete | 02/12/2024 | As-stabilized appraised value: $74,500,000; LTV 60.4%
5.2 | Third-Party Reports | Phase I Environmental Site Assessment of project site | Borrower / Environmental Consultant | 03/18/2024 | Complete | 02/16/2024 | No recognized environmental conditions identified; referenced in Environmental Indemnity Agreement
5.3 | Third-Party Reports | Independent Engineer's Initial Assessment Letter — Whitmore & Associates, PC (James A. Whitmore, PE) | Whitmore | 03/18/2024 | Complete | 03/11/2024 | Confirms feasibility of construction schedule; 14-month estimated construction period; Outside Completion Date 09/30/2025
5.4 | Third-Party Reports | GMP Construction Contract between Ironhaven Loudoun Edge LLC and Marlowe Asset Management-Pacific Construction, Inc. — certified copy | Borrower / VPC | 03/18/2024 | Complete | 03/18/2024 | GMP: $33,750,000; signed by Rob Castellano, President; subject to 10% retainage on draws
5.5 | Third-Party Reports | Audited Financial Statements of Ironhaven Data Centers LLC — prepared by Calder & Baines, PLLC (Nina Ashford, CPA) | C&B / Borrower | 03/18/2024 | Complete | 03/01/2024 | 2023 Revenue: $68,400,000; 2023 EBITDA: $22,100,000; Total Assets: $310M; Total Debt (pre-transaction): $185M
VI. LEASING
6.1 | Leasing | Executed Lease — Sentinel Cloud Services, Inc. (10-year NNN lease, 22,000 SF / 1.9 MW, $225/SF annual base rent) | Borrower | 03/18/2024 | Complete | 01/15/2024 | Annual rent: $4,950,000; executed 01/15/2024
6.2 | Leasing | Executed Lease — Ridgeline Federal Solutions LLC (7-year NNN lease, 16,000 SF / 1.4 MW, $210/SF annual base rent) | Borrower | 03/18/2024 | Complete | 02/05/2024 | Annual rent: $3,360,000; executed 02/05/2024
6.3 | Leasing | Pre-Leasing Summary and Threshold Confirmation | C&H / Borrower | 03/18/2024 | Complete | 03/18/2024 | Total pre-leased: 38,000 SF (73.1% of 52,000 SF); exceeds 70% threshold (36,400 SF) required for conversion; total committed annual rent: $8,310,000
6.4 | Leasing | Tenant Estoppel Certificate — Sentinel Cloud Services, Inc. | Borrower / Sentinel Cloud | 03/18/2024 | Complete | 03/12/2024
6.5 | Leasing | Tenant Estoppel Certificate — Ridgeline Federal Solutions LLC | Borrower / Ridgeline Federal | 03/18/2024 | Complete | 03/13/2024
6.6 | Leasing | Subordination, Non-Disturbance, and Attornment Agreement (SNDA) — Sentinel Cloud Services, Inc. | C&H / HLP | 03/18/2024 | Complete | 03/18/2024 | Executed by Sentinel, Borrower, and Pinnacle
6.7 | Leasing | Subordination, Non-Disturbance, and Attornment Agreement (SNDA) — Ridgeline Federal Solutions LLC | C&H / HLP | 03/18/2024 | Complete | 03/18/2024 | Executed by Ridgeline, Borrower, and Pinnacle
VII. GOVERNMENTAL / PERMITS
7.1 | Governmental | Building Permit — Loudoun County Building Permit No. BLD-2024-001287 | Borrower / FGS | 03/18/2024 | Complete | 02/28/2024 | Issued February 28, 2024
7.2 | Governmental | Zoning Compliance Letter — prepared by Fenwick, Gallo & Stein LLP (Patricia Gallo); confirms PD-IP zoning permits data center use | FGS | 03/18/2024 | Complete | 02/28/2024 | Also see Item 4.3
7.3 | Governmental | Copies of all governmental permits, approvals, and entitlements for the Project | Borrower / FGS | 03/18/2024 | Complete | 03/15/2024 | Including site plan approval from Loudoun County
VIII. FINANCIAL / FUNDING
8.1 | Financial | Evidence of $12,000,000 equity contribution funded into escrow at Meridian Surety & Title Company by Cobalt Ridge Capital Partners, LP | Borrower / Cobalt Ridge / Meridian Title | 03/22/2024 | Complete | 03/22/2024 | Equity funded first per loan requirement; 21.1% of total project cost
8.2 | Financial | Approved Project Budget ($57,000,000 total project cost) — Exhibit A to Loan Agreement | Borrower / Lender | 03/18/2024 | Complete | 03/18/2024 | Land: $8,250,000; Hard costs (GMP): $33,750,000; Soft costs: $4,200,000; FF&E/MEP: $5,800,000; Contingency (5%): $1,687,500; Interest reserve: $2,362,500; Developer fee: $950,000
8.3 | Financial | Origination Fee wire — $337,500 (0.75% × $45,000,000) | Borrower | 03/29/2024 | Complete | 03/29/2024 | Paid to Pinnacle Federal Savings Bank at final closing
8.4 | Financial | Lender's Counsel Fee reimbursement — Hargrove, Liddell & Pace LLP (capped at $175,000) | Borrower | 03/29/2024 | Complete | 03/29/2024 | Reimbursed by Borrower at closing
8.5 | Financial | Evidence of land acquisition (Q4 2023) — deed and settlement statement for 44350 Prentice Drive ($8,250,000) | Borrower | 03/18/2024 | Complete | 03/18/2024 | 3.2-acre parcel acquired Q4 2023
IX. UCC FILINGS
9.1 | UCC Filings | UCC-1 Financing Statement — filed with VA SCC covering all personal property, equipment, and fixtures of Ironhaven Loudoun Edge LLC | C&H | 03/18/2024 | Complete | 03/18/2024 | Debtor: Ironhaven Loudoun Edge LLC; Secured Party: Pinnacle Federal Savings Bank
9.2 | UCC Filings | UCC-1 Financing Statement (Fixture Filing) — filed in Loudoun County land records | C&H | 03/18/2024 | Complete | 03/18/2024 | Filed in connection with Deed of Trust
9.3 | UCC Filings | UCC Search Results — VA SCC and Loudoun County, confirming no prior liens on Borrower's personal property | C&H | 03/18/2024 | Complete | 03/14/2024 | Clear search results
X. RECORDING AND FILING
10.1 | Recording | Recording of Deed of Trust in Loudoun County Circuit Court Clerk's Office | C&H / Meridian Title | 03/29/2024 | Complete | 03/29/2024
10.2 | Recording | Recording of Assignment of Leases and Rents (if separate instrument) | C&H / Meridian Title | 03/29/2024 | Complete | 03/29/2024
XI. POST-CLOSING ITEMS
11.1 | Post-Closing | Recorded Deed of Trust — return of original recorded instrument with Loudoun County recording stamps | Meridian Title | 04/15/2024 | Pending | Expected within 2–4 weeks of recording
11.2 | Post-Closing | Filed UCC-1 Financing Statement — acknowledgment copy from VA SCC | C&H | 04/15/2024 | Pending
11.3 | Post-Closing | Final marked-up title policy from Meridian Surety & Title Company (Karen Pavelka) | Meridian Title | 04/30/2024 | Pending
11.4 | Post-Closing | Delivery of as-built survey upon substantial completion | Borrower / Surveyor | 05/29/2025 | Pending | Required conversion condition; est. substantial completion 05/29/2025
11.5 | Post-Closing | Final cost certification upon completion of construction | Borrower / C&B | 05/29/2025 | Pending | Required for permanent loan conversion
11.6 | Post-Closing | Certificate of Occupancy — Loudoun County | Borrower | 05/29/2025 | Pending | Required conversion condition
11.7 | Post-Closing | As-stabilized appraisal confirmation (updated Graystone appraisal) | Graystone / Lender | Upon conversion | Pending | Required conversion condition; must confirm LTV ≤ 70%
11.8 | Post-Closing | Final lien waivers from Marlowe Asset Management-Pacific Construction, Inc. and all subcontractors | Borrower / VPC | Upon completion | Pending | Required conversion condition
11.9 | Post-Closing | Annual appraisal — ongoing post-conversion requirement for LTV covenant testing (max 70% LTV) | Lender / Appraiser | Annually post-conversion | Pending | Per financial covenant in Loan Agreement
11.10 | Post-Closing | Quarterly DSCR compliance certificates — minimum 1.30x DSCR post-conversion | Borrower | Quarterly post-conversion | Pending | Per financial covenant in Loan Agreement
11.11 | Post-Closing | Confirmation of minimum liquidity — $5,000,000 unrestricted cash (borrower-level, ongoing) | Borrower | Quarterly post-conversion | Pending | Per financial covenant in Loan Agreement
11.12 | Post-Closing | Monthly draw requests during construction — subject to Whitmore & Associates, PC independent engineer certification and 10% retainage; engineer fee of $3,500 per inspection payable by Borrower | Borrower / Whitmore | Monthly during construction | Pending | Per draw procedures in Loan Agreement
[sheet: Party Directory]
Party | Role | Key Contact | Title | Address | Entity ID / EIN
Ironhaven Loudoun Edge LLC | Borrower (SPE) | — | — | c/o Commonwealth Registered Agents Inc., 1021 E. Cary Street, Richmond, VA 23219 | VA SCC: S9103284 / EIN: 93-4178226
Ironhaven Data Centers LLC | Sole Member of Borrower | — | — | 1900 Dominion Tower, Suite 400, Tysons Corner, VA 22182 | VA SCC: S7842196 / EIN: 84-3291057
Cobalt Ridge Capital Partners, LP | Equity Sponsor / Guarantor (82% member of IHDC) | Marcus J. Kellner; Priya Ramanathan | Managing Partner; Partner, Head of Digital Infrastructure | 300 Park Avenue South, 14th Floor, New York, NY 10010 | EIN: 82-6504391
Cobalt Ridge GP LLC | General Partner of Cobalt Ridge | Marcus J. Kellner | Managing Partner | 300 Park Avenue South, 14th Floor, New York, NY 10010 | —
Pinnacle Federal Savings Bank | Lender | Thomas R. Whitfield; Sandra Ng | SVP, Technology & Data Center Lending; EVP, Credit Administration | 800 Constitution Avenue NW, Suite 550, Washington, DC 20001 | RSSD ID: 1038742
Calderwood & Harkness LLP | Borrower's Counsel | Angela Fontaine (Responsible Partner); Douglas Fairchild (Billing Partner); Rafael Dominguez (Lead Associate); Cynthia Ho (Working Associate) | Partners / Associates, Real Estate | 2001 M Street NW, Suite 1200, Washington, DC 20036 | —
Hargrove, Liddell & Pace LLP | Lender's Counsel | Jonathan Breckinridge; Megan Tso | Partner; Senior Associate, Real Estate Finance | 1750 K Street NW, Suite 900, Washington, DC 20006 | —
Meridian Surety & Title Company | Title Insurer / Escrow Agent | Karen Pavelka | Title Officer | 44121 Harry Byrd Highway, Suite 210, Ashburn, VA 20147 | —
Graystone Appraisal Group LLC | Appraiser | David Huang, MAI | Lead Appraiser | 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191 | —
Marlowe Asset Management-Pacific Construction, Inc. | General Contractor (GMP: $33,750,000) | Robert "Rob" Castellano | President | 22600 Gateway Center Drive, Suite 300, Sterling, VA 20166 | —
Allegiance Bond & Casualty Co. | Surety / Bonding Company | — | — | — | —
Whitmore & Associates, PC | Independent Engineer / Construction Monitor | James A. Whitmore, PE | Lead Engineer | 1600 International Drive, Suite 400, McLean, VA 22102 | —
Atlas Property & Casualty Insurance Company | Builder's Risk / Property Insurer | — | — | 500 Boylston Street, Boston, MA 02116 | Policy No. BRA-2024-00417
Fenwick, Gallo & Stein LLP | Borrower's Local Zoning Counsel | Patricia Gallo | Partner | 1 East Market Street, Suite 300, Leesburg, VA 20176 | —
Calder & Baines, PLLC | Borrower's Accountants | Nina Ashford, CPA | Lead Partner | 7925 Jones Branch Drive, Suite 600, McLean, VA 22102 | —
Sentinel Cloud Services, Inc. | Tenant (22,000 SF / 1.9 MW) | — | — | — | Delaware corporation
Ridgeline Federal Solutions LLC | Tenant (16,000 SF / 1.4 MW) | — | — | — | Virginia LLC
Commonwealth Registered Agents Inc. | Registered Agent (SPE) | — | — | 1021 E. Cary Street, Richmond, VA 23219 | —
[sheet: Key Dates]
Date | Event | Status | Notes
01/08/2024 | Ironhaven Loudoun Edge LLC (SPE) formed with VA SCC | Complete | Entity ID S9103284
01/15/2024 | Sentinel Cloud Services, Inc. lease executed (22,000 SF, 10-year NNN, $225/SF) | Complete | Annual rent: $4,950,000
01/22/2024 | Calderwood & Harkness LLP engagement opened | Complete | Responsible Partner: Angela Fontaine
02/05/2024 | Ridgeline Federal Solutions LLC lease executed (16,000 SF, 7-year NNN, $210/SF) | Complete | Annual rent: $3,360,000
02/12/2024 | Graystone Appraisal Group LLC appraisal report dated | Complete | As-stabilized value: $74,500,000
02/16/2024 | Phase I Environmental Site Assessment dated | Complete | No RECs identified
02/20/2024 | Meridian Surety & Title Company title commitment issued | Complete | Title officer: Karen Pavelka
02/22/2024 | ALTA/NSPS Land Title Survey completed | Complete | Certified to Borrower, Lender, and Meridian Title
02/26/2024 | C&H title commitment analysis memo issued | Complete | Prepared by Cynthia Ho, reviewed by Rafael Dominguez
02/28/2024 | Loudoun County Building Permit BLD-2024-001287 issued | Complete
03/11/2024 | Independent Engineer's Initial Assessment Letter dated (Whitmore & Associates, PC) | Complete | 14-month estimated construction period
03/18/2024 | Loan documents signed; loan closing | Complete | Signing date for all loan documents
03/22/2024 | Equity contribution ($12,000,000) funded into escrow at Meridian Title | Complete | Cobalt Ridge Capital Partners, LP
03/29/2024 | Final closing; origination fee ($337,500) paid; first draw eligible | Complete | Deed of trust recorded; UCC-1 filed
05/29/2025 | Estimated substantial completion of Loudoun Edge Facility | Pending | 14-month construction period from closing
09/30/2025 | Outside Completion Date (per Loan Agreement / Completion Guaranty) | Pending | 18 months from closing; hard deadline
~Q4 2025 | Target Conversion Date — construction loan converts to permanent term loan | Pending | Subject to: COO, 70% pre-leasing, final lien waivers, as-built survey, as-stabilized appraisal confirmation
~Q4 2032 | Estimated permanent loan maturity (7 years post-conversion) | Pending | 25-year amortization; 7-year maturity from conversion date
[sheet: Project Budget]
Line Item | Amount | % of Total | Notes
USES OF FUNDS
Land Acquisition (Q4 2023) | $8,250,000 | 14.5% | 44350 Prentice Drive, Ashburn, VA; 3.2 acres
Hard Construction Costs (GMP — Marlowe Asset Management-Pacific Construction, Inc.) | $33,750,000 | 59.2% | GMP contract; 75% of total loan amount
Soft Costs (Ashford Corporation, Permitting, Legal, Insurance, Inspections) | $4,200,000 | 7.4% | Includes C&H fees, HLP reimbursement ($175K cap), Atlas P&C premiums
FF&E / MEP Equipment | $5,800,000 | 10.2% | Data center mechanical, electrical, plumbing equipment
Contingency (5% of Hard Costs) | $1,687,500 | 3.0% | = 5% × $33,750,000
Interest Reserve | $2,362,500 | 4.1% | Capitalized interest during construction period
Developer Fee | $950,000 | 1.7%
TOTAL PROJECT COST | $57,000,000 | 100.0% | Sum of all line items
SOURCES OF FUNDS
Construction-to-Permanent Loan (Pinnacle Federal Savings Bank) | $45,000,000 | 78.9% | LTC: 78.9%; LTV (as-stabilized): 60.4%
Equity Contribution (Cobalt Ridge Capital Partners, LP) | $12,000,000 | 21.1% | Equity funded first per loan requirement
TOTAL SOURCES | $57,000,000 | 100.0%
[sheet: Fee Schedule]
Fee Description | Rate / Basis | Amount | Payable By | Payable To | Due Date / Trigger | Status
Origination Fee | 0.75% × $45,000,000 | $337,500 | Borrower | Pinnacle Federal Savings Bank | 03/29/2024 (Final Closing) | Paid
Unused Line Fee | 0.25% p.a. on undrawn commitment | Variable | Borrower | Pinnacle Federal Savings Bank | Quarterly during construction | Ongoing
Exit Fee at Conversion | 0.25% of outstanding principal at conversion | Variable (max $112,500) | Borrower | Pinnacle Federal Savings Bank | Upon conversion to permanent loan | Pending
Extension Fee | 0.50% of commitment ($45,000,000) | $225,000 | Borrower | Pinnacle Federal Savings Bank | If construction period extended beyond 09/30/2025 | Contingent
Independent Engineer Fee | $3,500 per draw inspection | $3,500/draw | Borrower | Whitmore & Associates, PC | Each monthly draw request | Ongoing
Lender's Counsel Fees | Capped at $175,000 | $175,000 (cap) | Borrower | Hargrove, Liddell & Pace LLP | 03/29/2024 (Final Closing) | Paid
Title Insurance Premium | Per Meridian schedule | Variable | Borrower | Meridian Surety & Title Company | 03/18/2024 (Closing) | Paid
Recording Fees (Deed of Trust, UCC) | Per Loudoun County / VA SCC schedule | Variable | Borrower | Loudoun County / VA SCC | 03/29/2024 | Paid