Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / post-closing-letter-to-client.docx
post-closing-letter-to-client.docx
Parties
HARKNESS LLP
MAIL Briarwood Family Office LLC
Linden Gramercy Holdings LLC
Gramercy Linden PropCo LLC
Gramercy Linden JV LLC
Summit Property Group LLC
Briarwood Family Office LLC
Pratt LLP
Dates
June 6, 2023
June 5, 2023
March 15, 2023
June 5, 2028
June 5, 2029
June 5, 2030
April 19, 2023
July 5, 2023
March 28, 2023
February 15, 2023
Amounts
$40,000,000.00
$26,000,000.00
$195,000
$15,000,000
$3,000,000
$2,000,000.00
$40,000,000
$26,000,000
$14,000,000
$1,850,000
Obligations
Exercise of each extension option is subject to the following conditions: (i) the debt service coverage ratio ("DSCR") must be no less than 1
30x as of the date of the extension request; (ii) no Event of Default (as defined in the Loan Agreement) shall have occurred and be continuing; and (iii) payment of an extension fee equal to 0
Financial Covenants: • DSCR Covenant: PropCo is required to maintain a minimum DSCR of 1
• LTV Covenant: The loan-to-value ratio shall not exceed 70%, tested on an annual basis
Post-Closing Obligations and Deadlines Pursuant to the terms of the PSA and the loan documents, certain post-closing obligations must be completed within thirty (30) calendar days following the closing date — that is, by no later than July 5, 2023
5 Tenant Notification Letters All tenants of the Property — comprising 212 residential tenants and 2 retail tenants — must be notified in writing of the change of ownership and the new property management contact information