Extract to table

The two one-year extension options must be strictly coterminous with the Senior Loan extensions, and the interaction between mezzanine and senior extension conditions must be carefully coordinated to avoid maturity mismatches

10x must be coordinated with the Senior Loan's hard lockbox and sweep mechanism

The NYCEDC ground lease (CRFN 2020000198762) must be reviewed for compatibility with the mezzanine financing structure, and recognition/consent documentation from NYCEDC must be obtained — a process that may take 60–90 days and represents a critical path item for the June 15, 2025 target closing

The most significant of these relate to: (i) the interest rate, which we believe can be reduced by 50–75 basis points; (ii) the DSCR covenant, which as currently structured may not be achievable based on projected stabilized NOI when ground rent is included in the calculation; (iii) the recourse carve-out scope, which should be narrowed and capped in light of MTDC's governmental status and investment-grade credit profile; and (iv) the intercreditor agreement provisions, which must be negotiated to provide adequate protections for both Granite Peak's mezzanine position and MTDC's equity investment

Granite Peak shall act as sole mezzanine lender

HYW Mezzanine shall hold 100% of the membership interests in Hudson Yards West Mortgage LLC ("HYW Mortgage"), the mortgage borrower under the Senior Loan