This Week · Investment Committee

Six Peak IC Weekly

Last meeting: 2026-07-27 — Six Peak IC Weekly Meeting

◆ 0 active to-dos ▲ 0 goals set ● Last meeting 2026-07-27

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Meeting Summary

2026-07-27 — Six Peak IC Weekly Meeting

The meeting covered MRK's request for short-term financing to cover its portion of the GP loan on the Francis transaction and operational closing items tied to the deal and related assets.
Participants evaluated pricing, repayment options, structural approvals, and remaining closing logistics.
On the bridge request, MRK sought roughly $2.6M while the total GP loan is projected near $5.1M with ~$3.5M held as underwriting contingency.
The existing deal documents include a member-loan/fallback mechanism that carries a 20% annualized default cost; the group debated relying on that provision versus negotiating a more punitive short-term bridge to deter prolonged usage.
Proposed terms discussed included a small upfront fee plus a 20% annualized rate compounded monthly, a defined short term (example 60 days), escalating penalties for extended outstanding balances, and possible cross-collateralization with related assets.
The agreement also allows diversion of MRK fees and distributions toward loan repayment, and MRK has about $700k of in-deal cash that could be applied at closing.
Participants expressed concern about precedent risk and potential distraction or delayed cash returns if a bridge stretched beyond the short term; emphasis was placed on keeping any concession simple, executable, and sufficiently punitive.
Anthony committed to provide a decision imminently.
On closing and structural items, Bob Kennedy reported most items are resolved and said matters under control should close by the end of the week, though MRK's outstanding JVA comments could affect timing.
Bob will confirm signature authority for Francis Venture LP to finalize GMP/bond execution; the bonding agent requires an executed GC contract signed by the authorized signer.
Ivan stressed the need for Cal SPHA to confirm comfort with trust-structure changes by the end of September, and Cal HFA will not accept broad open-ended permitted transfers.
Chris Aiello reported progress on a refinance with Loanoke expected to close in one to two weeks and indicated a likely capital call for the paydown portion.
The group also reviewed an unsolicited offer related to Melrose and discussed coordinating calls with MF1 and Paul; Patrick and Jack proposed a Friday call to evaluate that offer and tactical options including vendor finance with an adjacent Normandy asset.

Action Items

From 2026-07-27

Steven Cooney Steven Cooney will talk to Ann about the item he mentioned earlier
Chris Aiello Chris Aiello will get back to MRK on their request to borrow capital for a few weeks
Attendees Attendees will send Chris a couple of notes outlining what works for Sane so he can pass those along
Anthony Franks Anthony Franks will review pricing internally and provide a recommendation by tomorrow at the latest
Bob Kennedy Bob Kennedy will double-check and triple-check that the specific requested trust-structure changes have been approved
Bob Kennedy Bob Kennedy will check with Ivan to confirm Cal SPHA's comfort with the structural changes required by the end of September
Bob Kennedy Bob Kennedy will follow up to confirm and obtain the signature-authorized signer for Francis Venture LP and ensure the GMP contract is signed and sent to the bonding agent this week
Chris Aiello Chris Aiello will keep the team posted on Loanoke refinance progress and timing for the expected one-to-two week close
Patrick Patrick will propose a Friday call with MF1 and Paul to consider the Melrose offer
Jack Jack will speak to Paul about including the Normandy assets in vendor finance discussions if MF1 proceeds

Files Referenced

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To-Dos

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Chris Aiello Chris Aiello will bring the LV team’s feedback on which metrics are important to track back to this group for consensus from action item
Bob Bob will reach out to John to determine whether Goldberg will fund his equity share or cause dilution for the partnership from action item
Chris Aiello Chris Aiello will create a shared tracker/CRM in Claude to centralize pipeline and board-pack information for the team from action item

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