Six Peak IC Weekly Meeting

• The meeting reviewed project-level underwriting, near-term financing needs, and asset-level disposition and refinancing options across multiple deals.
• Financing and capital allocation: The team discussed temporary equity needs of a few million to carry awarded projects through permitting with return at closing if markets hold; Anthony stressed high approval standards and full sensitivity analysis before committing.
• Chris will prepare financial models, collateral options, and sensitivity papers for a recently awarded MIP project where new rents eliminate the equity gap; the project benefits from an award and on-grade parking that reduces demand risk.
• Chris noted a likely ~90‑day close on deals with a pref‑equity investor after an equity commitment.
• Acquisitions and underwriting: Chris will assemble underwriting packages and write‑ups, including an alternate 300‑unit microtech hotel underwriting for a La Brea site and potential seller‑backed backend loan.
• The pipeline for new construction is limited; HVN estimates Las Vegas construction capacity of $20–40 million per year under current capital.
• The group reviewed Clump, Scott, and other deal statuses and debated direct participation versus limited exposure or bringing MRK into awarded projects.
• Asset management, refinancing, and extensions: Wilton remains marketed with lender‑approved six‑month extension; no written offers yet.
• Reading is fully leased and believed to have equity above debt; a six‑month extension and Priority Capital engagement will start marketing in about three weeks.
• Crenshaw is recourse and delayed by lender administration; Chris will press Lone Oak and discuss refinancing to a non‑recourse lender to complete the project roughly four months from substantial completion.
• Grandview's recourse exposure and messy foreclosure risk were debated; options include pro rata recourse coverage and loan re‑sizing with East West Bank.
• Pulvita tours are positive; state fire inspection pending but expected before the KeyBank condition subsequent deadline at the end of August.
• The team is exploring a 501(c)(3) refinancing structure for Anchor that could impose affordability restrictions and improve economics; PA will investigate viability.
• Compensation and team matters: The group reviewed a success‑based incentive proposal for Tom to pursue Las Vegas business development; Ivan confirmed base pay retention with performance‑based incentives and a possible lower base gate if performance lags.
• Bob will circulate markups and follow up on side‑letter comments once reconnected.
• PA proposed an internal AI teach‑in for real estate and finance teams; volunteers agreed to schedule the session.

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  Bob Kennedy Bob Kennedy will send his markup of Tom’s agreement to Chris Aiello once he regains internet access.
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  Chris Aiello and Bob Kennedy Chris Aiello and Bob Kennedy will circle up after the call to go through the agreements.
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  Chris Aiello Chris Aiello will put together the underwriting and a write‑up for the discussed opportunity.
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  Chris Aiello Chris Aiello will speak with the La Brea contact today to discuss the seller’s basis and potential backend loan structure.
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  Chris Aiello Chris Aiello will speak to Wilton parties again in a few hours to continue marketing discussions.
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  Chris Aiello Chris Aiello will try to speak with Casey today about refinancing the Crenshaw loan and removing recourse.
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  Bob Kennedy Bob Kennedy will forward Tom and Bryce’s Pulvita tour photos to anyone who did not receive them.
  → To-Dos

None.