Six Peak IC Weekly Meeting

• The meeting reviewed legal/financial documentation status, personnel role changes, capital/liquidity tracking, architect transition plans, portfolio asset actions, and technical partnership discussions.
• Signatures and documentation: participants reviewed Adobe Sign and Dropbox and identified a small set of outstanding signature items (co-investment term sheet, financial support letter, 300 Deharo).
• Multiple people committed to sign during the call; some items remain unresolved on the record.
• Steven confirmed salary contributions will be treated on the same terms as the senior loan and note.
• Personnel and projections: the team agreed in principle to transition Tom into a business development role on a success-based compensation structure with a base salary during ramp-up, commissions, and project-profit participation; formal consulting paperwork is expected within about a month.
• Board-portal projections were updated for Tom; actuals are being collected and LV metrics require further accuracy review by Chris Andreessen.
• Cash, guarantees, and liquidity tracking: the team agreed to produce a monthly view of restricted cash and guarantee-related liquidity, including outstanding guarantees (Wilton, Ramsgate, potential future ones), to align capital committed and ongoing costs.
• Market guarantor support and bond costs were estimated roughly at 1–2% of loan amount, acknowledging deal specifics will alter economics.
• Architect transition and Ramsgate schedule: positive architect discussions produced a plan to draft a separation/continuation agreement that pays the outgoing firm a small licensing fee while transitioning work to Adam via a no-cash joint-venture/subsidiary funded from existing project contracts (Reseda, 3rd Street, Ramsgate, Francis).
• The Ramsgate schedule requires RTI by November 30, which accelerates the architect transition timeline.
• Borden opportunity and capital constraints: the team concluded they lack free capital to equity-fund Borden and will instead propose to MRK to act as builder or guarantor support with limited upfront capital, seeking appropriate fee/guarantor terms and recognizing guarantor pricing and lender specifics will affect deal economics.
• Technical partnership: leadership met with LV and two Palantir engineers to discuss an AI-enabled construction portal; the engineers will propose forming a sister entity using LV data and technical expertise structured as a partnership with limited upfront cash from the group.
• Francis financing and related items: Francis financing is progressing with most materials delivered to Citi and R4; one outstanding year-to-date financials request remains from the Stain Group, credit releases were signed, Steven will submit an EIN, and Ivan confirmed financials are ready for Savannah to pull.
• The team awaits MRK feedback on SPC MRK JV agreement turns and noted R4 holds the latest equity agreement pending coordination with Jane.
• Grandview and asset actions: Grandview has a prospective buyer (Daniel) at a $13,250 sale price that, if accepted, would produce an estimated $2.5–3.0 million cash loss for the seller and trigger a 90/10 capital call; Daniel is confirming investor participation.
• The team has approved extensions (one through October, another signed through December 10) and is pursuing a refinance process for a separate Grandview asset with Priority Capital Advisors to seek a cash-neutral non-recourse bridge quote while current Bank of SoCal financing remains full recourse.
• Chris reported the property is now 100% leased and conventional rents are roughly $1,000–$1,200 per bed versus prior underwriting about 15% higher.
• Other asset updates: the team is in contract to sell Edgemont back to Paul Schoen at roughly $340 per door.
• Wilton and Grandview debt-takeover proposals remain unresolved.

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