Six Peak IC Weekly Meeting

• The meeting reviewed project budgets, bid results, financing progress, market conditions, permitting timelines, and investor appetite for tax-credit products across the portfolio.
• Discussion covered multiple active assets (HVN series, Reading, Grandview, Wilton, RECEDA, 3rd Street, Ramsgate, Francis) and sector-wide capital constraints.
• Bidding and budgets: the team trimmed approximately $500K in the most recent bidding round and feels confident about starting and finishing upcoming work on schedule and on budget.
• Ramsgate construction is on schedule and topped out, with at least $500K in buyout savings identified.
• A 3rd Street massing is planned at about 191 units with 76 parking stalls; DWP power determination remains a six-month constraint.
• HVN and asset-level financing: three HVN deals are progressing and the first is expected to close next week though timing is tentative.
• Investors are choosing to leave equity in and treat the operating company and investment as a single long-term position.
• Reading: a circulated term sheet and Priority Capital marketing produced Loanoke as the viable debt provider, yielding an approximate $2M debt paydown.
• Grandview’s remaining involvement and potential dilution were discussed; Bob is expected to contact John regarding Goldberg’s 75% equity responsibility.
• Contracts and asset-specific issues: the Wilton contract with buyer Daniel Porbaba faces legal exposure from rent stabilization ordinance risk; Daniel is likely to reduce price and accept the risk while awaiting Grandview approval and a projected 45-day close if approved.
• Francis closing was targeted around the 15th of the month but remains uncertain.
• Six project submissions await award decisions and would not close until next year.
• Permitting and tax-credit equity market: RECEDA permitting is progressing toward October–November TCAC eligibility, but the tax-credit equity market is impaired, with term sheets and debt commitments uncertain and likely needing short extensions beyond statutory deadlines.
• The group traced recent credit-price declines to increased supply after legislative threshold changes, higher interest rates, and structural limits in multi-fund investors; no clear near-term catalyst for recovery was identified.
• Chris noted guarded optimism that leasing success could improve demand for non-parked product but flagged execution risks (occupancy, turnover, rent pressure).
• Business development and approvals: business development continues with a weekly pipeline call, inbound leads including a 90-unit inquiry, and plans for a shared tracker/CRM.
• Uplifters has secured required approvals (including TEFRA and city council sign-off); the board still needs to select a partner and Chris awaits direction on whether an in-person presentation is required.
• Communications: emails from Ivan and Bob appear resolved, Bob intends to push a deal toward closing despite travel, and the team agreed to follow up with Bob and Ivan on a guarantor-language item and to confirm approvals via Slack or reply-all.

• ✓
  Meeting participant(s) Meeting participant(s) will message Bob in Slack to clarify the guarantor-language item and request confirmation from him and Ivan
  → To-Dos
• ✓
  Skylar Skylar will confirm whether an in-person presentation to the Uplifters board is required
  → To-Dos
• ✓
  Bob Bob will push forward to get the transaction closed while he is away
  → To-Dos
• ✓
  Anthony Anthony will reply-all to the email confirming the team is good with dropping the open point
  → To-Dos
• ✓
  Steven Steven will reply-all to the email confirming the team is good with dropping the open point
  → To-Dos

None.