Six Peak IC Weekly Meeting

• The meeting reviewed transaction closing logistics, outstanding documentation, and financing decisions.
• Participants confirmed signature packages and wiring instructions are circulated and being held in escrow, a target closing is set for Thursday (with Friday as spillover), and several documents remain outstanding or unfinalized.
• Closing and documentation issues: Executed documents from Goldberg are still required and a call with Goldberg’s attorneys is scheduled to address restructure questions.
• The closing statement number will not be finalized until the closing statement is available; the team discussed drafting a flexible figure (brackets or “up to $2.6M”) to accommodate final negotiations.
• Chris noted the last model shows a GP loan of $5.0M (implying $2.5M per 50%) but the final GP balance remains unfinalized.
• Financing terms and allocations: The group approved an 8% interest accommodation for the MRK-related loan, acknowledging it is lower than target but acceptable given potential disallowance of pre-MRK expenses and precedent from prior deals.
• An agreement between Sting Group and MRK regarding the loan needs drafting; Anthony assigned Jasmine to prepare it.
• Project and portfolio updates: Reading refinance closed and eliminated recourse on that loan; timing of funding relative to a capital call is uncertain.
• Wilton remains scheduled to close on August 24 after a capital call addressed the shortfall.
• Melrose/Limekill update: Limekill accepted a $15.0M cash offer from Khadisha for MF1, with a heads-of-terms memorandum expected and likely 30/30 escrow/close timing; the MF1 forbearance agreement was extended to complete procedural work.
• Business development and pipelines: Tom’s BD role progress is limited by an unsigned engagement agreement, though he produced marketing materials and a promising 94-unit, ~$25M lead.
• HVN pipeline: Riverton closed, Lexington and Akama expected to close in about two weeks, a 75-unit non-Litech deal slated for November bidding, and five projects expected under construction in 30–45 days with more awards anticipated in mid-August.
• A competitor’s lower-cost product strategy (smaller units, no parking) was contrasted with the team’s higher-spec approach.
• Other transactions and staffing: On the Scott transactions, Genesis Capital is advancing B-note term sheets with momentum toward signing, but JV negotiations and loan documents make the deal likely about 90 days out.
• The Uplifters presentation was well received and the group is likely to be named manager once fundraising closes; Steven is targeting $200M in capital by year-end.
• The team won preferential financing for small-lot townhomes (up to 95% LTC for eight-unit projects under SV1123) but must find a deal that pencils and resolve recourse language in the Genesis term sheet.
• Limited updates on Rasita and Michael Lee continues as an independent sponsor working on lower‑middle‑market, real‑estate–adjacent businesses.
• The dashboard will receive structured feedback after the board meeting and a run-through is requested in the coming weeks.

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  Meeting participant Meeting participant will obtain executed documents from Goldberg
  → To-Dos
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  Bob Kennedy Bob Kennedy will join the 1:00 p.m. Eastern call with Goldberg’s attorneys to address restructure questions
  → To-Dos
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  Anthony Franks Anthony Franks will ask Jasmine to draft the agreement between Sting Group and MRK regarding the loan
  → To-Dos
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  Patrick Patrick will draft the document with a flexible closing amount (brackets or “up to $2.6 million”).
  → To-Dos
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  The dashboard team The dashboard team will schedule and run a dashboard walkthrough to collect feedback in the coming weeks.
  → To-Dos
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  Chris Aiello Chris Aiello will finalize Tom’s engagement agreement with the company so Tom’s BD role terms are signed.
  → To-Dos
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  Chris Aiello Chris Aiello will meet the developer for the 94-unit lead next Monday or Tuesday to advance that potential ~$25 million deal.
  → To-Dos
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  The project team The project team will bid the Scott project now and proceed to sign B-note term sheets with Genesis as the partnership documents are negotiated.
  → To-Dos
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  Chris Aiello and the team Chris Aiello and the team will meet with Frolic (potentially tomorrow) to define roles on the small-lot townhome project and evaluate the deal structure.
  → To-Dos
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  The underwriting team The underwriting team will identify and evaluate small-lot deal(s) that could pencil under the preferential financing terms (SV1123).
  → To-Dos

None.