The beauty contest is over: CBRE won the listing. Tom Rappa (CBRE National Office Partners) sent the draft listing agreement plus the OM material request list 8/11 8:03am following Eyal’s conversation with Sean Kelly. Peter is assembling the materials; David Allen added Justin Ochalla to the distribution. CBRE set a recurring update call starting Friday 8/14 at 1:30pm ET. Josh 8/11: “Let’s also make sure they are specifically aware of Warner amendment and fact that it adds both revenue and RSF.” Fee terms are settled enough to award — the open item is now legal review of the listing agreement itself.

The ask now has a number on it. Thorofare (Max Hands) asked 8/10 3:55pm for the most recent guarantor PFS as of 6/30/26 on the 295 Ella loan; Josh forwarded to Eyal 8:42pm and, in the same breath, instructed: “We should update 555 broker BOV at USD 65M.” That fixes the marketing number that had been floating as “low-to-mid USD 60s” — at 65,746 SF it is ~USD 989/SF, above the ~USD 925/SF target carried in the Davis IC plan, and consistent with a ~6% cap. Eyal proposed running guarantor PFS off the quarterly Greenmont Corp REO that Matt maintains rather than rebuilding it; Josh: “OK well talk to him about it tomorrow” — so the REO cadence decision lands with Matt on Tue 8/11.

July financial package is late by agreement. Grace Valdivia notified ownership 8/10 11:52am that the Colliers property accountant has been out since Wed 8/5 on a family emergency; the July package now lands Monday, August 17. No pushback given. Weekly ownership call moved to Wednesdays 2:00pm ET for month-end close. Violation notice resolved as to cause: the item Rob Kubica circulated traces to the Truly Nolen payment — the bank is treating it as a possible fraudulent endorsement from mail theft, and has asked for a police report and affidavit from Truly Nolen. Colliers and the bank are running it; Grace expects the affidavit back and will report next steps. Not a Josh item unless it escalates. Separately the City of Miami Beach rooftop pole-light citation (sea-turtle season) is still being scoped for corrective action.

Parking / LAZ: July gross just under USD 90K (~USD 45K monthly + ~USD 40K transient); LAZ’s own P&L showed USD 41,627 vs. a USD 35K budget. Moxie Hotel signed at USD 2,000/mo starting next month. A valet company took an agreement purely to get a City of Miami Beach letter, never used or paid for the space — LAZ sent the city a cancellation letter; policy now requires 3–4 months of payment before a letter is honored. City of Miami Beach restarted USD 1/hour street parking Aug 1, extended through Oct 31 — three months of discounted competition; Erika does not expect worse than last year since budget was set against that comparable. August started slow on Florida storms. LAZ lease runs to Dec 2028 with a 60-day no-fee owner termination — confirmed by Peter; gives a buyer operator optionality with ~2 years of continuity. Building: 4th floor buildout ~95% complete, wraps next week. Elevators 1 & 2 went down 8/4 and are restored — Don chasing root cause. Warner Music had a service disruption during a celebrity artist visit (resolved) and an AC issue fixed in ~1 hour at tenant cost; WMG lease amendment promised by Mauricio 8/5. Elevator modernization testing underway, float switch inbound. Chubby buildout nearing end of concrete cutting; Harvey wants to accelerate to a September opening. Roof + HVAC closure still being re-bid (KB came in very high). Admin: SK Capital Partners 2nd Amendment / extension invoice confirmed by Grace and closed out with JLL 8/4. 2026 tax appeal information request from RVMR (Miriam Quintana) routed to Grace 8/4.

Broker fee is the live negotiation: CBRE / Sean Kelly proposed 90 bps plus a USD 5,000 marketing fee (8/4) — still unanswered as of 8/6, with Eyal holding the first call. Internal read carried forward: negotiate the scope covered by the marketing fee rather than trading only on rate. Underwriting assumed under 75. On a ~USD 65M sale, 65 bps ≈ USD 425K and 75 bps ≈ USD 500K. Team aligned: open at 60, target 65, hard ceiling 75, no kicker structures. Eyal makes the first call given the relationship; David or Kathy (Cappy) escalate. Do not commit to the engagement during the fee conversation. David raised paying leasing broker Steve Hurwitz a slice of the sale fee to get him advocating — a tactic Greenmont has used before; worth putting to Sean. Timing: David wants a buyer committed by early-to-mid October to duck midterms and geopolitical risk; Eyal says launching in August is a mistake (Labor Day ~Sept 8 compresses an August teaser to month-end). No launch date fixed — but marketing materials get built now regardless. Comps: an off-market 61,000 SF trade at ~USD 31.5M (~USD 516/SF) hit The Real Deal — buyer (Robert Rivani) must reskin, has worthless parking, all-in basis well above 555. Yukon is the high-end benchmark at ~USD 150 NNN. Notify Grace and Steve Hurwitz once the sale broker is signed. Decision taken: no new spec-suite renderings — Hurwitz confirmed existing materials suffice. 8/5 — entity-vs-deed structure challenged: Ethan Leavitt (Lane Capital, LP) pushed back on the Pebb entity-purchase read — “it only saves you the doc stamp, you still get reassessed,” and recalls Neisen advising against it years ago absent a newer ruling. You confirmed the Rivani/South Beach trade is old news (buyer spending heavily, asking north of USD 100 rent) and that Yukon is structured the same way. Needs a counsel read before entity-level sale is marketed as a buyer benefit.

The critical path is now the schedule, not the scope. Concrete cutting and off-hauling finished Monday, closing the heavy Phase 1 demo; framing crew took a material delivery and the plumber mobilized, so both trades are live on site. By end of August the expectation is plumbing rough plus initial framing track, with overhead HVAC and grease duct following in a roughly four-week window before full wall framing — overhead work has to precede framing because lifts need open floor. At the current pace, framing/HVAC/grease-duct roughs land around end of September, which DeShawn flagged as too late against the January–February completion target. Permits: revisions are visible in the city portal and most are approved, but plumbing came back with comments (incorrect BTU counts, back-to-back bathroom layout) and planning failed and needs a revised submittal — Ting met the planning department 8/6 and is sending revised plans. The GC is requesting a formal written update from the architect on the plumbing comments. Also open: the natural gas meter easement requirement with Tico, and a two-week look-ahead schedule owed to the group. Harvey still wants to accelerate to a September opening — that is not consistent with the current rough dates.

Grace asked Evolution for Friday pit access to install the float alarm and sump pump — the last two third-party items blocking Evolution’s own testing and inspection call. Evolution is charging USD 2,600 for pit access, which Murray disputes as inside their scope; Eyal wants a call to dispute it (Thursday afternoon, Don to join). Kings 3’s two-way comms are installed but the camera module arrived defective — Murray believes a board was swapped between elevators and never replaced, making Kings 3 responsible for the replacement part. Visitor management training is complete and the system is ready; Andre installs the security-desk override button Monday and checks cameras. Before rollout the team needs a delivery-service protocol (Uber Eats) and a tenant communication.

Pipeline: 3 inquiries / 8.2K SF, 2 touring / 7.5K SF, no proposals or LOIs out; 4 leases executed / 11.3K SF. Md2 Concierge Medicine (3,136 SF, Suite 210) is effectively lost — focused on 801 41st Street, doctors live in Aventura/Surfside, and Suite 210 was too small. New inquiry: a family office RE fund, 3,227 SF, Suite 300 (Thomas Haughton, CBRE) — timing immediate but flexible, touring in the next week or two, though Suite 300 is small for their requirement. Alacran Records (4,349 SF, Suite 220) still touring on an extension.

Davis JV. Prepping late-Q3 (Oct) sale; going-in NOI +54% since '22; broker BOV set at USD 65M (~USD 989/SF) by Josh 8/10, ~6% cap. Justin Ochalla (Davis) finalizing IC memo to approve broker hire + list — Peter delivered the historic capex analysis 7/28 and Justin acknowledged, so the capex gate is closed; remaining Davis asks are the broker comps (404 Washington, Lincoln Rd, Design District/Wynwood, 3480 Main Hwy). CBRE (Kelly / Lee / Rappa) awarded the listing 8/11 — draft listing agreement and OM material request list in hand.

7/29 — CBRE (Christian Lee) delivered the 119 Washington / UNO South Pointe sale comp: +USD 70M price, +USD 1,598 PSF, 4.8% in-place cap, 43,817 SF, 97% occ, recorded Jul-26. Buyer Pebb Capital bought the entity (not fee) to hold down RE taxes — David Allen flagged this as validation of both strong pricing AND buyer appetite for entity-level purchase. Supports the low-to-mid USD 60s / ~6% cap ask. SK Capital 2nd Am abatement RESOLVED 7/31 — Grace Valdivia confirmed she’ll credit July base rent + OpEx, credit Aug OpEx/RE-tax, abate OpEx/RE-tax Sep–Oct. Valdyn Labs LLC signed (per VTS 8/1): Floor 3 / Suite 380, 882 SF, base rent USD 61.80/SF, LXD 1/31/28. Justin’s team reviews Peter’s capex analysis → IC memo → broker beauty contest (CBRE vs. JLL) is now the live gate. Remaining comp asks from Justin: 404 Washington, Lincoln Rd, Design District/Wynwood, 3480 Main Hwy.

Listing agreement out for counsel review (CBRE, 8/11) · Push BOV of USD 65M into broker materials + Thorofare REO · Guarantor PFS as of 6/30/26 (Matt / Greenmont Corp REO cadence — discuss 8/11) · Davis comps: 404 Washington, Lincoln Rd, Design District/Wynwood, 3480 Main Hwy · Chubby: architect’s written turn on plumbing comments, planning re-submittal, two-week look-ahead, Tico gas-meter easement · Evolution USD 2,600 pit-access dispute · Kings 3 defective camera module · delivery/visitor protocol before rollout · Dish Wireless termination claim (USD 25,366 arrears) · Wells Fargo ATM window-tint dispute · Warner Music amendment in legal · July financials due 8/17 (Colliers extension granted) · Truly Nolen check-fraud affidavit + police report (Colliers/bank running) · Rooftop pole-light citation corrective action · Florida DOR USD 96.08 + confirm 03/26 return filed

12350 Montague Owner LLC / Lakeside Business Center LLC. Active condo-conversion sell-out (units F & G listed via Delphi’s Mike Hooker at USD 1.50-1.55/SF). Two prospects in bank talks; Adam @ Delphi driving broker outreach + LOI revision. Condo map DD with David Evans & Associates (DEA) engineering + Rosenheim.

DEA retainer wire cleared 7/28 → condo-map plans submission unblocks. Adam @ Delphi revised LOI (rent-credit) to prospective buyer this week + broker E-blast for the USD 1.5M discounted unit. Two-unit solar-business prospect gone dark — Adam chasing in person.

Bold Steel 3mo behind on rent · Enhanced Architectural missed May · Listing amendment for F&G signed 7/10 · Caro (Unit M) non-responsive · Draw Request #5 funded (Thorofare 7/27) · Multiple AR delinquencies · Budget rebalance: DEA + Rosenheim spend running above condo-map budget line

The 8/11 Planning Review (PCC) cleared and Sept 2 Planning Commission is confirmed on track. Greenmont was Item 2A and first on the agenda — the tentative map is 24 commercial condominium lots plus a common egress lot (file PLN26-00169, APN 104-14-091). The city attached two new conditions: a trash enclosure and a vault easement. Those are plan-level changes, not a second review cycle, so the Sept 2 → Sept 22 Council path holds. 3501 Unit 9 is no longer a decision. The 8/12 PM call established the early vacate was pre-negotiated in a lease addendum, so ownership has no discretion to reject it — the tenant returns the unit Aug 31 and still pays the four-month break-up fee plus rent and CAM through Oct 31. Original expiry was 10/31/2027, so the break-up structure covers roughly 14 months of early termination; the tenant’s motive is recovering the security deposit sooner. Carlos is updating the agreement to the Aug 31 date. Open work moved to specs: Carlos owes Jared draft unit specs for 3511 Unit 5 and 3501 Unit 9 before they reach Steve for a budget proposal. FastTurn’s Unit 6 HVAC repair approved by Carlos at just over USD 1,000, bringing all three units serving their office to full operation. Sid Aslami (DSignArt) re-engaged on signage 8/12 after his vacation.

ALTA survey closed out. Kimley-Horn delivered the updated ALTA with utilities 7/29; Patrick Butler sent the revised set with water locations 8/6. USA never painted water in the streets, so the surveyor has Thomas Road water but is still pulling City drawings for Norman and Leonard — one more ALTA revision to come. The 17-day-stale Kimley-Horn timeline/fee thread is resolved. Tenants: Carlos completed on-site floor plan surveys, drawings final by end of week, then full report with measurements; master key access confirmed for at least one door per unit. Fire & Metal (formerly Sparkle Grill, paying under the new entity post-acquisition) is actively moving out and says out by August. Mark flagged Jose’s capacity risk if that unit comes back early on top of suites 5 and 9 at 3511. Tenant sentiment toward ownership is positive; brokers have already spoken to at least one tenant whose lease may not be renewed. HVAC: Fast Turn’s three units inspected — suite 6 warehouse unit was dead only because a breaker was off (fixed on site), suite 7 warehouse normal, suite 7 office needs a thermostat only. Full HVAC condition report due this week and going onto the schedule tracker. Flooring: DFS submittal for suites 10 and 13 resolved 8/7 — random plank for the office wood-look, brick ashlar for the concrete-look, after GMA corrected the plank-vs-square question; Carlos to approve to DFS and lock a start date. Materials are not ordered until submittals are approved.

Fast Turn — a machine shop in two units for ~20 years — offered USD 2.2M (USD 515/ft) as-is; team countered USD 2.35M; Fast Turn came back at USD 2.25M (USD 526/ft). Structure agreed: USD 2.3M face with a USD 50K rent credit, printing the comp at ~USD 538/ft — the same face-rate protection used at Laguna 2. The two units are 4,276 SF each, over 10% of Santa Clara’s total SF, putting two units in escrow before formal launch. Phil sent the executed LOI to Brian Kelly 8/5 11:06am after Josh cleared it 6:45am (“Looks good to me”). Second tenant occupies three units and is trying to buy the company from its founder for USD 200K but lacks capital; he also owes USD 200K of rent through April 2028, which motivates buying over relocating. Mark is routing him to an SBA lender to bundle both into one loan. If he takes two of three units that is ~3,500 SF more and pushes Santa Clara to ~20% sold before full launch, excluding the office unit. Entitlements / capex: targeting the September 2 Planning Commission; Javier delivered the full step schedule 8/4. Roof completes end of September to first week of October per submittal (team pushing for September). Jose starts end of August on facade, trash enclosure and two units; flooring engaged; a second more local contractor is bidding the remaining two vacancies as a benchmark. Tree removal starts this week, then parking lot leveling. Painting and LED exterior lighting engaged but sequenced later. Signage is the last item, pending the designer’s return — it blocks nothing.

Mosaic 3501 Thomas Property Owner LLC (JREF Mosaic Partners). CLOSED 6/29/26 PM handoff to Worth (Carlos Nieto). Condo conversion underway. Published: USD 579/sf (1,760 SF) / USD 559/sf (2,138 SF). UW: 2.0x EM / 63% IRR. Substantial-completion target 10/1/26. Colliers’ Emerson Hofer marketing. PCC CLEARED 8/11 — Planning Commission now OCTOBER meeting (confirmed 9/2) (2 conditions added: trash enclosure, vault easement). FIRST UNIT SALE CONTRACTED — 3511 Units 6 & 7 LOI FULLY EXECUTED 8/5; draft PSA circulated same day (sell-down underway).

Units 6 & 7 are FULLY EXECUTED (8/5) — the work is now the PSA. Turn Phil’s draft PSA back to Brian Kelly. Land the Fire & Metal termination at four months rather than two (~USD 200K of remaining obligation is the anchor). Unit 9 termination is settled at an Aug 31 vacate with the full break-up fee — Carlos is papering it, no decision owed. Feed Hofer unit panel/electrical (amps) data to keep BelFuse alive; V2/Tribal Fit (Vijay) tour after 8/10.

Units 6 & 7 PSA turn · Fire & Metal termination — 4mo vs 2mo · 3511 Unit 5 + 3501 Unit 9 draft specs → Jared → Steve budget · trash enclosure + vault easement conditions into plans before 9/2 · combined-unit divide decision · Jose capacity if Unit 3 returns early · Condo plans with Wood Rogers · 6" sewer lateral · Jose Lopez improvements start wk 8/24 · signage scope w/ Sid Aslami

Condo-plan recording is now underway — the gate to selling individual units. Mark Heavey engaged First American (Larissa Kravanja / Tina Duncan / Title Unit 9) 8/10; title update ordered 8/11, Mark preparing the condo plan to send for review. Mark confirmed the project is entitled — recording is a title matter, to be finalized once ownership has control. Flooring warranty scare RESOLVED: Gus Weidner (Engineered Floors) flagged 8/10 that the GC (Mike/New Life) tried to substitute off-spec material and placed two orders without the required adhesive — which would have cut the carpet warranty from lifetime to 1yr and LVT from 15yr to 1yr. Gus corrected the orders and added the proper (~USD 100) adhesive; full manufacturer warranty preserved. Jared/Peter closed the loop with David.

Fire claim: the USD 50,000 insurance reimbursement is received and tracked in a dedicated GL; team is researching whether to bring in a public adjuster. B2 / Jesse: offered a 30-day extension; he asked for a year and said he is interested in buying — routed to Jeff Carr. Lakeside (sister asset, same call): after dropping sold units including Unit F which closed this week, remaining owned units run ~28% vacant — including grayed units plus Angelo Termite, occupancy sits near 50% of remaining inventory. Two move-outs the same day: the photography tenant in 23142 Unit A (removing an interior wall he built) and Angelo Termite, who is relocating rather than closing but whose lease runs to 9/30/28 with a personal guarantee — team agreed to press her on strategy, cite the PG, and invite a settlement or pursue collection while avoiding sublet/recapture. Same aggressive posture on Ingram (moving out, PG). Compass Track paid ~USD 21K and still owes ~USD 10K; Mankana Studios behind. Sales office electricity is tied to the neighboring unit that closed last week (~USD 70/month) — pay the neighbor temporarily, separate later. Decided not to spend TI on combining the sales office with the former Class Act space given inventory levels; getting broker input and contractor pricing on an office-to-warehouse conversion as backup. Pro Shine dropped the concrete floor quote from ~USD 13K to USD 6–7K — testing on 23052B first. Turf removal now scheduled 8/25 to 9/5, plant submittals pending; roof warranties done. Class Act lawsuit filing status to be tracked.

Fire: cleanup complete and done to a high standard — damage effectively invisible, units simply boarded as if under interior construction. Insurance already cut a USD 50,000 check, which exceeded cleanup cost and left a surplus; loss-of-rent coverage is in place and gets evaluated once post-rebuild leases are confirmed. Two teams are pricing remediation — the insurer’s and David’s — better bid wins before shoring/rebuild. Buyers: Investor Vishwa met City National (passed — he is an investor, not owner-user) and First Citizens, who are actively underwriting and want him as a deposit customer; his interest moved to unit B4 for the higher in-place lease rate a lender can underwrite without a P&L (lease + expense estimate delivered 8/4). Ken Vought (former C3 tenant, paid all back rent) re-engaged after learning C3–C6 will be brand new post-fire — walked B4, B5, C10, C11 and got a tenant rent / remaining-term spreadsheet; reply expected within a day or two. Jesse Fan (B2) lease expires end of August and asked for more time; David raised buying instead. Fan is using a residential broker with no commercial knowledge — Jeff is taking the conversation over directly. Giancarlo (broker, Jonathan’s contact) has a couple of clients he thinks fit. Jordan is back Thursday with a call scheduled with Mitch on A1. A church prospect is unresponsive on a city approval step. Canvassing: ~100 brochures across 16 and 18 Technology (Irvine Company) and Triquest — Triquest’s property manager sent a stop-distributing complaint, which the team read as proof it is landing. Next: Olen Company parks in Irvine, then Tustin, then Lake Forest. Roughly a quarter to a third of tenants are surprised they can buy at all; most need educating on SBA and the 10%-down owner-user path.

Mosaic 23151 Alcalde Property Owner LLC (JREF Mosaic Partners). CLOSED 6/15/26. Bldg C fire 7/10 — C4/C5/C6 impacted; Hanover adjuster completed initial inspection, issuing USD 50K check covering all out-of-pocket to date (David est. actual spend USD 30-40K). Architect ruled shoring must be specialty structural (not GC). Jeff Carr (CBRE) listing condos; 142-B closed 7/16, 142-C (Regatta) closed, 52-F expected to close by Thu (estoppel last open item). Only largest existing tenant interested in buying (mirrors Laguna 1/2 pattern). Lost-rent / business-income coverage CONFIRMED by Hanover adjuster 8/3 — loss calc to be built off rent roll + P&L + CAM for the restoration period. Fire fallout is now driving a wave of tenant early-exit asks (C6, Igram, Angelo Termite, B2) — your posture: say no by default, “we have a lot of inventory.”

Condo plan is the near-term critical path — First American ordered the title update 8/11; review Mark's draft plan when it lands. Jesse Fan (B2) still needs to convert from the 30-day extension to a real SBA-purchase decision — Jeff Carr owns it. Public-adjuster go/no-go on the fire claim still open. RESOLVED since last pass: C4/C5 termination window (8/10) handled; Angelo Termite and Igram early-exit asks — Josh's posture was NO ("we have a lot of inventory," cite the PG); flooring adhesive/warranty issue corrected by Gus Weidner.

Condo plan recording — title update ordered 8/11, review Mark’s draft · Public adjuster go/no-go on fire claim · Remediation bid selection → shoring/rebuild · B2 (Jesse Fan) unit purchase → Jeff Carr · Saddleback Roofing C7 waterproof (Hanover approval pending) · C7 water line re-run · 23142 A1/A2 suite reno scope (Collins plan) · Laguna 3 brochure launch · Fairmed C10 renewal (12yr, USD 1.87/sf)

JV: Greenmont + Waterbridge (Joel Schreiber). REFI CRITICAL. LNR CMBS loan is in maturity default. Refi path is now David’s private banker at JPM (relationship loan, informal ask) — Shawn circulated a draft request deck + model 8/11; Eyal wants a rent roll and 2027 budget/P&L added and is deciding whether to keep the maturity-default background in the Sources & Uses. Apple’s new lease term starts summer 2027. Thornoak Capital (Caldero/Gluck) engaged 4/23 as the earlier debt-broker track. Marketed alongside the High Street Retail Portfolio raise. NOTE (corrected 8/4): the USD 102M LOI Shawn sent Brett Siegel (Newmark) 8/3 covers 24 Prince (USD 7.5M), 8-14 Prince (USD 15.25M), 30 East Oak (USD 24.3M), 90 Prince (USD 31.2M), 224 Mulberry (USD 9.75M), 450 Broadway (USD 14.0M) — a six-building SoHo/Nolita + Chicago acquisition. It does NOT include 247 Bedford, 555 Washington or 58 Kent; those are Greenmont-owned assets. Prior entry conflated the two — 247 Bedford’s refi stands on its own.

Refi is the critical path and it has gone quiet. Last substantive LNR movement was 7/21 (Fishkind requesting leases, Thornoak delivering) — two weeks of silence on a loan already in maturity default. Worth a direct push to Caldero/Gluck for a status read this week. Separately: your Y/N on Shawn’s revised Carlton carve-out list (Battery Global out per Eyal 7/28) still unresolved.

LNR/Thornoak refi status — no update since 7/21, chase Caldero · Joel Schreiber non-responsive on 8th installment · Eyal PFS to Boswell overdue · Waterbridge buyout on the table if Joel won’t fund · Apple renewal strategy (appraisal materials assembled 7/21) · Carlton carve-out list → Josh Y/N

364 Lincoln Owner LLC. Active reno + lease-up. Rent roll grew USD 188.6K/mo at closing → USD 198K/mo today (Matt N unit-by-unit 7/23). F1 reno nearly complete (bath tiling + kitchen cabinets within days); leasing targeting Aug 15 start. Fresh Start Cleaners now handling all turnovers at USD 1,000/turn (replaces AJ on turns). LP: Eduardo Alfie / Triple Five. Accounting-fee dispute RESOLVED 7/30 — Eduardo accepted Eyal’s OA-based explanation, closed the point out, no credit given. C10 (rent-stabilized): tenant wants to break/sublet by month-end; Charney prefers a direct re-let over a sublet; Shawn sourcing a replacement tenant (legal rent USD 3,047.10 all-in). Compliance (Jack Jaffa 8/10): ECB defaulted balance USD 300; HPD certs due 9/1 (paint apt B6) and 9/8 (roof-door latch).

Charney template redline is with Gabe Siegal — awaiting his response / call. Two open sub-items on it: insurance section pending Dachs input, and the market-rate-only language needs to cover a vacated RS unit (F5 exposure). HPD self-closing-door certs due 8/9 — 5 days out. Smith-Garbey F-5 ruling was expected ~2 wks from 7/28, so it is due now — chase Feldman/Shirazi. F1 leasing kick-off 8/15.

HPD self-closing-door certs DUE 8/9 · Smith-Garbey F-5 ruling now due — chase counsel · Charney template: Gabe response + insurance section (Dachs) + RS-unit language · Top-floor toilet overflow damage assessment (Aaron/Charney) · Lead abatement units E8 & C10 · Sump pump + elevator brake (USD 14.5K invoice) · Hallway painting (lender req) · F1 lease-up 8/15

The recap channel came back live over the weekend, and it came back as a bid. You broke the silence Sunday 6:34am — “Felix – was there any interest here?” He replied 6:48am asking to speak “tomorrow or later this afternoon”; you offered 1:00pm PT Monday 8/17. Then at 7:34am, before the call was even confirmed, he put the substance in writing: “Any chance for a USD 1.35M price cut to buy out Sabal?” — reasoning that your own model already runs a 7.5% exit cap equal to the 7.48% going-in, so the 14.7% IRR / 2.69x survives the haircut. Read it as a real offer framed as a question. Two things matter going in: the CBRE listing is already executed, so a marketed process is the alternative to any negotiated recap, and Sabal (Charles Alexander) has to bless whatever number leaves the room. Walk in with your figure decided.

The bottleneck cleared. JP Croake finished his review 8/12 8:15am: “I’ve completed my review of the WB-5 listing agreement and addenda and I believe we can sign as-is”, and sent the execution versions of the WB-5 and Addendum 10:25am. You forwarded to CBRE 10:29am — “Chase we are set here. Execution copies attached. Can we please get executed?” The economics held: 1.5% on the first USD 19.25M, 5% above, against CBRE’s original 3.5% ask. CBRE counter-signed and Docusign returned “Completed: Listing Contract_Brieman” 8/17 5:19pm — fully executed, thread closed.

Your self-note 8/5 10:47am and again 10:51am — the sequence is: (1) sign engagement letter, (2) approve OM, (3) continue running the recap process, following up with Felix. Eyal set a Teams call for 805 Uniek 8/5 12:04pm. New buyer channel: Shaan Dadlani (Northmarq) blasted an “URGENT IMMEDIATE 1031 BUY NEED” 8/4; You replied same morning — “We are shortly bringing to market a ST industrial building in Madison WI. Would that be a fit? Purchase price approx. USD 21M.” Dadlani came back the same afternoon. A 1031 buyer on a clock is the best possible bid for a single-tenant asset — worth working before the formal launch.

CMPD Advisors intro is now scheduled. Ben Filkouski (Madison Commercial RE) introduced Jared to Jorjio Hopkins (CMPD Advisors) on 8/3, explicitly framed as being for “the 805 Uniek Dr recap.” Jared offered windows 8/4; Jorjio came back 8/6 5:11am with 9:30am Friday 8/7. Second live recap channel alongside Felix Gutnikov, who has gone quiet since receiving the OM and model on 8/3 — Felix is the one that needs your personal nudge; CMPD is Jared’s to run.

The listing agreement is the bottleneck and the partner has noticed. Charles Alexander (Sabal) cancelled the standing 4:00pm Thursday catch-up at short notice and asked directly: “Any update on timing to get listing agreement signed?” You replied 11:51am — “It should be coming any day. They said they have a few changes” — and offered to connect live Friday; Charles took noon PT / 3:00pm ET Fri 8/7. The 8/6 call is cancelled, replaced by that Friday call. CBRE (Chase Brieman) still owes the turn on Greenmont’s WB-5 comments, and that turn is what unblocks signature.

The bottleneck moved. Chase Brieman returned the marked-up package 8/10 1:04pm: “We have a few changes to the Addendum. This version shows all changes made between your side and ours” — an all-changes comparison against Jared’s 8/3 comments — followed 1:13pm by CBRE’s CGL and E&O certificates of insurance. So the WB-5 turn that had been outstanding since 7/24 is done; what is left is a short Addendum gap. Josh routed it to Weiss Law 4:46pm: “See attached from broker. Can you please take a look and let us know what you think is best next step? Would like to get this wrapped up quickly so let us know if you think best to get on the phone with them.” JP Croake acknowledged 4:51pm and will revert with comments. Recall the economics being defended: 1.5% on the first USD 19.25M, 5% above (Sabal’s midpoint-value incentive trigger) against CBRE’s original 3.5% ask. Ball is on Croake, then on you to choose call vs. email.

Retired. Waunakee assessment notices mailed 6/11 put the objection deadline at Mon 8/10, which has now passed with no instruction given to Shawn Lovell (Reinhart) to file. The assessment stands for the year. Carry the consequence into pricing rather than the task list — the asset is marketed on a cap rate, so any assessed-value overage is capitalized into the sale price. Re-open next cycle when notices mail ~June 2027.

805 Uniek Drive JV LLC. SALE — CBRE. Sabal-Greenmont JV selling ~120K SF NNN industrial (Uniek Inc. 100% tenant) via CBRE Madison (Chase Brieman, Ben Filkouski). List reference USD 20.75M (~7% cap), not publicized — negotiations pegged near USD 19.0M. Aegon USD 11.5M refi TS parked; investor DD ongoing (Fortistar, Midloch, Jonny Weiss).

8/2: Josh self-directive — (1) sign CBRE engagement letter, (2) approve OM, (3) send Uniek to Gutnikov, (4) continue running the recap process. These are the live to-dos on your plate. 7/31 2:07p: You sent Charlie Alexander (Sabal) the finalized markup incorporating Croake’s redline + the agreed 1.5%/USD 19.25M-incentive structure — Charlie replied 2:18p “Thanks / will revert.” Ball on Sabal for final sign-off; once signed, listing goes live. OM being finalized by Ben + Chase. Red Starr / Jonny Weiss (Azalea) info request answered 7/30: cost basis USD 16,244,913.36 delivered by Peter; tenant-credit narrative (Uniek/Tom Pyle, EBITDA-minimization for tax, zero debt) shared. Investor DD warm with Fortistar (McMaster), Midloch (Palmer), Jonny Weiss. Zack Streit intro’d Peter Oberndorf (Oberndorf Ent.) 7/29 — passed, “too small for us.”

Listing contract fully executed 8/17 5:19pm — WB-5 + Addendum done, Croake/Addendum items closed · Approve the draft OM when Chase sends it · Nudge Felix Gutnikov (OM + model delivered 8/3 — 8 days silent) · Fortistar read-out from Jonny Weiss post 8/11 Mark meeting · CMPD (Jorjio Hopkins) follow-up from the 8/7 call · Shaan Dadlani (Northmarq) 1031 buyer · Aug invoice out (Rob Ortega) · Eyal PFS to Boswell · Distribution #13 to Sabal

Ajax’s underwriting stalled on a number, not on price. Ian Heyman (Rosewood) 5:21pm: he had just spoken with Ben, who wants “an updated rent roll breakdown in Excel reflecting the most recent and accurate changes so he can underwrite the rent guarantee” — because the roll in Rosewood’s hands shows 72,473 SF going vacant against the ~35K SF discussed. You sent the corrected roll 5:29pm and pushed back with the explanation: “The office was always vacant, so if he was comparing the rent roll from a few months ago before Fabbrica downsized to today, the difference is only 35,719.” You also asked the two questions that matter — what cap rate is Ben actually targeting, and what did Rosewood send him originally. Neither is answered yet. This is the first substantive Ajax movement since the USD 20M acceptance on 7/15 and the ~USD 700K guarantee discussion of 7/23, and it cuts both ways: they are still underwriting, but doubling the assumed vacancy is exactly how a buyer walks a price down. Get the cap-rate answer before conceding anything on the guarantee.

Routine but live. Max Hands (Thorofare, Sr Associate Asset Management) asked 11:19am for a current rent roll and the latest on Fabbrica and Multi-Mode; Matt Nicholas sent it 12:22pm. Pressed on MultiMode’s month-to-month space, you confirmed 3:25pm they have continued to use it with no word of plans to vacate, and 3:48pm set the position: “We intend on allowing them to stay MTM. We’ve broached the subject and they know we are open to making coterminous with the rest, but for now this space is being used for a contract that is short term.” Then at 3:55pm Max asked for the most recent guarantor PFS as of 6/30/26. Josh forwarded to Eyal 8:42pm; Eyal proposed sourcing it from the quarterly Greenmont Corp REO Matt maintains rather than building it fresh, and Josh set it for discussion Tue 8/11. Note the crosswind: the MTM space you are comfortable holding is the same vacancy exposure Ajax’s guarantee underwriting is arguing about.

The 8-day silence was a whose-court misunderstanding, not a fade. Moshe Bloorian (Greyhill Managing Principal) came back 11:56am — “following up to see if there is any update on what we discussed?” You answered 11:59am: “I thought ball was left in your court to paper on paper / LOI whatever you could do on an outright sale so that I could bring to Tryperion?” Moshe at 12:00pm: “Got it, I did not realize. We will put together an LOI.” Both sides had been waiting on the other since 7/30. Context on price: Greyhill’s Ben Tyberg previously submitted USD 19M with a USD 500K non-refundable deposit at PSA execution and a 30-day close, and said he had no room to come up. That is USD 1M under Ajax’s accepted USD 20M and USD 3M under the USD 22M Kumpa was quoted — the LOI is a floor-setter and a negotiating instrument against Ajax’s stalled signature, not obviously the winning bid. Greyhill’s earlier gate was debt quotes.

You asked Peter 4:51pm for “the latest model at USD 20M valuation, with the original base case before the Greyhill scenarios — we have a new group that is interested in taking a look.” Peter delivered 4:54pm. Three live buyer tracks now: Ajax (accepted USD 20M, stalling on signature), Greyhill (LOI committed, last at USD 19M), and the unnamed new group. The USD 20M base case is the number being marketed.

Kumpa (MM Logistics) re-opened unprompted: “295 EG will always interest me to own — but what is your investor looking to do? I will be more flush in 2027, might start shopping again late 2027.” Josh 11:33am: “My investor would 100% sell.” 11:54am: “They would need to be at USD 22M to sell,” and floated signing a purchase agreement now with a non-refundable deposit and the ability to close in 6–9 months. Kumpa 12:35pm: “there is no way my bank would finance that for me — what did it appraise for?” Josh: not appraised since acquisition. Kumpa: “Gotcha.” Read: he wants it but is not financeable at 22 today. Keep warm into 2027 while the Condyne redevelopment study runs in parallel — the study is also the value case that supports the number. Admin: 8/24 tax bill of USD 142,371.08 paid, receipt sent to SitusAMC (Catherine Fisher) 8/4.

~450,000 SF on ~26 acres, bought three years ago fully leased with Triparian Holdings out of a discretionary fund. A major tenant vacated; backfilled to 100% with one-year “bottom feeder” tenants that block both a business plan and a disposition. The problem building: ~350,000 SF, 16-ft clear, zero loading docks on the main face — uncompetitive against Class A leasing at ~USD 11.00–11.50 NNN. It is the demolition candidate; the 85,000 and 42,000 SF buildings have longer leases and are retained. The plan: new Class A warehouse at 200,000+ SF (Josh: the minimum for the numbers to pencil), single-sided loading chosen over cross-dock to maximize leasable SF, plus employee parking and maximized trailer/truck parking in the permitted outdoor storage. An outdoor storage area tied to a current lease returns in ~3 years and is out of play for now. Decisions taken: single-sided loading over cross-dock; parcel subdivision along Choice Road as the route to individual asset sales. Inactive rail line to the rear was already in the entitlements to remove. Open item: electrical room locations for the retained buildings (separate meters). Water/fire tank confirmed on site. Condyne is design-build; Jeffrey floated USD 10–15K for a site plan to establish layout and rough construction cost before permitting — You asked instead for a fixed-fee feasibility study. Survey sent 8/4 4:48pm. Full capital flexibility from Greenmont + Triparian if returns justify it. 8/6 — site visit confirmed and happening: you pinged Jeffrey 9:34am ET to confirm the drive-by plus feasibility proposal; Jeffrey replied 10:10am “Yes will be doing a drive by here today, we are in CT,” and Donald O’Neill (President, Polar Design Build) confirmed 10:17am “We will be stopping by the site this afternoon.” Both Condyne principals are on the ground 8/6 — the fixed-fee feasibility proposal is now the deliverable owed to you, and it is the document that prices the 200,000+ SF Class A redevelopment case behind the USD 22M number. 8/10 — priced and agreed at USD 3,750. Donald O’Neill sent a proposal 10:22am that was broader than the question; you narrowed the scope to the one thing that matters first — “how many SF we could build if we were to demolish the portion discussed while complying with local zoning and allowing adequate loading, circulation, access (maybe trailer parking unless this will significantly impact SF)” — so the SF answer can be modeled against rough construction cost before committing to the fuller scope and permitting. Jeffrey held at USD 5,000 (“USD 2,500 does not get you that far today”); you countered with the FA Hesketh USD 2,500 civil quote and asked to split it; Jeffrey took USD 3,750 at 12:59pm and agreed to reissue the letter with revised pricing and revised scope. 8/11 — the reissued letter is IN HAND and awaiting your signature. Jeffrey sent it 4:05am: “Revised accordingly, if acceptable go ahead and execute and we will return a signed copy today.” Both asks were met — revised pricing at USD 3,750 (~USD 1,250 off the ask) and the narrowed scope limited to the buildable-SF question. The phased structure means you buy the SF answer before committing to permitting spend, and the countersigned copy comes back same-day once you execute.

Greenmont / Tryperion JV (Adam Goodstein — Seastone Capital). SALE TRACK — AT A FORK. Ajax Partners (Ian Blatt / Stuart Silberberg / Nikolas Marill-Fukuda) accepted USD 20M 7/15 but is stalling on signature. Greyhill re-engaged 8/6 and committed to an LOI (last price USD 19M, USD 500K non-refundable, 30-day close); a third unnamed group is being sent the USD 20M base case. Etra (Tryperion) pressing for a call to choose a lane: (A) hold Ajax, (B) take Greyhill’s paper, (C) re-market via Cushman. Parallel: partial-build repositioning idea (Ziaks/architect-of-record) — PDB/Polar (Bhavik) delivered a feasibility study 8/2 as new input. ARCO walk done 7/31.

THE FORK is the live decision: Etra (Tryperion) is pushing Josh to a call to pick a direction — hold Ajax at USD 20M (stalling on signature; enviro report withheld under atty-client privilege, Coffman working around via counsel), pivot to a Tryperion back-up PSA, or re-market via Cushman. Partial-build dev path: your 8/2 self-note (Ziaks partial-build idea, architect of record); PDB/Polar feasibility study delivered 8/2 as new input. Bradley Airport Dev Zone tax abatement: your 8/2 outreach to Edward Bona (CT.gov) BOUNCED — bad address; weekly Monday reminder cron set to chase. Property taxes CONFIRMED paid from operating pre-8/24 (Matt, actual USD 142.3K vs. projected USD 139.5K semi-annual — assessed value came in higher; Matt investigating the delta). June lender reporting delivered to Thorofare (Rob Ortega → Joseph Stanislawski, 7/30). MML expansion/overflow agreements (8/3): John Kumpa (Multi-Mode Logistics) asked to align on the current agreement(s) — his West Side “expansion space” clients have all grown inventory levels; call held 8/3 3:30pm ET. You confirmed Original Space lease runs to 3/31/2031 with a termination right effective 4/1/2029, notice window 7/1–10/1/2028. Tenant clarity here is a value input to the Ajax/Tryperion sale decision — get the alignment memorialized in writing.

Liam Bettez (ARCO National, New England — Office TI & Adaptive Reuse) re-engaged after you missed him 8/5. You asked for a time 8:25am; he offered 11–12 or 4–6 with “a couple very quick questions for you,” and you set a Teams call. ARCO walked the site 7/31, so this is the second GC in the mix alongside Condyne/Polar — worth keeping both live until the feasibility numbers can be compared rather than committing to Condyne’s design-build by default.

THE FORK — Etra call to pick Ajax/Greyhill/Cushman · Ajax: cap-rate target + what Rosewood originally sent (asked 8/10, unanswered) · Reconcile 72,473 SF vs 35,719 SF vacancy for the rent guarantee · Guarantor PFS 6/30/26 to Thorofare (REO cadence w/ Matt 8/11) · Reach out to Fabbrica + Permasteelisa · Greyhill LOI in hand 8/7 — harden the deposit · USD 20M base-case model to the new group (Peter delivered 8/6) · Condyne letter at USD 3,750 — IN HAND 8/11, execute it · ARCO/Liam Bettez call + his open questions · Coffman chasing enviro (Ajax attorney-privileged) · Ziaks architect-of-record on partial-build · Bradley Dev Zone abatement — resend to correct CT contact (Bona bounced) · Bradley Airport overflow (Conrac 90-day ~Oct 22) · Approved plans PDF from Schaake/Ziaks pending

222 Lakeview Ave, West Palm Beach — Class A office tower ~256,324 SF. 97.3% occupied (249,503 SF / 43 units; 6,821 SF / 3 units vacant). NOI ~USD 10.1M. Owner: 222 Lakeview Owner LLC (44.28% / 55.72% JV) via Greenmont 222 Lakeview LLC + JZ Capital Partners + Related/Ross. Related Urban Management (PM). Feb-2026 W&D refi (floating + cap), ~USD 9.6M annual DS. Tenants incl. Sotheby’s, Piper Sandler, LIV Golf, Industrious, Templeton, Raymond James, Highpost, Blue Sea.

Jon (leasing broker) to arrange Driftwood Hospitality tour of Chatham exec space. Blue Sea expected to close in one more round at ~USD 85-86/SF, USD 50 TI. Once Boston Children’s + Suite 162 close, remaining vacancy is Chatham space only.

Mill Creek PSA is blocked on one tenant who must vacate first. The team found him a replacement unit half a mile from his home at cheaper rent and is trying to tour him there, possibly with a small cash incentive. Mill Creek settled on the smallest unit — motivation is low total dollars, not the space. ~4 tours across Laguna 2 and 3 in the week including car-enthusiast buyers; an investor prospect working both Jeff and John looks serious, is talking to lenders, and called the broker at 5:30 on a Friday evening. Deal velocity picked up noticeably versus the prior two weeks. Spectrum Center (Buchanan Street Partners) launched 8/4 in Lake Forest at USD 575–750/SF — 227,000 SF total including 36,000 SF office, ~700 feet from Alcalde as the crow flies. Team read: inferior location (farther from wealth, wrong side of the freeway, smaller/less dense market) and it actually supports Laguna pricing by anchoring the OC commercial-condo rate. Phil’s point. Hammond is the likelier casualty — launched in summer at higher prices with weaker product and a worse location. Buchanan is both a developer for its own account and a debt fund that has lent to Greenmont projects before.

Mosaic industrial condo-conversion; sister deal to Laguna 3 (23151 Alcalde). All-cash Mosaic. Entities: JREF Mosaic Partners LLC / Mosaic Venture I LLC / Mosaic Holdings 1 LLC. Broker: John Collins & Jordan Kemper (Voit). Active sell-out — Mill Creek Electric took USD 570/SF (+USD 30K credit); Pacific Pharmas closing this week. Pacific Farm eyeing +6 units (lease expires 8/31/26).

Mill Creek to review PSA in parallel while tenant-in-place situation resolves. Pacific Pharmas closes this week. Firm floor USD 565/ft on unit pricing. Low-baller (Visa?) expected to circle back early this week — may be negotiating tactically with stronger debt than stated.

Douglas Baillie (Aperture Holdings) reviewed the external cash flows Shawn sent and agreed with most of it, but flagged the tax modeling: when does the current ICAP fully burn off, is that burn-off in the modeled taxes, and did Greenmont actually apply for the additional ICAP benefit. Shawn 8/4 2:37pm: it is a 25-year abatement; the second ICAP has been applied for but status is unknown — Friedman has been unresponsive for weeks and was chased again; and the attached model does not contemplate a second ICAP. Baillie: “Perfect — thanks.” Eyal circulated updated interior photos (Yoshi Interiors BK) to the Dropbox closed-deals folder the same evening.

Acquired 2/28/25 for USD 17.04M (~USD 516 PSF) / USD 16.72M net. Going-in NOI ~USD 445K. USD 9.5M purchase-money loan (50% LTC, 36mo term, matures 2/29/28). Entities: 58 Kent LLC / Greenmont Aperture 58 Kent LLC (JV — Greenmont + Aperture Holdings + CC Hsu). Tenant: Lighthouse — single-tenant, 33,000 SF, 100% occupied, USD 55 PSF (USD 1.815M annual), lease through 11/30/2040 (WALT ~15.8 years). Now bundled into High Street Retail Portfolio raise (555 Wash + 247 Bedford + 58 Kent) — USD 100M LOI 7/22.

Matt N to deliver 2Q26 Investor Report to CC Hsu by end of month. Shawn’s batch outreach continues through the Carlton advisory carve-out list — final Y/N needed from Josh on the revised list (post Battery Global removal) → unlocks Bildner sign-off + Carlton investor blast for the portfolio.

2Q26 Investor Report to CC Hsu (EOM) · Carlton advisory Y/N (Josh) · Aug invoice (Rob Ortega, done) · Q3 books · Goodspace lease transactions in deck