LV Executive meeting - bi-weekly

• The meeting reviewed the HVN project pipeline, contract status, financing gating items, and pre-construction billing and draw packaging.
• Portfolio and schedule: Current jobs are progressing while specifications are finalized and multiple change orders are managed (Jonah handling changes, Pedro overseeing).
• Riverton pre-work focuses on site logistics, demolition planning, RFAs/subcontractor templates, and a 10-day AQMD notification submitted; the team identified a conditional target start of 7/6 pending loan documents and contracts.
• Lexington is approximately 30 days behind Riverton; a later project remains scheduled for 9/1 while buyout negotiations and subcontractor engagement continue to control costs amid escalation.
• Contracts, budgets, and GMPs: The team agreed not to upload budgets into Yardi until contracts are executed so GMPs are guaranteed; Robert Correga will upload budgets after contract execution.
• Francis is in active GMP negotiation: Grady and Greg are finalizing a fatiguing GMP and may pursue exclusions to reach a signing price, with Grady and Derek reconciling scope overlap and exhibits prior to Derek’s final review scheduled for Wednesday.
• Financing and HUD workflow: Financing gating items are tied to HUD processing and a security-access workflow; the team authorized a consultant to submit required HUD forms to bypass the HUD security key.
• HUD approval timing is uncertain—an optimistic best case around July 3 but a realistic close possibly in late July, and the close may push toward the week of July 6 or later.
• Pre-construction billing and first draw: There was discussion about continuing monthly pre-construction fees through closing; Derek requested revised invoices from Grady to match the revised scope.
• The team agreed to assemble a first-draw package that includes permit fees, insurance, legal, and pre-con amounts for the initial lender draw.
• Architecture partnership: Derek outlined forming a 50/50 architecture partnership with Adam Polk, including creating a California entity, transferring an architecture license, establishing insurance, and determining accounting (QuickBooks or company accounting); Chris will be looped into setup and partnership documentation.

None.

None.