| 1818 sale ratification (Case C-24-CV-25-008522; exceptions filed 3/27/2026) | Document ratification / deed status; no Phase 2 draw until title is insured |
| 1816 Nextres note matured 4/1/2026 (15%) | Permanent takeout at 1.78x DSCR / 48% LTV; NIIF participation requested; current status to be documented |
| Rent premium over nearby 1BR comps | NIIF loan sized on market rents; unit mix tilted to 2BR / 1BR+den; commercial LOIs |
| Construction cost & escalation | 12.5% contingency + 6% escalation; third-party bids; structural study for 1818 addition |
| Historic credit awards | Part 1 filings Q4 2026; MHT Small Commercial fallback; NIIF bridge for timing |
| CHAP: approval before work; sunset 12/31/2027 | File for 1818 and 1820 this fall, before any work |
| Grant eligibility (CDO-only programs) | Apply with Central Baltimore Partnership; confirm BRNI status with DHCD |
| Opportunity Zone map change (2027) | Current map valid through 2028; OZ equity not in base case |
| Rear decks: setback, CHAP, grilling rules | Zoning/CHAP review; electric-only outdoor kitchens per Fire Code §308; Fire Marshal confirmation |
| Related-party GC | 8% fee disclosed; open-book costs; third-party draw inspections |
