Document / Item
Responsible
Date Received
Date Reviewed
Status
01Loan Documents
6 Approved2 Review1 Awaiting
88%
Borrower
Jan 16, 2025
9:15 AM
Jan 17, 2025
3:42 PM
Revisions Requested
Guaranty Agreement
Borrower
Not yet received
Pending
Awaiting Receipt
02Title & Survey
3 Approved1 Review
75%
Title Co.
Jan 10, 2025
11:22 AM
Jan 12, 2025
9:05 AM
Approved
03Environmental Reports
2 Approved1 Review
66%
MAI Appraisal Report · Just Uploaded
Third Party
Jan 20, 2025
Just now
Processing...
Processing
04Entity & Organizational Documents
3 Approved2 Awaiting
60%
Borrower
Jan 8, 2025
10:45 AM
Jan 9, 2025
11:30 AM
Approved
Operating Agreement (Certified Copy)
Borrower
Not yet received
Pending
Awaiting Receipt
CloseTrackIQ · 30-Day Closing Timeline
125 Park Avenue
Senior Bridge Loan · $48.5M · Target Close: February 5, 2025
14
Day 14
16
Days Left
4
Overdue
62%
Complete
Day 1 · CommitmentDay 14 of 30 · Jan 20, 2025Day 30 · Closing
Jan 6
Reports Due
TODAY
Docs Due
Feb 5
Week 1 · Engagement & Ordering (Days 1–7 · Jan 6–12)
6
Mon · Jan
Milestone
Commitment Letter Executed · Day 1 Clock Starts
Lender commitment issued · All parties engaged · CloseTrackIQ timeline activated
Milestone
Day 1
7
Tue · Jan
Third-Party Reports · Ordered
Phase I ESA · PCA · ALTA/NSPS Survey · PZR · Flood Determination · All Ordered
ECS Mid-Atlantic (ESA) · Thornton Tomasetti (PCA) · Bohler Engineering (Survey) · Advantaged Zoning Inc. (PZR) · CoreLogic (Flood) · All vendors confirmed
5 Reports Ordered
Day 2
6
Mon · Jan
Third-Party Reports · Ordered
MAI Appraisal Report · Ordered
Vendor: CBRE Valuation & Advisory Services · Sandra Okafor, MAI · Expected: Jan 24 (Day 18)
Ordered Day 1
Appraisal
8
Wed · Jan
Title
Title Search Ordered · Title Commitment Received
Chicago Title Insurance Company · Patricia Walsh, Sr. Commercial Title Officer · Schedule A and B exceptions under review
Received
8
Wed · Jan
Entity Documents
Certificate of Formation & Good Standing Certificates · Received
Delaware Certificate · Foreign Qualification (NY) still outstanding · follow-up transmitted
Partially Complete
10
Fri · Jan
Third-Party Reports · Received
FEMA Flood Zone Determination · Received
CoreLogic Flood Services · Life-of-loan certificate · Zone AE · Flood insurance required · Received in 3 days
Received Day 4
Flood Det.
12
Sun · Jan
Deadline
Rate Lock Confirmation Deadline
Confirm rate lock with lender or request extension. Confirmed Jan 11.
Completed
Week 2 · Report Receipt & Document Exchange (Days 8–14 · Jan 13–19)
13
Mon · Jan
Loan Documents
First Draft Loan Documents Circulated · Loan Agreement, Note, Mortgage
Lender's Counsel circulated to Borrower's Counsel · Comment period commenced · Target turnaround 5 business days
Circulated
14
Tue · Jan
Loan Documents · Executed
Loan Agreement (Execution) & Promissory Note · Uploaded & Approved
Borrower's Counsel uploaded · Approved by Lender's Counsel Jan 15
Approved
16
Thu · Jan
Loan Documents · Under Negotiation
Mortgage / Deed of Trust Draft v3 · Revisions Requested
Comments returned by Lender's Counsel Jan 17 · 3 open issues · Revised draft due by Jan 22
Revisions Pending
Due Jan 22
17
Fri · Jan
Third-Party Reports · Received
ALTA/NSPS Land Title Survey · Received · Under Attorney Review
Bohler Engineering · Delivered Day 11 · Under Lender's Counsel review · 3 days elapsed · Expected approval by Jan 22
Under Review
Survey
19
Sun · Jan
Insurance · Overdue
Insurance Binders Deadline · OVERDUE
Property Insurance (ACORD 28) & Flood Insurance Certificate still outstanding · Second follow-up transmitted to Borrower's Counsel
Overdue
OVERDUE
TODAY
January 20, 2025 · Day 14 of 30
16 Days to Close
Week 3 · Report Completion & Final Docs (Days 15–21 · Jan 20–26)
20
Mon · Jan
Third-Party Reports · Due
Planning & Zoning Report (PZR) · Expected
Advantaged Zoning Inc. · Ordered Jan 7 (Day 2) · Expected receipt today · Awaiting delivery
Expected Today
PZR Due
21
Tue · Jan
Third-Party Reports · Due
Phase I ESA Final Report · Expected
ECS Mid-Atlantic · T. Greer, REP · Ordered Jan 7 · Due Jan 21 · No RECs anticipated based on preliminary assessment
Expected Jan 21
ESA Due
22
Wed · Jan
Third-Party Reports · Due
Property Condition Assessment (PCA) · Expected
Thornton Tomasetti · Ordered Jan 7 · Due Jan 22 · Immediate repair estimates anticipated: ~$124K
Expected Jan 22
PCA Due
22
Wed · Jan
Loan Documents
Mortgage / DOT Revised Draft Due from Borrower's Counsel
Comments returned Jan 17 · Revised draft must be submitted by Jan 22 to stay on 30-day track
Deadline
Hard Deadline
23
Thu · Jan
Insurance
All Insurance Binders · Final Deadline
Property Insurance (ACORD 28) · Flood Insurance Certificate · Must be received by Jan 23 to remain on track for Feb 5 close
Hard Deadline
Hard Deadline
24
Fri · Jan
Third-Party Reports · Due
MAI Appraisal Report & ALTA Survey Final · Expected
CBRE Valuation (Appraisal) · Bohler Engineering (Survey) · Both due Jan 24 · Survey already received · approval pending
Expected Jan 24
Appraisal Due
25
Sat · Jan
Entity Documents
Operating Agreement & Foreign Qualification · Final Deadline
Both items outstanding · Borrower's Counsel notified · 14 days elapsed · Must be received by Jan 25
Overdue
Overdue
Week 4 · Final Review & Pre-Close (Days 22–28 · Jan 27–Feb 2)
27
Mon · Jan
All Documents
All Diligence Items & Third-Party Reports · Final Receipt Deadline
All outstanding checklist items must be received and submitted by Jan 27 for lender review prior to closing
Hard Deadline
Day 21
28
Tue · Jan
Closing Documents
Closing Instructions Issued · Funding Authorization Prepared
Title company closing instructions circulated · Lender wire instructions confirmed · Closing statement drafted
Upcoming
30
Thu · Jan
Pre-Close
Final Checklist Review · All Items Must Be Approved
Lender's Counsel final sign-off · Title company rundown · UCC, tax lien, and judgment search results confirmed · Pre-close walk-through
Upcoming
Day 24
3
Mon · Feb
Pre-Close
Closing Documents Executed · Funding Authorization Confirmed
All loan documents executed · Wire instructions verified · Title holds confirmed · Funding authorization issued by lender
Upcoming
Closing Day · Day 30 · February 5, 2025
5
Wed · Feb
🎯 Target Closing Date
CLOSING DAY · Loan Funded · Documents Recorded
Wire transfer confirmed · Deed and Mortgage recorded · Title policy issued · Loan funded · Deal closed in 30 days
Day 30 · Target Close
Closing Day
Lender
Blackstone Real Estate Debt Strategies · Senior Lender
MW
Marcus T. Whitfield
Senior Managing Director
Blackstone Real Estate Debt Strategies
Lender · Primary Contact
JP
Jennifer S. Park
VP, Loan Originations
Blackstone Real Estate Debt Strategies
Lender · Transactions
Legal Counsel
Lender's Counsel · Borrower's Counsel
JM
James B. Morrison
Partner, Real Estate Finance
Simpson Thacher & Bartlett LLP
Lender's Counsel
AC
Alexandra R. Chen
Partner, Real Estate
Kirkland & Ellis LLP
Borrower's Counsel
Third-Party Consultants
Environmental · Appraisal · Structural · Survey · Zoning · Flood
TG
Thomas R. Greer, REP
Principal Environmental Consultant
ECS Mid-Atlantic, LLC · Phase I & II ESA
Environmental · ESA
SO
Sandra E. Okafor, MAI
Senior Appraiser
CBRE Valuation & Advisory Services · MAI Appraisal
Appraiser · MAI
KL
Kevin J. Lam, PLS
Licensed Professional Surveyor
Bohler Engineering · ALTA/NSPS Survey
Surveyor · ALTA/NSPS
Title Company
Chicago Title Insurance Company
PW
Patricia L. Walsh
Senior Commercial Title Officer
Chicago Title Insurance Company
Title · Primary Contact