George Smith Partners is placing ground up construction requests with a Regional Bank funding California multifamily rental development with five year fixed rate debt. Sized to 65% of total construction cost, current coupons are sub-3.5% fixed for five years prior to floating over 30 day LIBOR for the remainder of the ten year term. Interest is paid on funds as drawn; there is no negative arbitrage, and paid through an interest reserve on an interest only basis during construction. The loan will begin to amortize upon stabilization. Prepayments are structured as a step-down with the opportunity of a recourse burn-off.