With the majority of local and regional banks focused exclusively on multifamily products, GSP is originating commercial real estate loans with a regional portfolio lender offering five and seven year fixed terms mid-to-high 4% range. A personal repayment guarantee will net a 10 basis point reduction in rate. Ten year terms are structured as a 5+5 with a rate reset at the beginning of year 6. Prepayments step down from 3% and are open the final 12 months of the fixed term. Stabilized and light-bridge West Coast transactions from $3,000,000 to $10,000,000.