Small Balance Non-Recourse Reposition Debt

George Smith Partners is working with a national balance sheet lender funding less-than-stabilized cash flowing assets from $2,000,000 on a non-recourse basis. Core assets are sized to 75% of total capitalization and priced from 5.50% to 6.25% with fees structured as 1 in and 1 out. Hotels are limited to 65% of cost and priced at the upper end of the spectrum. Four year loan terms are possible with a 12 month loss of yield prepayment. Sub-1.0 coverages are supplemented with an interest reserve.