George Smith Partners is working with a capital provider offering $10,000,000 – $50,000,000 for both existing cash flowing and ground up construction properties nationwide. Rates are 4% and the lender offers a participation in net cash flow (if any) and profit at exit. Recourse is available through construction burning down to 50% at CofO, and then non-recourse when a 1.0x dscr is hit on an interest-only basis.