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George Smith Partners arranged $31,500,000 in permanent financing for a private, non-profit University. The new debt refinanced an existing loan that was originally used to purchase and improve the campus. A regional bank that has financed numerous non-profit educational facilities was quickly identified. Their experience added certainty of execution given the fluctuations in income as a large percentage of their revenue comes from gifts and grants, not just tuition. The tuition cash flow alone did not support the loan request. This capital provider is also able to provide construction financing for future development if the school chooses to add additional improvements to their campus. A 15 year term with a rate reset after the 10th year for the remaining 5 year term provides for flexibility while postponing balloon risk. Fixed for 10 years at 4.0% before the rate reset in year 11, the loan amortizes over 30 years and is full-recourse to the operating University. There is no pre-payment penalty during the term of the loan.