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George Smith Partners is originating Bridge/Reposition to Perm loans for transactions $15,000,000 and up, nationwide. Bridge/Reposition assets may cash flow below breakeven (require an interest reserve) at funding and are underwritten based on the borrowers’ business plan to bring the asset to stabilization. Pricing is LIBOR plus 500 to 650 with an origination fee and exit fee: the exit waived upon rolling it into their perm. Traditional CMBS loans are underwritten from $5,000,000 to an 8% debt yield for multifamily, 8.5% for commercial and 11% on limited service hospitality