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George Smith Partners is working with a Pacific Northwest fund who just completed a $75,000,000 equity raise and is seeking to distribute it on smaller performing and sub-performing capitalizations. Second-tier tranches of mezz and pref-equity will be funded from $3,000,000 to $10,000,000 to 85% of value. Transactions in Texas and Denver West will be underwritten for up to five year hold periods. Core assets must have some level of cash flow at funding. Yields will range from 12% to 15% based on risk.