11 – 29 – 12
GSP is working with an institutional lender funding very large construction and reposition transactions in gateway cities. Loan requests of $25,000,000 and up will be underwritten to 85% to 90% of total costs on a non-recourse basis. Hospitality and spec (un-leased) assets will be considered with the proper metrics. Yields are risk based: high single-digit to low double-digit depending on the asset and leverage. Terms are limited to three years.