June 6, 2025

This was a refinance of a leasehold interest governed by a Government Property Lease Excise Tax (GPLET) structure, which provides 21 years of property tax abatement. That created complexity during underwriting but also presented a compelling economic story. The borrower also received cash-out proceeds, and the structure included a tailored seasonality reserve that allowed summer draws to be funded in installments instead of upfront. More