For owners and developers with a land-heavy project between $4 million and $35 million of total cost. We buy the land at closing and lease it back for 99 years, unsubordinated, with our own capital. Small and bespoke is the point, not the limitation.
| Term | Standard |
|---|---|
| Ground rent | 25–30% of stabilized NOI (hospitality 20–25%) |
| Land price | Rent capitalized at a fixed ground cap; never more than 35% of appraised stabilized value |
| Escalations | Fixed annual increase with a CPI test every ten years, capped. Never a fair-market-value reset. |
| Coverage | 3–4× at stabilization, so the leasehold lender is comfortable |
| Term and priority | 99 years, unsubordinated, written to the published agency leasehold-mortgagee standard |
The rent percentage and the cap are fixed in the term sheet; the price follows from your stabilized NOI. That makes the number mechanical in both directions and takes the forecast argument off the table.
We do not lend on the leasehold; we arrange that debt and never hold it. We do not subordinate the fee. We do not write fair-market-value resets. We do not sit behind C-PACE. Each of those is what makes the leasehold financeable, and the financeability is the product.
Build-to-rent, manufactured housing, hotels, self-storage, outdoor storage, retail, medical and suburban multifamily, where land is 25–40% of cost. Development or stabilized. Institutional ground-lease platforms screen at $35 million of total capitalization and the top thirty markets; most of what we buy is below that line or outside those markets, and we do not mind the ZIP code.
Read the mechanics at how a ground lease works, size your own deal with the calculator, or see the one-page summary.
Land purchases from roughly $1 million to $14 million, under projects of $4 million to $35 million total cost. Larger deals go through our advisory line, where we run the sale to the full pool of ground-lease buyers.
A quote in days from two numbers. A term sheet in a week. Closing on the speed of title and the leasehold lender.
No. It is a sale of the land and a lease back. There is no principal, no maturity and nothing to refinance.
A leasehold lender, and we help arrange it. The lease is written to the published agency standard so that lender can say yes.
No fixed-price repurchase option; that would make it a financing. A right of first offer if we ever sell the fee is standard.
Stabilized NOI, your number however you have it, and total project cost or purchase price with the land basis broken out if it is.
Stabilized NOI and total project cost or purchase price. We will come back with the land price, the annual rent, the coverage and what it does to your equity requirement.