The sponsor acquired this hospitality asset and immediately looked to sell the ground to a family office at a cap rate substantially below the cap rate on the overall acquisition. TermSt. worked with its network of CMBS lenders to obtain financing for the leasehold interest in the property. While some lenders were uncomfortable with the structure there were enough lenders comfortable with the transaction to clear the market and get to a competitive rate with ample leverage to close on the transaction. The sponsor commented that TermSt.’s communication platform was instrumental in managing the heavy amount of back and forth with all of the lenders on such a complicated deal.