A third sheet landed this morning — the room is at three, three more expected by Friday. We hold the comparison for you until the field closes; the desk’s read is queued the moment the last sheet lands.
From you · 3 Jul 2026
The revised Q2 STR feed — is that on your side or ours? Wanted to confirm before I chase the operator.
From the desk · 3 Jul 2026
Yours — two of the three sources referenced it. Send whenever the operator turns it; it moves underwriting faster than anything else on the file right now.
The full thread lives inside the case file.
Know a sponsor who should have a seat at this desk?
Received. Introductions are remembered here — your deal lead will handle it personally.
The firm
The Deal Team · goKaizen Capital 701 NW 5th Ave, #1072 Fort Lauderdale, FL 33311
The Deal Team is a brand of goKaizen Capital. goKaizen Capital is a DBA of Appanage Capital Solutions LLC and a subsidiary of The Appanage Group LLC. goKaizen Capital provides brokering services for commercial and business-purpose loans only. This surface is informational, private, and intended solely for the named client; it is not an offer, solicitation, or recommendation to buy, sell, lend, or invest, and it is not investment, legal, tax, or accounting advice. Loans referenced are for business and investment purposes only. Product availability may be limited in certain states. Any terms, rates, or figures shown are indicative, subject to change, and are not a commitment to lend or a guarantee of any outcome. Market data shown is indicative and provided for reference only.
196-key select-service hotel, Miami — an $18,400,000 senior bridge refinance.
Where we areTerms arriving. Forty-three capital sources approached, three quotes in, two formal term sheets on the desk.
What we need from youThe May operating statement and the 2025 STR report.
What happens nextWe expect a third sheet the week of 13 July — then we bring you a comparison, not a stack of PDFs.
1400 Biscayne Boulevard, Miami · subject property
Executive summary — the debt request
An $18.4MM senior bridge, built for the turn
Hartwell Development Partners acquired the 196-key select-service hotel at 1400 Biscayne Boulevard in 2023 and has completed a $4.1MM room and commons renovation. Trailing performance now supports a refinance of the maturing acquisition loan, with eighteen months of seasoning ahead of a permanent takeout. The ask: a 24-month interest-only senior bridge at 65% of value, sized to retire the existing note, return renovation capital, and carry a modest interest reserve while RevPAR completes its climb.
$18.4MM
Senior bridge
24 mo · IO
65%
The stack
$28.30MM total capitalization · as proposed.
Sponsor equity$9.90MM · 35%
Senior bridge — the ask$18.40MM · 65%
Ordered by risk — equity above, senior below. Updates as terms land.
The register
Every entry dated and initialed. Nothing moves without leaving a line.
I
Discovery›Complete · 12 Jun
The first read — property, basis, timeline, the story. · TJK
The desk reads the deal the way a lender will before anyone outside the firm sees it \u2014 basis, sponsorship, market, exit. We decide together whether and how to go to market.
A one-hour working call; the honest version of the story.
Everything a capital source will ask for, assembled once \u2014 so diligence never stalls the deal later. The file is the product; lenders can tell when it was built by professionals.
Build and stress the underwriting file.
Documents, as requested
3\u20135 days
III
Sizing & the askComplete · 20 Jun
Strategy set — bridge-to-stabilization, 24 months, interest-only. · TJK
IV
In market›Complete · 24 Jun
The file placed with forty-three sources, quietly. · MB
Quiet, simultaneous placement \u2014 every source gets the same file, the same day. No shopping, no leakage; the register logs every approach.
Placement, follow-ups, weekly counts.
Nothing \u2014 we work
2\u20136 weeks
V
Terms on the table›● In progress
Two sheets in hand, one pending. Comparison in preparation — expected the week of 13 July.
Sheets are normalized into one comparison \u2014 rate, structure, recourse, real cost \u2014 with the desk's annotation on what each clause is worth pushing.
The Deal Team is a brand of goKaizen Capital. goKaizen Capital is a DBA of Appanage Capital Solutions LLC and a subsidiary of The Appanage Group LLC. goKaizen Capital provides brokering services for commercial and business-purpose loans only. This surface is informational, private, and intended solely for the named client; it is not an offer, solicitation, or recommendation to buy, sell, lend, or invest, and it is not investment, legal, tax, or accounting advice. Loans referenced are for business and investment purposes only. Product availability may be limited in certain states. Any terms, rates, or figures shown are indicative, subject to change, and are not a commitment to lend or a guarantee of any outcome. Market data shown is indicative and provided for reference only.
The Deal Team is a brand of goKaizen Capital. goKaizen Capital is a DBA of Appanage Capital Solutions LLC and a subsidiary of The Appanage Group LLC. goKaizen Capital provides brokering services for commercial and business-purpose loans only. This surface is informational, private, and intended solely for the named client; it is not an offer, solicitation, or recommendation to buy, sell, lend, or invest, and it is not investment, legal, tax, or accounting advice. Loans referenced are for business and investment purposes only. Product availability may be limited in certain states. Any terms, rates, or figures shown are indicative, subject to change, and are not a commitment to lend or a guarantee of any outcome. Market data shown is indicative and provided for reference only.
The gap between what sellers remember and what buyers can underwrite has widened every quarter for a year. Cap rates moved; conviction didn’t. The result is a market where the bid is honest and the ask is nostalgic — and where most participants have decided the polite thing to do is wait each other out.
We take the other view. The waiting is the opportunity. Sponsors who can hold, refinance, or build into this stretch are buying eighteen months of reduced competition for assets that will not get cheaper to replace. The construction ledger tells the story better than any broker deck: starts in the Southeast corridor are down by more than a third from their 2024 pace, while in-migration has barely blinked. Scarcity is being manufactured right now, quietly, by everyone who chose to wait.
What we’re telling our clients: patience is a position, but only if it’s funded. The sponsors who win the next cycle are the ones whose capital stacks were built for the crossing — term that outlasts the standoff, reserves that don’t require heroics, partners who understood the plan before the market agreed with it.
That’s the work on the desk this month.
Tyler J. KightCEO & Founder, goKaizen Capital Issued to members of The Credit Committee · July 2026
The firm
The Deal Team · goKaizen Capital 701 NW 5th Ave, #1072 Fort Lauderdale, FL 33311
The Deal Team is a brand of goKaizen Capital. goKaizen Capital is a DBA of Appanage Capital Solutions LLC and a subsidiary of The Appanage Group LLC. goKaizen Capital provides brokering services for commercial and business-purpose loans only. This surface is informational, private, and intended solely for the named client; it is not an offer, solicitation, or recommendation to buy, sell, lend, or invest, and it is not investment, legal, tax, or accounting advice. Loans referenced are for business and investment purposes only. Product availability may be limited in certain states. Any terms, rates, or figures shown are indicative, subject to change, and are not a commitment to lend or a guarantee of any outcome. Market data shown is indicative and provided for reference only.
The Deal Team is a brand of goKaizen Capital. goKaizen Capital is a DBA of Appanage Capital Solutions LLC and a subsidiary of The Appanage Group LLC. goKaizen Capital provides brokering services for commercial and business-purpose loans only. This surface is informational, private, and intended solely for the named client; it is not an offer, solicitation, or recommendation to buy, sell, lend, or invest, and it is not investment, legal, tax, or accounting advice. Loans referenced are for business and investment purposes only. Product availability may be limited in certain states. Any terms, rates, or figures shown are indicative, subject to change, and are not a commitment to lend or a guarantee of any outcome. Market data shown is indicative and provided for reference only.
Your file opens with your first engagement. The desk is already at work.
This page becomes the record of everything between us: the cases on the desk, the documents on file, the terms as they arrive, and the thread that carries the conversation. It fills the day your first engagement opens.
First, the Desk Card
Tell the desk how to address you and which of its notes should reach your inbox. It takes a minute, and the desk reads it on every send.
Members only · The Terminal
A look at the member surface.
The morning screen of a Credit Committee member. Unlocked at your first closing with the desk.
The Deal Team
Client file №011 · The desk card
Settings
The Desk Card
How the desk addresses you, and which of its notes reach your inbox.
The card itself
The identity the desk keeps on file.
Notes from the desk
Which notes reach your inbox as a case moves. The file itself always keeps the full record.
Materials in
LOI out
Under contract
In DD
Financing
Closed
Mandate matches
Rate alerts
Wire replies
The card is saved. The desk reads it from here on.
That did not take. Try once more.
The Deal Team
The Book · MMXXVI
The Terminal · The Book
The Book.
Every deal you are even considering, staged the way the desk stages its own. Drag a card; the desk sees it move.
Your Book opens with your first deal.
+ Add a deal
The desk sees stage moves. That is the membership bargain, stated plainly.
Reset the demo book
The Book · a new deal
Add a deal
Acceptance as to this dealThese materials are mine to share. Adding this deal breaches no obligation I owe to anyone, and the desk bears none of my obligations. I accept the Terms of Access as to this deal.
Where we areIn market. The raise opened to our LP list 1 July; three groups in early diligence.
What we need from youThe executed GC contract — two of the three groups have asked for it.
What happens nextFirst soft commitments expected mid-July; we bring you the comparison and the introductions, in order.
Solara at Kendall, Miami · subject property — vertical construction underway
Executive summary — the equity request
$6.2MM of LP equity into a de-risked ground-up
Hartwell broke ground on Solara’s 212 units in January with entitlements complete, GMP contract executed, and a $20.7MM construction facility closed at 65% of cost. Vertical construction is on schedule; first deliveries are projected Q4 2027 into a submarket running sub-4% vacancy. The raise completes the capital stack: $6.2MM of LP equity for 70% of the equity, targeting a 17–19% project IRR and a 2.0x multiple over a four-year hold, with the sponsor holding 30% of the equity and all completion risk.
$6.2MM LP
90/10 · 8 pref
17–19% IRR
4 years
The stack
$31.85MM total capitalization.
Sponsor equity$4.95MM · 16%
LP equity — the raise$6.20MM · 19%
Construction facility · closed$20.70MM · 65%
Ordered by risk — equity above, senior below. Updates as terms land.
The register
Every entry dated and initialed. Nothing moves without leaving a line.
I
Discovery›Complete · 26 Jun
The first read — site, basis, delivery timeline, the story. · TJK
The desk reads the deal the way a lender will before anyone outside the firm sees it \u2014 basis, sponsorship, market, exit. We decide together whether and how to go to market.
A one-hour working call; the honest version of the story.
Your time on one call
2\u20134 days
II
The file›Complete · 29 Jun
Model, entitlements, and budget assembled into the raise file. · MB
Everything a capital source will ask for, assembled once \u2014 so diligence never stalls the deal later. The file is the product; lenders can tell when it was built by professionals.
Build and stress the underwriting file.
Documents, as requested
3\u20135 days
III
Structure & the raiseComplete · 30 Jun
90/10 over an 8 pref, 30% sponsor co-invest — sized to the LP bid. · TJK
IV
In market›● In progress
Opened to the LP list 1 July. Three groups in early diligence; the GC contract is the open ask.
Quiet, simultaneous placement \u2014 every source gets the same file, the same day. No shopping, no leakage; the register logs every approach.
Placement, follow-ups, weekly counts.
Nothing \u2014 we work
2\u20136 weeks
V
Soft commitments›Ahead
Indications gathered; the comparison prepared.
Indications are gathered and ranked \u2014 economics, speed, and how each group behaves in documentation, which matters more than the quote.
The Deal Team is a brand of goKaizen Capital. goKaizen Capital is a DBA of Appanage Capital Solutions LLC and a subsidiary of The Appanage Group LLC. goKaizen Capital provides brokering services for commercial and business-purpose loans only. This surface is informational, private, and intended solely for the named client; it is not an offer, solicitation, or recommendation to buy, sell, lend, or invest, and it is not investment, legal, tax, or accounting advice. Loans referenced are for business and investment purposes only. Product availability may be limited in certain states. Any terms, rates, or figures shown are indicative, subject to change, and are not a commitment to lend or a guarantee of any outcome. Market data shown is indicative and provided for reference only.
118-key lakeside resort & marina, Horseshoe Bay, TX — a $12,000,000 senior bridge refinance.
Where we areTerms in the room. Out with six sources, three sheets received — a regional debt fund, a national bridge shop, and a family-office bridge. Three more targeted by Friday.
What we need from youThe revised Q2 2026 STR feed — two of the three sheets referenced it in their read.
What happens nextThe desk holds the room until the field is complete — then one comparison, side by side. Projected close: week of 24 August.
Horseshoe Bay Resort & Marina, Texas hill country · subject property
Executive summary — the debt request
A $12MM senior bridge, built for the seasoning window
Chrysallis Core Group acquired the 118-key lakeside resort and marina in 2024 and has completed the room program and the marina refit. Trailing performance is climbing into the summer season; the ask is a 24-month interest-only senior bridge at 63% of value — sized to retire the maturing acquisition note and carry the asset through two full seasons of stabilized numbers ahead of a permanent takeout.
$12.0MM
Senior bridge
24 mo · IO
63%
The stack
$19.05MM total capitalization · as proposed.
Sponsor equity$7.05MM · 37%
Senior bridge — the ask$12.00MM · 63%
Ordered by risk — equity above, senior below. Updates as terms land.
The Deal Flight Tracker
TJKMBSCAB
Tyler leads the room. Matt runs the file. Steven and Adam carry the ledger.
Week of 24 August 2026.
Roughly seven weeks out — commitment issued by the second week of July, third-party diligence through mid-August, closing table the week of the 24th.
The register
The stages, as they moved
Click any stage — the desk explains what it means
Every entry dated and initialed. Nothing moves without leaving a line.
I
OM received›Complete · 6 Jun 2026
The offering read cold; the desk called Chrysallis before the day was out. · TJK
The desk reads every OM as if a capital source will read it next — property, basis, sponsorship, market, exit. The follow-up call is where a deal becomes real; the file starts once the story lands. For a sponsor coming online today, this is the first week: your OM in front of the right eyes, and a working call the same week.
OM ingested, cold read prepared, sponsor call scheduled.
The OM and a live conversation
Same week
II
Engagement signed›Complete · 11 Jun 2026
The desk goes to work; the register opens. · TJK
Signature triggers three things the same day: the file opens, the register initializes, and the desk lays out the raise memo. That first week — between engagement and shop-out — the desk is drafting the memo, sizing the capital-source pool to your profile, and pressure-testing the ask against where the market clears today. Not nothing to a sponsor who just committed to us.
Raise memo drafted, capital-source pool sized, ask stress-tested.
Signature and the KYC pack
The week after signature
III
First shop-out›Complete · 18 Jun 2026
File placed with six sources, simultaneously and quietly. · MB
Six sources hand-picked to the profile — hospitality bridge, Texas seasoning, mid-teens millions, a sponsor with the track record to hold. Same file, same day, no leakage. The register logs each approach; the follow-up cadence belongs to the desk from here.
Placement, follow-up cadence, weekly counts.
Nothing — we work
2–6 weeks
IV
First term sheet in›Complete · 27 Jun 2026
Regional debt fund, first out of the room. · SC
First sheet in nine business days from placement — a regional debt fund with the profile in-house and a real book in Texas resort. Delivered at SOFR + 385, 65% LTC, 24 months IO with two one-year extensions. Read, filed, benchmarked against the desk’s own model. The desk does not react to the first sheet; the desk waits for the room.
Read, normalize, benchmark — hold posture until the room fills.
Read alongside — questions welcome
7–14 days from shop-out
V
Subsequent term sheets›● In progress · 3 in hand
Two more this week; three more targeted by Friday. · TJK / MB
Second and third sheets landed the week of 30 June — a national bridge shop and a family-office-backed private-credit lender. Three additional sources indicated intent to price; the desk chases the pending three while normalizing the sheets already in hand into one clean comparison. The Term-Sheet Inbox below is the working surface until the room closes.
Chase the pending three; normalize the sheets in hand.
Read the sheets in the inbox below when you have twenty minutes
2–3 weeks total from first sheet
VI
Committee review›Ahead · wk of 20 Jul
Sheets normalized, read against each other; the pick is yours, the push is ours.
Sheets get pulled into one comparison — rate, structure, real fees, prepayment, recourse, reserves. The desk annotates every clause worth pushing back on. You sit across from the comparison; we sit across from the lender. The comparison is not a stack of PDFs.
Signature on the elected sheet triggers third-party diligence — appraisal, environmental, title, PIP if applicable — alongside the lender’s underwriting. The desk runs a checklist to zero so nothing waits on the file to catch up. Wire mechanics land on the Monday before the target date; funding follows.
Run the diligence checklist to zero; carry the closing table.
Closing docs, wire mechanics, GC confirmations
4–6 weeks to closing
Projected closeWeek of 24 August 2026 ~ 7 weeks from today
Case №01 · The Term-Sheet Inbox
Sheets, as they arrive
3 received · 3 expected · comparison prepared
Every incoming lender sheet, white-labeled while the room fills. Sources revealed at the introduction, not before — a standing courtesy to the lenders competing for your deal, and a discipline the desk holds.
Sheet No.036 JUL 26National bridge shopInstitutional debt fund · New York$12.0MMSOFR + 415 · 7.81%24 mo IO · 63% / 60% LTVPDF ↓›
Sheet No.03 — National bridge shop
Delivered 6 July via analyst@ — the lender’s in-house form, un-redacted internally.
Desk read. Cleanest structure, tightest reserves. Loses on rate and prepay. The lever to pull: the origination fee is the softest number on the sheet.
Term sheet · page 1 of 4TS-CCG-HB-2026-03.pdf
Term Sheet — Senior Secured Bridge Loan
Prepared for lender counsel identifier · 6 July 2026
Borrower
Chrysallis Core Group SPE, LLC
Property
Horseshoe Bay Resort · 118 keys
Lender
institutional debt fund identifier
Loan amount
$12,000,000
Interest rate
Term SOFR + 4.15%; floor 4.75%
Term
Twenty-four (24) months, interest-only
LTV / LTC
Not to exceed 60% / 63%
Selected clauses
“Borrower shall deliver the Revised Q2 2026 STR Trend Report to Lender not later than five (5) business days prior to Commitment, in form and substance satisfactory to Lender in its sole discretion.”
“Prepayment shall be permitted at any time upon payment of the Yield Maintenance Amount calculated in accordance with Schedule 3, provided that no prepayment shall be permitted during the first three (3) Loan Months.”
White-labeled preview · lender names redacted through executed engagement
Delivered 1 July via analyst@ — a lender who moves fast, prices for it.
Loan amount
$11,600,000
Rate
SOFR + 445 bps · today 8.11%
Term
36 months · interest-only
Extensions
Not applicable at this term
LTC / LTV
61% / 58%
Origination
1.25% at close
Exit fee
None
Prepay
Open after month 12; par
Recourse
25% partial guarantee · springs at completion
Reserves
3 months debt service · $250k capex
Key conditions
Franchise consent letter; sponsor equity confirmation; MAI appraisal.
Desk read. Wins on term and prepay flexibility. Loses on rate, loan size, and the partial guarantee. The lever: they will price down 30–40 bps if we walk them off the guarantee — ask about family-office deals they closed without it.
Term sheet · page 1 of 3TS-CCG-HB-2026-02.pdf
Non-Binding Term Sheet — Senior Bridge Facility
Prepared for borrower’s advisor · 1 July 2026
Borrower
Chrysallis Core Group SPE, LLC
Property
Horseshoe Bay Resort · 4095 W. Bay Blvd
Lender
family-office private credit vehicle
Loan amount
Up to $11,600,000
Interest rate
Term SOFR + 4.45%; no floor
Term
Thirty-six (36) months, interest-only
LTV / LTC
Not to exceed 58% LTV / 61% LTC
Selected clauses
“A limited recourse guarantee of the Loan in an amount equal to twenty-five percent (25%) of the outstanding principal balance shall be provided by the Sponsor Principal, subject to burn-down upon achievement of the Stabilization Test.”
“Prepayment shall be permitted at par after the twelfth (12th) Loan Month without penalty.”
White-labeled preview · lender names redacted through executed engagement
Delivered 27 June via analyst@ — first out of the room, priced with a real Texas resort book behind it.
Loan amount
$12,000,000
Rate
SOFR + 385 bps · today 7.51%
Term
24 months IO + two 1-year extensions
Extensions
Each subject to 25 bps + performance test
LTC / LTV
65% / 62%
Origination
1.00% at close
Exit fee
0.50%
Prepay
6 months minimum interest · open thereafter
Recourse
Non-recourse, standard carve-outs
Reserves
6 months debt service · $400k capex
Key conditions
Standard third-party diligence; no franchise or PIP conditions.
Desk read. Wins on rate, wins on leverage, wins on optionality. The extension performance test is worth reading closely; we push to soften the RevPAR trigger by 3–4%. This is the sheet to hold as the anchor.
Term sheet · page 1 of 5TS-CCG-HB-2026-01.pdf
Application — Senior Bridge Loan Financing
Prepared for borrower’s deal team · 27 June 2026
Borrower
Chrysallis Core Group SPE, LLC
Property
118-key select-service resort, Horseshoe Bay, TX
Lender
non-bank direct lender, Texas domiciled
Loan amount
$12,000,000
Interest rate
Term SOFR + 3.85%; floor 4.25%
Term
Twenty-four (24) months IO, plus two (2) one-year extensions
LTV / LTC
Not to exceed 62% LTV / 65% LTC
Selected clauses
“Each Extension Option is exercisable at Borrower’s election, subject to (i) payment of a twenty-five (25) basis point extension fee and (ii) satisfaction of the Extension Performance Test set forth in Exhibit B.”
“Prepayment shall be permitted, in whole or in part, at any time subject to payment of the Minimum Interest Amount equal to six (6) months’ interest on the amount prepaid.”
White-labeled preview · lender names redacted through executed engagement
The comparison
Three sheets, side by side
Normalized · the desk’s read is annotated below
Rate, structure, real fees, prepayment. What each sheet actually costs across the hold — not what each sheet advertises.
Sheet No.01Regional debt fund
Sheet No.03National bridge shop
Sheet No.02Family-office bridge
Loan amount
$12.0MM
$12.0MM
$11.6MM
Rate (indicative)
SOFR + 385
SOFR + 415
SOFR + 445
All-in today
7.51%
7.81%
8.11%
Term
24 mo IO + 1 + 1
24 mo IO
36 mo IO
LTC / LTV
65% / 62%
63% / 60%
61% / 58%
Origination
1.00%
0.75%
1.25%
Exit fee
0.50%
1.00%
None
Prepay
6 mo minimum interest
YM through month 12
Open after month 12, par
Recourse
Non-recourse, standard carve-outs
Non-recourse, standard carve-outs
25% partial guarantee
Reserves
6 mo DS · $400k capex
9 mo DS · $500k capex
3 mo DS · $250k capex
Closing conditions
Standard third-party diligence
PIP scope approval · Q2 STR
Franchise consent · MAI appraisal
The desk’s read. Sheet No.01 leads on rate, leverage, and optionality — the anchor of the room. Sheet No.03 is the least-friction close and holds the tightest structure; the lever there is the origination fee. Sheet No.02 does not survive rate but keeps the room honest on term and prepay. The push, once you elect, is to hold No.01’s rate while extracting the softer origination from No.03. We expect three more sheets by Friday; the desk brings you the final comparison the week of 13 July.
Prefer to walk them together? Twenty minutes, side by side.
Revised Q2 2026 STR feedRequested 27 Jun — two sheets referenced it · awaiting youAwaiting
AppraisalOrdered at commitment — queued behind committee reviewAhead
Between us
The thread for this case. Questions land with your deal lead the moment you send.
From the desk · 6 Jul 2026
Third sheet landed this morning — family-office bridge, posted to the inbox above. Field should be complete by Friday; the comparison follows the same day.
From you · 3 Jul 2026
STR feed coming Monday — our revenue manager is restating June. Anything else you need with it?
From the desk · 27 Jun 2026
One item opened on your list — the revised Q2 STR. It moves two of the three reads faster than anything else on the file.
Sent. Your deal lead reads this today.
The firm
The Deal Team · goKaizen Capital 701 NW 5th Ave, #1072 Fort Lauderdale, FL 33311
The Deal Team is a brand of goKaizen Capital. goKaizen Capital is a DBA of Appanage Capital Solutions LLC and a subsidiary of The Appanage Group LLC. goKaizen Capital provides brokering services for commercial and business-purpose loans only. This surface is informational, private, and intended solely for the named client; it is not an offer, solicitation, or recommendation to buy, sell, lend, or invest, and it is not investment, legal, tax, or accounting advice. Loans referenced are for business and investment purposes only. Product availability may be limited in certain states. Any terms, rates, or figures shown are indicative, subject to change, and are not a commitment to lend or a guarantee of any outcome. Market data shown is indicative and provided for reference only.
