General contractor: The prime contractor who contracts for the construction of an entire building or project, rather than just a portion of the work. The general contractor hires subcontractors, coordinates all work and is responsible for payment to subcontractors. General partner: A member of a …

Face rental rate: The asking rental rate published by the landlord. Facility space: The floor area in hospitality properties dedicated to operating departments such as restaurants, health clubs and gift shops that service multiple guests or the general public on an interactive basis not directly …

Earnest money: The monetary advance of part of the purchase price to indicate the intention and ability of the buyer to carry out the contract. Easement: A right created by grant, reservation, agreement, prescription or necessary implication to use someone else’s property. Easement Appurtenant: An …

Deal structure: With regard to the financing of an acquisition, deals can be unleveraged, leveraged, traditional debt, participating debt, participating/convertible debt or joint ventures. Debt service: The outlay necessary to meet all interest and principal payments during a given period. Debt service coverage ratio (DSCR): …

Call date: Periodic or continuous rights given to the lender to cause payment of the total principal balance prior to the maturity date. Capital appreciation: The change in market value of a property or portfolio adjusted for capital improvements and partial sales. Capital expenditures: Investment …

Balloon, or bullet, loan: A loan with a maturity that is shorter than the amortization period. Balloon Payment: The final payment of balance due on a partially amortized loan. Balloon risk: The risk that a borrower will not be able to make a balloon (lump …

Abatement: Often referred to as free rent or early occupancy and may occur outside or in addition to the primary term of the lease. Above building standard: Upgraded finishes and specialized designs necessary to accommodate a tenant’s requirements. Absentee Landlord: An owner of an interest …