2- Explain this statement, what does each term mean, and why is it important to the deal.

3- What does this mean and why?

4- Explain this statement. Why is it a problem? What do you see as the consequences for not being able to refinance? What are some of the challenges and why?

So, while there is ample refi capital to go around, some borrowers will be asked to bring more money into the deal and a pay a higher cost depending on the market, building quality, occupancy and leasing velocity, In New York, for example, there is a definite flight to quality, with new product being absorbed at all-time high rents. "I think the winners in regard to absorption or leasing activity are really the Class A/repositioned assets where employers and their workforce desire more amenities and amenitized buildings that offer wellness options," said Nipul Patel, head of real estate banking, Wells Fargo. So, lenders are being very careful about refinancing older properties, and that will make it even more challenging for owners of older properties to make their properties competitive