Real Estate Glossary

The cost of configuring and finishing new or relet space in accordance with a tenant's specifications.

Also known as a Construction loan, any of a variety of short-term (generally five to seven years) financing provided by a lender to a developer to cover the costs of construction and lease-up of a new building with the expectation that it would be replaced by long-term (or "permanent") financing provided by an institutional investor once most of risk involved in construction and lease-up had been over come resulting in an income producing property.