Hard cost: The cost of actually constructing property improvements

High-rise: In the central business district, this could mean a building higher than 25 stories above ground level, but in suburban markets, it generally refers to buildings higher than seven or eight stories.

Highest and best use: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value

Holdbacks: A portion of a loan commitment that is not funded until an additional requirement is met, such as completion of construction

Holding period: The length of time an investor expects to own a property from purchase to sale

Hold-over tenant: A tenant retaining possession of the leased premises after the expiration of a lease

HVAC: The acronym for heating, ventilating and air conditioning

Hybrid debt: A mortgage position with equity-like participation features in both cash flow and the appreciation of the property at the time of sale or refinance

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