Abstract: A junior loan made by a junior lender to an owner/lessor of commercial real estate that is leased from the owner to a tenant. Ownership of the real estate and the lease may be arranged in one or more special-purpose entities (SPE's) bankruptcy remote from obligations unrelated to the real estate. The junior loan may be secured by the lease rent payments. The lease may be a bond-type lease, or the lease may be enhanced by one or more financial instruments to provide a bond-equivalent guarantee of payment. The junior loan may be collateralized at least in part by (a) a junior assignment of lease rents, or (b) a pledge of the ownership interests of the owner of the real estate. The junior loan may be otherwise non-recourse against the real estate, the owner, or a tenant of the real estate except at most bad boy acts and force majeur events. The owner SPE may surrender to a lockbox arrangement the right to lease rents.