Anyone structured financing for a concession-based operator deal?

Looking for searchers with experience structuring operator-under-concession deals Hoping to tap the collective wisdom of this community. I am working on my first concession-based operating deal and would value 20 minutes with anyone who has been through one. Quick background: • Texas hospitality operator taking over a 60+ room resort property • Real estate is owned by a public authority; we operate under a long-term concession • Property was recently vacated by the prior operator; historical performance under that operator was healthy ($2M+ revenue, meaningful NOI) • We need to structure working capital financing for the restart (refresh, pre-opening, operating ramp) • No real estate on our balance sheet, so traditional CRE-backed paths do not fit Where I could use perspective: 1. How you structured your capital stack when the underlying real estate was owned by a third party (municipality, REIT, government authority) 2. What concession agreement provisions you negotiated up front that made financing possible (term length, termination compensation, assignability, change of control) 3. Which capital sources actually came through for you (specialty hospitality credit, family offices, revenue-based, strategic equity, etc.) 4. What almost killed the deal and how you solved it Happy to reciprocate if there is anything I can offer in return. Comment below or DM - I will reach out directly. Thanks in advance.