The concept you describe, the guys call “crystallization or a reset”. Effectually, the GP earns its promote as part of a mid-hold capital event, without the GP exiting the deal. This may happen, as you mention, in the case of a mid-hold refinance. It’s also common with a mid-hold recap or as part of the revaluation of an asset by the partners at stabilization.
Unfortunately, on the front end of the website, Spencer and Michael haven’t taught this concept. It’s quite complex and requires a firm understanding of complex waterfall modeling. They do teach an Advanced Concept module in the A.CRE Accelerator called ‘How to Model a Partnership Crystallization’, but again that’s not available on the frontend of the site.