[aorr]

To clarify, “capital to date” for the CoC or Free and Clear means total equity required for the acquisition or development plus what?

-what about the principal portion of amortizing loans? Assuming stabilized development or out of the IO period. Technically that is equity tied up in the deal.

-what about capital calls? i.e. major capex in Y4 or run out of funds to finish construction.

Makes it sound like we need to add to the denominator portion of the formula once we have any cash infusion or equity build up in the loan?

[Author]

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