Appraisal Says $210/SF; My Term Sheet Thinks It’s 2019

Broker brain: Value supported by 3 comps at $325/SF, T-12 clean, DSCR 1.30 Appraiser: Two comps are from 2017 and one’s a funeral home; concluded $210/SF Lender: Proceeds reduced 30%. Also need an estoppel from the vending machine 🙃 Me at 2:03 AM in Excel: If Starbucks signs a 15-year before close, cap rate drops to 4.75 and math forgives me ☕️