When the CAM Reconciliation Hits Harder Than the Debt Yield
Broker: It’s a clean NNN deal Lender: Cool—upload the 37th rent roll, 12 months of CAM true-ups, and your soul Appraiser: Found a 2009 comp; cap rate set by lunar cycle Me at 1:57am: Rebuilding the model because tenant “office” is now “pickleball” 🧮😵💫
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