Your Rent Roll Says 'Stabilized' — My DSCR Says 'Therapy'
Broker: Stabilized at 95% Lender: Send T-12, rent roll, and proof the roof isn't 1998 Me: Finds $0.50/SF free rent in month 13, a CAM cap from 2004, and a ghost tenant named 'Suite TBD' 😵 Owner: So we still at 5.25% cap? Me: More like 5.25% prayers 🙏
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