08/28/2026
Before you read the projected returns, read the debt page.
Investors tend to open a deal package and go straight to the projected IRR. Flip to the financing section first. What is the rate, is it fixed or floating, how long is the term, is there a rate cap and when does it expire, and what has to be true for the loan to refinance at maturity?
Most multifamily deals that struggled recently did not have bad properties. They had good properties on the wrong debt with the wrong timeline.
Projections are assumptions. Loan terms are contracts.
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