What's Your GRM?

[Jake Kucheck]

I'm slightly more sophisticated than to ask, "what's a good GRM?", because I know that is a moving target, and will be met with different answers based on goals, geographic locations, levels of experience and the like.

However, I would be interested in knowing what other folks are targeting in terms of GRM. To clarify... I want to know what would be good in everyone's book.

I was at an investor lunch last week where someone was mentioning a note deal where they foreclosed and ended up with an 18% cap rate once all was said and done. Most of the room nodded in agreement that this was good. What I'm trying to get at is what GRM would one need to arrive at before being considered universally "good".