You can add different classes of units, more water falls, the sky is the limit.

It’s difficult if not impossible to estimate exit caps in an environment where rent growth has historically been high but is likely to calm, while interest rates are rising.  

@Kyle Curtin, how much do you know about private placements, waterfall structures, fee structures, etc.  

@Miah Atwood There would typically be a waterfall schedule that breaks down how to disburse the cash.

We are considering having equity positions laid out as the first position for repayment, then the sweat equity as the waterfall position for any profits that exceed payback of principal and expected or acceptable rate of return(TBD).  

We saw a 10-15% price increase (year over year) over the last couple years so it is expected for things to calm/drop.

The impressive Chef's kitchen has premium ss appliances, shaker cabinets, large island with luxurious waterfall counters.

Preferred return, priority return (similar to preferred but not quite the same), waterfall (describes the structure of the priorities)

Once the rates and inflation storms have calmed, we will lock into a fixed rate.Long-term OutlookCap Rate Compression - as rates fall and supply of new student housing will be limited, our cap rate will compress.

Once the rates and inflation storms have calmed, we will lock into a fixed rate.Long-term OutlookCap Rate Compression - as rates fall and supply of new student housing will be limited, our cap rate will compress.