Capital Waterfall
I see a lot of discussion here on cash flow waterfalls. What are typical business term for a capital event? (ie dispo or refi) Are the same IRR hurdles used? I have some experience in this, but only in LIHTC. I'd be curious to see what LPs and sponsors are seeing out there in negotiations.
In my experience treating CF from capital events as different from operational CF is the exception, not the norm in most JV docs
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