if you are a developer? What would you rather have and why? a hurdle based term sheet usinghurdles, or EM hurdles? Assume this question under a typical merchant builder, 3-5 yr hold strategy, and then also a long-term play, where the developer stays on with the project for a 10 year reversion.
curious to get everyone's opinion on this. Seemingly it would be simple and straightforward...being short term holds are best associated with IRR hurdles for the developer due to time value of the cash flows. But curious what you think is best for the developer on a long term hold?