Exit

Portfolio manager

Which exit path maximizes risk-adjusted value now?

Governed output: Exit recommendation, bid comparison, sale or refinance waterfall, and realized returns

Disposition · Exit Evaluation

Cedar Park 120 · hold, sell, or refinance

Archived exit package as of Mar 5, 2025 · sale closed Mar 20, 2025 · realized record retained through Jun 2, 2026 · owner: Marcus Hale

Portfolio decision

Sell leads on risk-adjusted value

Recommendation is based on net proceeds, realized returns, execution certainty, and portfolio constraints.

Northwind final bid

$31.2M

5.70% exit cap

Net sale proceeds

$14.9M

Distributed Mar 20, 2025

Realized LP IRR

16.8%

Fixture-reconciled

Realized equity multiple

2.06×

Fixture-reconciled

Common decision date · Mar 5, 2025

Option	Gross value	Near-term proceeds	Levered IRR	Equity multiple	Principal risk	Calculation basis
Hold	$30.1M	$2.1M distributions	15.2%	1.92×	Lease-up and 2027 debt maturity	24-month extension · 5.90% terminal cap
Sell	$31.2M	$14.9M net sale proceeds	16.8%	2.06×	Execution and retrade exposure	Northwind final bid · 15-day close
Refinance	$30.7M	$4.2M cash-out	15.9%	1.98×	Floating-rate debt and covenant reset	6.35% all-in · 65% LTV