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(3/3) Hard to know how dev and lender will fare without digging into their basis and I don’t know Texas well enough to venture a guess there. But the leaseup pace in and of itself doesn’t seem like a red flag. Lender is Pacific Life, for what it’s worth.
I believe they are offering 2 months free although at an extravagant rent. Notwithstanding what you wrote, what worries me is that their occupancy by counting lit apartments is lower than that and it looks like we're going into a recession. I might walk by and take a night photo
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