From one CJ guy to another, you are correct my friend.
That's why I did a google drive by on the subject before making any comments.
The nice thing about commercial vs residential is that it all about the "rental" income as opposed to a warm cozy feeling....LOL
When it comes to commercial, the investor or banker is only interested in the NOI or if the project has potential to increase it. That said, I've seen appraisals bought if the owner has a close tie to the appraiser as well. Again, it would be great to get a copy of the appraisal.
Based on what has been provided, an appraisal with a cap below 4% ($34M) against the existing lending market is a questionable structure. Especially, when you have an equity position that has such a high valuation.
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