01 · Situation
Submarket cap-rate shift materially changes exit assumptions on Asset 14.
Trailing 30-day comps in the North Corridor moved 40bps wider, exceeding the fund's re-underwriting threshold and pulling base-case yield-on-cost below the current hurdle.
02 · Recommendation
Re-underwrite Asset 14 and pause committee memo advancement until refreshed.
Rerun the base and downside cases against the updated comp set. Selectively recompute affected memo sections; unaffected sections retain prior reviewer sign-off and provenance.
03 · Downstream
Sponsor concentration remains the outstanding governance item.
If Opportunity #218 closes at the requested size, projected single-sponsor exposure reaches 17.4% — above the LPA §4.2 limit of 15%. IC-level acknowledgement or resizing is required before final commitment.