Shared analysis

Sale delivers roughly $5.6M of day-one liquidity; the Debt Fund refi nets ~$512K cash-out; the CMBS refi requires you to write a check.

Metric	Sale	CMBS Refi (5yr Full-Term IO)	Debt Fund Refi (3+1+1 Floating)
Gross Proceeds / Loan Amount	$23,900,000	$18,040,000	$18,710,000
Less Brokerage Commission	-$179,250	n/a	n/a
Less Debt Payoff	-$18,558,526	-$18,558,526	-$18,558,526
Plus Escrow/Impound Release	+$415,9221	+$415,9221	+$415,9221
Less New Reserve Funding	n/a	-$54,9001	-$54,9001
Net Cash Impact	$5,578,146	-$157,504	$512,496
DSCR	n/a	1.04x	1.16x
LTV	n/a	68%	70%
Debt Yield	n/a	7.71%	7.43%

On pure near-term liquidity, the sale is not close: it clears $5.58M to you versus a $512K cash-out on the Debt Fund refi or a $158K equity call on CMBS . The sale price covers the $18,558,526 payoff with $5,162,224 left over after the 0.75% ($179,250) commission , and you also get back the ~$415,922 of lender-held tax, insurance, and reserve impounds sitting on the books as of May — that escrow release applies to all three paths since payoff triggers it regardless of exit route.

Between the two refis, the numbers land close but on opposite sides of zero — and that's before financing costs neither term sheet itemizes:

Debt Fund funds $18,710,000 against the $18,558,526 balance, clears a minimum $54,900 reserve deposit, and still nets $512,496 to you at close — the only refi option that's cash-flow-liquidity-positive on day one. It carries the loan at 1.16x DSCR / 70% LTV, right at its own max-LTV ceiling (proceeds constraint = LTV, not DSCR) , so there's no cushion if valuation softens before close. It's also floating-rate on a 3+1+1 structure — rate risk sits with you for the life of the loan unless you cap or swap it.
CMBS funds $18,040,000 — $518,526 short of payoff before any reserve — and after the $54,900 reserve deposit, you're writing a $157,504 check to close. It carries better coverage (1.04x DSCR vs. a 1.20x floor, 68% LTV vs. 75% max) , so it has room the Debt Fund loan doesn't, but that room comes at the cost of less proceeds, which is the opposite of what you're optimizing for.
Neither figure includes lender legal, title, or origination fees — not disclosed in the term sheet — which would push both further negative. Push CMBS to 35-year amortization and JLL flags $900K-$930K of incremental proceeds , which would flip that scenario into a cash-out as well — worth running down if coverage allows.

One live option that doesn't clear the bar: CMBS offers a rate buydown to 5.03% for $344,200, netting $18,786,600 — better proceeds than the base CMBS deal — but it drives DSCR to 0.97x, under the 1.20x IO floor and under 1.0x outright . That's not a structure a CMBS lender closes; treat it as off the table rather than a fourth column.

Execution risk, unglossed: the sale is priced and done in one transaction — no lender re-underwrite, no rate lock risk, no floating-rate exposure — but it's the only path that gives up the asset. The Debt Fund route is a floating structure with a 7.00% exit debt yield test and 9.67% stabilized debt yield hurdle baked in, meaning refinancing or exiting that loan later requires NOI growth the in-place numbers don't yet support. CMBS carries defeasance (not simple prepay) with a 1-year lockout , so it's the stickiest structure if your horizon is short. Both refi quotes are explicitly subject to formal approval and an acceptable refinance test — neither is committed capital the way a signed PSA would be.

If near-term liquidity is truly the objective and you have no strategic reason to hold, the sale outdistances both refis by roughly $5.1M-$5.7M of immediate cash. If you're keeping the asset, Debt Fund is the liquidity-maximizing refi of the two — CMBS trades cash today for coverage cushion you didn't ask for.