CAPITAL AT WORK
Capital

Structures, solutions,
and sources.

Experience at every level.

Sources
Capital Stack
Common Equity LP Equity Co-GP Equity Subordinate Capital Preferred Equity Mezzanine C-PACE Permanent Construction Bridge Debt Funds Banks Credit Unions CMBS Life Companies Agencies
Typical Terms

Indicative only. Structures and pricing vary by property type, sponsor, geography, and market conditions.

Pricing

Capital Stack Pricing

As of October 15, 2026

Indicative required returns and financing costs by capital position.

As of Oct. 15, 2026
4% 8% 12% 16% 20% 24% Common Equity Subordinate Capital Senior Debt Co-GP Equity 18–23% LP Equity 15–19% Preferred Equity 12–16% Mezzanine 10–14% C-PACE 6.75–9.00% Debt Funds 6.76–8.76% CMBS 7.12–8.12% Agencies 6.78–7.58% Life Companies 6.68–7.38% Banks 5.51–8.01% Credit Unions 6.26–7.01%
Permanent debt is shown fixed, struck off the SOFR swap curve (annual/annual) (4.63% 5-year, 4.71% 10-year) or the 10-year Treasury (5.10%). Bridge and construction debt is shown floating over 30-day average SOFR as published by the New York Fed (3.87%); the Banks band spans both bases. Subordinate capital and equity are quoted as absolute returns; equity is shown as a target IRR and excludes the equity multiple, which is also underwritten.
CAPITAL AT WORK
Contact →
LeadershipCody HarperManaging Principal & Designated Managing Broker
Direct312.339.9330
Emailch@powerhousecapitalmarkets.com
LinkedInPowerhouse Capital Markets
OfficeChicago, Illinois
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