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The institutional CRE capital stack — equity, senior debt, and subordinate capital. How institutional capital is actually raised, sized, priced, and exited.
The capital stack is the contract between everyone who funds a deal — the LPs who commit equity, the GP that manages it, the senior lender that prices the loan, and the construction or bridge lender that bridges to the permanent execution. Each layer has its own conventions: equity gets paid by promote, catch-up, and clawback; senior debt gets paid by rate, covenants, and prepayment regime. Where the layers collide — pari-passu vs preferred, recourse vs nonrecourse, fixed vs floating, deal-by-deal vs whole-fund — is where institutional discipline either holds or breaks.
The three clusters below cover the institutional stack end to end. 18 practitioner guides, each with the conventions, a 2026 worked example, the named-fund or named-lender benchmark, and the structural choices that quietly move LP IRR by 100–300 bps, senior coupon by 25–150 bps, or subordinate capital cost by 200–500 bps without changing the underlying deal.
The institutional equity stack — LP/GP structures, GP economics, fund vehicles, capital-call mechanics, JV partnerships, co-invest, separate accounts, and Reg D syndication. How the same dollar of equity behaves across vehicles and where 2026 terms have landed.
See all 8 articles →The institutional senior-debt channels — bank debt and recourse, bridge loans and rate caps, CMBS prepayment, construction draw schedules, and HUD 221(d)(4) construction-to-perm. How 2026 senior debt actually prices, sizes, and exits across $1.4 trillion of maturing CRE debt.
See all 5 articles →The institutional subordinate capital layer — mezzanine debt, preferred equity, C-PACE financing, and seller carryback notes. How subordinate capital fills the gap between senior debt and sponsor equity, the collateral and enforcement mechanics that distinguish each structure, and where 2026 pricing has landed.
See all 5 articles →