Mezzanine Debt and JV Equity: Filling the Stack.

• Senior loan tops out at 65 to 70% LTV and you need to get to 80 to 90% total leverage.
• You're a sponsor with a deal, a track record, and a need for an LP partner.
• You're refinancing and need preferred equity to take out a maturing partner.
• You're building ground up and the construction lender requires more equity in the deal than you want to write a check for.
• You want to keep more upside by using mezz instead of giving up equity.

• Mezzanine debt, $5M to $250M
• Preferred equity behind senior agency, CMBS, or bank debt
• JV equity for value add multifamily and CRE ($2M to $100M)
• LP equity for opportunistic and core-plus strategies ($5M to $250M)
• Construction equity stacks alongside ground up senior debt
• Recapitalization and partner buyouts
• CPACE for ground up and major capex (often paired with hotel deals)

Mezz Loan Amounts

$5M to $250M (most $10M to $100M)

JV Equity Checks

$2M to $100M typical, up to $250M LP

Combined Leverage

Senior + mezz often 80 to 85% LTC; equity to 90%+

Mezz Pricing

High single digits to mid-teens depending on risk

Equity Returns

Negotiated waterfalls; typical IRR hurdles 15 to 20%+

Closing Time

30 to 90 days; often coordinated with senior close

Rates depend on the deal. Submit your file or jump on a call and I'll get you a real number.

I quote the senior debt first (agency, CMBS, life co, debt fund, or bank), figure out where it tops out, then layer mezz or preferred equity to hit your target leverage. If even that's not enough, we bring in JV equity. The whole stack closes together. You see one capital structure with one timeline, not three different brokers fighting over the same deal.