CRE Capital: capital stack calculator

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CRE capital stack calculator: blended cost, DSCR, IRRs, and what each layer costs.

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capital_stack Read-only

Runs the cre.capital stack builder on a deal: senior loan, mezzanine, preferred equity and the common equity left over, with an optional one-tier JV split. Returns each layer's amount, share of cost and attachment/detachment LTV and LTC, blended cost of capital, cost of debt and preferred, common equity IRR and multiple, unlevered IRR, senior and all-debt DSCR, coverage including pref current pay, debt yields, LP and sponsor IRRs, the exit and the yearly cash flows. Rates you leave out start from the current 10-year Treasury plus Altus Group Q2 2026 average quotes. Arithmetic on your inputs, not a quote or a projection.

noinumber, required

Year-one net operating income in dollars, e.g. 1400000.

total_costnumber, required

Total cost in dollars: price plus closing costs plus capex, e.g. 20000000.

senior_amountnumber, required

Senior loan amount in dollars, e.g. 11000000. Use 0 for no senior loan.

valuenumber

As-is value or price in dollars, used for the LTV figures. Defaults to total_cost.

hold_yearsinteger

Hold period in whole years, 1 to 30. Default 5.

hurdle_pctnumber

Cumulative, non-compounded preferred return to the JV partners in percent. Default 6.

mezz_amountnumber

Mezzanine loan amount in dollars (interest only). Default 0.

pref_amountnumber

Preferred equity amount in dollars. Default 0.

promote_pctnumber

Promote to the sponsor above the preferred return, in percent of the remaining cash. Default 20.

exit_cap_pctnumber

Exit cap rate in percent applied to the next year's NOI, e.g. 7. Default 7.

lp_share_pctnumber

LP share of the common equity in percent; 0 or 100 turns the JV split off. Default 90.

mezz_rate_pctnumber

Mezzanine rate in percent. Default: 10-year Treasury + 759 bp (Altus Q2 2026, fixed mezzanine).

pref_rate_pctnumber

Preferred return in percent. Default 13.57 (Altus Q2 2026, fixed preferred equity).

sale_cost_pctnumber

Sale costs in percent of the sale price. Default 2.

noi_growth_pctnumber

NOI growth per year in percent, e.g. 3. Default 3.

senior_rate_pctnumber

Senior loan rate in percent. Default: 10-year Treasury + 195 bp (Altus Q2 2026, 10-year fixed, LTV up to 65%).

pref_current_pctnumber

Part of the preferred return paid currently, in percent; the rest accrues to the exit. Default 8.

senior_amort_yearsinteger

Senior amortization in years; 0 means interest only. Default 30.

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capital_stack Read-only

noinumber, required

Year-one net operating income in dollars, e.g. 1400000.

total_costnumber, required

Total cost in dollars: price plus closing costs plus capex, e.g. 20000000.

senior_amountnumber, required

Senior loan amount in dollars, e.g. 11000000. Use 0 for no senior loan.

valuenumber

As-is value or price in dollars, used for the LTV figures. Defaults to total_cost.

hold_yearsinteger

Hold period in whole years, 1 to 30. Default 5.

hurdle_pctnumber

Cumulative, non-compounded preferred return to the JV partners in percent. Default 6.

mezz_amountnumber

Mezzanine loan amount in dollars (interest only). Default 0.

pref_amountnumber

Preferred equity amount in dollars. Default 0.

promote_pctnumber

Promote to the sponsor above the preferred return, in percent of the remaining cash. Default 20.

exit_cap_pctnumber

Exit cap rate in percent applied to the next year's NOI, e.g. 7. Default 7.

lp_share_pctnumber

LP share of the common equity in percent; 0 or 100 turns the JV split off. Default 90.

mezz_rate_pctnumber

Mezzanine rate in percent. Default: 10-year Treasury + 759 bp (Altus Q2 2026, fixed mezzanine).

pref_rate_pctnumber

Preferred return in percent. Default 13.57 (Altus Q2 2026, fixed preferred equity).

sale_cost_pctnumber

Sale costs in percent of the sale price. Default 2.

noi_growth_pctnumber

NOI growth per year in percent, e.g. 3. Default 3.

senior_rate_pctnumber

Senior loan rate in percent. Default: 10-year Treasury + 195 bp (Altus Q2 2026, 10-year fixed, LTV up to 65%).

pref_current_pctnumber

Part of the preferred return paid currently, in percent; the rest accrues to the exit. Default 8.

senior_amort_yearsinteger

Senior amortization in years; 0 means interest only. Default 30.

Tools (3)

capital_stack

read-only

Argument	Type	Description
noi*	number	Year-one net operating income in dollars, e.g. 1400000.
value	number	As-is value or price in dollars, used for the LTV figures. Defaults to total_cost.
hold_years	integer	Hold period in whole years, 1 to 30. Default 5.
hurdle_pct	number	Cumulative, non-compounded preferred return to the JV partners in percent. Default 6.
total_cost*	number	Total cost in dollars: price plus closing costs plus capex, e.g. 20000000.
mezz_amount	number	Mezzanine loan amount in dollars (interest only). Default 0.
pref_amount	number	Preferred equity amount in dollars. Default 0.
promote_pct	number	Promote to the sponsor above the preferred return, in percent of the remaining cash. Default 20.
exit_cap_pct	number	Exit cap rate in percent applied to the next year's NOI, e.g. 7. Default 7.
lp_share_pct	number	LP share of the common equity in percent; 0 or 100 turns the JV split off. Default 90.
mezz_rate_pct	number	Mezzanine rate in percent. Default: 10-year Treasury + 759 bp (Altus Q2 2026, fixed mezzanine).
pref_rate_pct	number	Preferred return in percent. Default 13.57 (Altus Q2 2026, fixed preferred equity).
sale_cost_pct	number	Sale costs in percent of the sale price. Default 2.
senior_amount*	number	Senior loan amount in dollars, e.g. 11000000. Use 0 for no senior loan.
noi_growth_pct	number	NOI growth per year in percent, e.g. 3. Default 3.
senior_rate_pct	number	Senior loan rate in percent. Default: 10-year Treasury + 195 bp (Altus Q2 2026, 10-year fixed, LTV up to 65%).
pref_current_pct	number	Part of the preferred return paid currently, in percent; the rest accrues to the exit. Default 8.
senior_amort_years	integer	Senior amortization in years; 0 means interest only. Default 30.

Input schema (JSON)

{
  "type": "object",
  "required": [
    "total_cost",
    "noi",
    "senior_amount"
  ],
  "properties": {
    "noi": {
      "type": "number",
      "maximum": 100000000000,
      "minimum": 0,
      "description": "Year-one net operating income in dollars, e.g. 1400000."
    },
    "value": {
      "type": "number",
      "maximum": 100000000000,
      "minimum": 0,
      "description": "As-is value or price in dollars, used for the LTV figures. Defaults to total_cost."
    },
    "hold_years": {
      "type": "integer",
      "default": 5,
      "maximum": 30,
      "minimum": 1,
      "description": "Hold period in whole years, 1 to 30. Default 5."
    },
    "hurdle_pct": {
      "type": "number",
      "maximum": 30,
      "minimum": 0,
      "description": "Cumulative, non-compounded preferred return to the JV partners in percent. Default 6."
    },
    "total_cost": {
      "type": "number",
      "maximum": 100000000000,
      "minimum": 0,
      "description": "Total cost in dollars: price plus closing costs plus capex, e.g. 20000000."
    },
    "mezz_amount": {
      "type": "number",
      "maximum": 100000000000,
      "minimum": 0,
      "description": "Mezzanine loan amount in dollars (interest only). Default 0."
    },
    "pref_amount": {
      "type": "number",
      "maximum": 100000000000,
      "minimum": 0,
      "description": "Preferred equity amount in dollars. Default 0."
    },
    "promote_pct": {
      "type": "number",
      "maximum": 100,
      "minimum": 0,
      "description": "Promote to the sponsor above the preferred return, in percent of the remaining cash. Default 20."
    },
    "exit_cap_pct": {
      "type": "number",
      "default": 7,
      "maximum": 30,
      "minimum": 0.5,
      "description": "Exit cap rate in percent applied to the next year's NOI, e.g. 7. Default 7."
    },
    "lp_share_pct": {
      "type": "number",
      "maximum": 100,
      "minimum": 0,
      "description": "LP share of the common equity in percent; 0 or 100 turns the JV split off. Default 90."
    },
    "mezz_rate_pct": {
      "type": "number",
      "maximum": 40,
      "minimum": 0,
      "description": "Mezzanine rate in percent. Default: 10-year Treasury + 759 bp (Altus Q2 2026, fixed mezzanine)."
    },
    "pref_rate_pct": {
      "type": "number",
      "maximum": 40,
      "minimum": 0,
      "description": "Preferred return in percent. Default 13.57 (Altus Q2 2026, fixed preferred equity)."
    },
    "sale_cost_pct": {
      "type": "number",
      "maximum": 20,
      "minimum": 0,
      "description": "Sale costs in percent of the sale price. Default 2."
    },
    "senior_amount": {
      "type": "number",
      "maximum": 100000000000,
      "minimum": 0,
      "description": "Senior loan amount in dollars, e.g. 11000000. Use 0 for no senior loan."
    },
    "noi_growth_pct": {
      "type": "number",
      "default": 3,
      "maximum": 20,
      "minimum": -20,
      "description": "NOI growth per year in percent, e.g. 3. Default 3."
    },
    "senior_rate_pct": {
      "type": "number",
      "maximum": 30,
      "minimum": 0,
      "description": "Senior loan rate in percent. Default: 10-year Treasury + 195 bp (Altus Q2 2026, 10-year fixed, LTV up to 65%)."
    },
    "pref_current_pct": {
      "type": "number",
      "maximum": 40,
      "minimum": 0,
      "description": "Part of the preferred return paid currently, in percent; the rest accrues to the exit. Default 8."
    },
    "senior_amort_years": {
      "type": "integer",
      "default": 30,
      "maximum": 40,
      "minimum": 0,
      "description": "Senior amortization in years; 0 means interest only. Default 30."
    }
  },
  "additionalProperties": false
}

get_capital_costs

What senior debt, mezzanine and preferred equity cost: Altus Group's Q2 2026 average lender quotes (fixed and floating, by LTV band, as spreads over the 5-year or 10-year Treasury or Term SOFR), the current 10-year Treasury with the implied all-in senior and mezzanine rates, and what public mortgage REITs report earning on each layer in their 10-Qs for the quarter ended June 30, 2026. Filter by layer.

read-only

Argument	Type	Description
layer	string	Which layer to return. Default all.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "layer": {
      "enum": [
        "all",
        "senior",
        "mezzanine",
        "preferred_equity"
      ],
      "type": "string",
      "default": "all",
      "description": "Which layer to return. Default all."
    }
  },
  "additionalProperties": false
}

list_capital_providers

Names of firms in the business of each layer, only as the institutions publish them: Fannie Mae DUS lenders and Freddie Mac Optigo lenders (senior agency multifamily debt) and public mortgage REITs that hold mezzanine loans or preferred equity per their 10-Qs. Filter by list or by part of a name. Being on a list does not mean a firm will quote a given deal.

read-only

Argument	Type	Description
list	string	Which published list. Default all.
name	string	Optional part of a firm name to look for, e.g. "Walker" or "Arbor".

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "list": {
      "enum": [
        "all",
        "fannie_mae_dus",
        "freddie_mac_optigo",
        "mortgage_reits"
      ],
      "type": "string",
      "default": "all",
      "description": "Which published list. Default all."
    },
    "name": {
      "type": "string",
      "maxLength": 60,
      "minLength": 2,
      "description": "Optional part of a firm name to look for, e.g. \"Walker\" or \"Arbor\"."
    }
  },
  "additionalProperties": false
}

CRE Capital: capital stack calculator

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capital_stack Read-only

CRE Capital: capital stack calculator

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capital_stack Read-only

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Tools (3)

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