GlobeSt. Features Josh Brandsdorfer in, "Borrowers Build More Complex Capital Stacks"
August 19, 2026
GlobeSt.
"Commercial real estate borrowers are facing a more demanding financing market—one in which a conventional senior loan may not be enough to fund an acquisition, construction project or refinancing.
Tighter underwriting, higher borrowing costs and lower loan-to-value ratios are prompting sponsors to combine debt and equity from multiple sources. But the more layers a capital stack contains, the more important relationships, flexibility and coordination become."