Capital structures, energy finance, and lender behaviour — written for sponsors who are deciding something.
A large share of commercial real estate debt reaches maturity across 2026 and 2027. Refinance, extend, recapitalise, sell, or restructure — the option set narrows the longer you wait.
Read the articleThe 2025 tax law reset the federal energy incentive landscape. Several credits CRE sponsors relied on terminated on 30 June 2026. Here is what is left and how it changes project timing.
Rooftop and ground-mount solar on commercial real estate gets financed five distinct ways. Which one fits depends on your hold period, tax position, and existing loan documents.
Debt and equity for data centres are abundant. Grid interconnection is not. The binding constraint has moved from the capital stack to the electrical one, and financing structures have adapted.
Behind-the-meter generation serves load directly instead of waiting for interconnection. Financing it means underwriting fuel, equipment lead times, offtake credit, and a grid-transition plan.
C-PACE provides long-dated, fixed-rate capital for energy, water, and resiliency work, repaid through a property tax assessment that transfers at sale. Here is how it actually works.
Senior debt, mezzanine, preferred equity, and common equity each sit in a defined place in the payment waterfall. Position determines cost, and cost is only half of what each layer takes.
Section 6418 lets a project sell its clean energy tax credits for cash. For sponsors who cannot absorb the credit, this is the difference between an incentive on paper and capital in the deal.
Both fill the gap between senior debt and common equity at similar cost. The choice is usually made by your senior loan documents, your timeline, and what happens if the deal underperforms.
The same solar array produces very different outcomes depending on whether you own it, lease it, or buy the power. Hold period and tax capacity decide which model fits.
Fannie Mae and Freddie Mac both price multifamily loans better where a sponsor commits to verified energy and water savings. Here is how the programmes work and when they are worth pursuing.
Storage projects on commercial real estate are underwritten on demand-charge reduction, tariff arbitrage, resiliency value, and grid programme revenue. Each has a different risk profile.
Three constraints determine your loan proceeds, and only one of them binds. Knowing which one — before you go to market — is the difference between a realistic raise and a wasted month.
Lenders decline deals for avoidable reasons more often than for credit reasons. Here is what a complete submission contains and the omissions that get a file set aside.
Capital structures, energy finance, and lender behaviour. Sent when we have something worth saying — not on a schedule.
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