PLAYBOOKApr 2026 · 12 min
Capital stack 101: senior, mezz, pref equity, common equity.
How the four layers price, how covenants stack, and why the sponsor's last 5% costs more than the lender's first 60%.
Read →Resources
MARKET
COMMENTARY.
Playbooks for sponsors. Commentary on Canadian commercial real estate capital markets. Quarterly. Written by the principals who fund the deals.
MARKETApr 2026 · 8 min
Cap rate compression in Tier 2 cities through 2026.
Multi-family in Halifax, London, Saskatoon — where institutional money has gone in the last 18 months and what that means for sponsor exits.
Read →UNDERWRITINGMar 2026 · 10 min
Why we still fund Tier 2 markets when most lenders won't.
DCR floors, sponsor track-record adjustments, and the structural overlays that make secondary-market deals close at A-tier rates.
Read →PLAYBOOKMar 2026 · 9 min
Stabilization plans that survive the credit committee.
What underwriters look for in a value-add or lease-up plan. The four documents we always ask for, and why most plans get rewritten.
Read →MARKETFeb 2026 · 7 min
Construction finance after the 2025 cost-curve correction.
Hard construction costs are down 6% YoY. Sites that didn't pencil 18 months ago are starting to. Three live examples from our pipeline.
Read →UNDERWRITINGFeb 2026 · 11 min
Mezzanine vs. preferred equity: structure, taxes, and exit math.
When a 13% mezz beats a 10% pref. Cash + PIK structures, profit participations, and sponsor-alignment mechanics that drive total cost of capital.
Read →Quarterly digest
CAPITAL MARKETS COMMENTARY.
Sent four times a year. No promotional material. ~10 minutes of reading.
