CATEGORY: ARRANGEMENTS // UPDATED // 2026.03.08

CAPITAL STRUCTURE ARCHITECTURE

Precision-engineered liquidity solutions across the entire capital stack. Navigating the 2026 Refinancing Gap for small to mid size sponsors.

TARGET LTV/LTC

65% — 85%

TICKET SIZE

$5M — $150M+

DEPLOYMENT

NATIONWIDE (EX CA)

STRATEGIC ANALYSIS: FS LABS RESEARCH

01-EXECUTIVE SUMMARY: SELECTIVE LIQUIDITY

The Q1 2026 capital landscape is defined by a $1.5T refinancing gap. While the 2025 wall was partially mitigated, institutional liquidity is now hyper-focused on infrastructure-adjacent assets.

SECTOR BIAS

FAVORED: Data Centers, Logistics, Infrastructure-Adjacent.
RESTRICTED: Legacy Office & Retail (Rigorous Debt-Yield Requirements).

02-DEBT MARKETS & SECURITIZATION

CMBS & CLO RESURGENCE

YTD volume reached $23.2B. SASB dominates for institutional grade, while CRE CLOs see a "First-Time Issuer" boom.

MULTIFAMILY AGENCY

Green Rewards 2.0 and HUD 221(d)(4) remain the primary liquidity engines for the "Living" sector.

03-SPECIALTY ASSET FINANCING

DATA CENTERS

Underwritten on MW Capacity. ABS expansion projected at $40B for 2026.

HOSPITALITY

Select-Service focus. Debt yields must exceed 11% for non-recourse.

RETAIL

Stable fundamentals. Grocer-anchored centers trading in low-5% cap range.

CASE STUDY: INDUSTRIAL INFRASTRUCTURE

04-$120M LOGISTICS HUB (NOVA)

SENIOR BANK DEBT 65% LTC

MEZZANINE DEBT 20% (14% COUPON)

SPONSOR EQUITY 15%

STRATEGIC OUTCOME: Achieved 1.45x DSCR, neutralizing the 2026 senior lender "stress-test."

DATA: MAR 2026 // FS LABS // END OF FILE