CRE Capital MCP

{
  "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
}

{
  "title": "Build a CRE capital stack",
  "readOnlyHint": true,
  "openWorldHint": false,
  "idempotentHint": true,
  "destructiveHint": false
}

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

{
  "title": "What each capital stack layer costs",
  "readOnlyHint": true,
  "openWorldHint": false,
  "idempotentHint": true,
  "destructiveHint": false
}

{
  "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
}

{
  "title": "Who provides each capital stack layer",
  "readOnlyHint": true,
  "openWorldHint": false,
  "idempotentHint": true,
  "destructiveHint": false
}