Posted by: BayAreaComRE | November 24, 2009

The Capital Stack – Where are we now?

A lot is being said about commercial property foreclosures and the falling values of real estate with high “bases”, but what does that mean under an asset to asset microscope? JCR Capital gave a presentation a while back that highlights what is happening as assets lose value, returns get squeezed, and leverage dries up.

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  1. […] AREA Partners, otherwise known as Apollo, is next in line on the mezzanine debt, ahead of GE in the capital stack, and now controls 1 Post, Foundry Square (405 Howard), 60 Spear, 201 California and 188 The […]

  2. […] at swaps + 90 – 95. The LTV for the AAA is 41.5% with a 20.3% debt yield. Through the stack (we covered this here), the LTV is 53.4% and the debt yield is […]


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