# CRE Capital

> A capital stack calculator for commercial real estate: senior debt, mezzanine, preferred and JV equity, blended cost, returns and who provides each layer.

CRE Capital is published by Janover Capital LLC. Contact: desk@janover.co.

MCP: a free, read-only MCP server for AI assistants at https://cre.capital/mcp (capital stack calculator, what each layer costs, who provides it); setup on /developers/.

## Pages
- [Stack the capital, see what each layer costs you](https://cre.capital/): Build a CRE capital stack with senior debt, mezzanine, preferred and JV equity. See blended cost, coverage, attachment points and equity returns.
- [About CRE Capital](https://cre.capital/about/): Who runs CRE Capital, where the stack builder's starting prices come from, what the model leaves out, and how to send a deal or a correction.
- [Contact CRE Capital](https://cre.capital/contact/): Send CRE Capital a question or request. A person at Janover Capital reads it and replies.
- [What senior debt, mezzanine and preferred equity cost (2026)](https://cre.capital/costs/): Quoted 2026 spreads for senior loans, mezzanine and preferred equity, plus what public mortgage REITs actually earn on each layer, from their SEC filings.
- [Capital stack calculator for AI assistants: MCP server](https://cre.capital/developers/): A free, read-only MCP server that runs the CRE Capital stack builder and returns what each layer costs and who provides it, with sources.
- [Send a senior or mezzanine debt request](https://cre.capital/financing-request/): Send the deal and the debt you need, senior or mezzanine. A person at Janover Capital reads it and replies. Commercial-purpose financing only.
- [Guides from CRE Capital](https://cre.capital/guides/): All guides from CRE Capital, newest first. Build a commercial real estate capital stack and see what each layer costs.
- [The layers of the capital stack](https://cre.capital/layers/): Senior debt, mezzanine debt, preferred equity and JV common equity, compared on cost, security, remedies and the rules that limit each one.
- [JV and common equity](https://cre.capital/layers/jv-equity/): How a real estate JV splits cash between investors and sponsor, with a filed 6% preferred return and 80/20 example, and the rules for raising LP equity.
- [Mezzanine debt](https://cre.capital/layers/mezzanine-debt/): How CRE mezzanine debt is secured and enforced under the UCC, what it costs in 2026 from lender quotes and SEC filings, and the senior lender rules.
- [Preferred equity](https://cre.capital/layers/preferred-equity/): What CRE preferred equity costs in 2026, how soft, hard and mandatory pay structures differ under Fannie Mae's definitions, and its control rights.
- [Senior debt](https://cre.capital/layers/senior-debt/): The first-mortgage layer of a CRE capital stack: what it cost in 2026 by loan-to-value, the limits that cap it, and how it restricts the layers above.
- [Privacy policy](https://cre.capital/privacy/): What CRE Capital collects when you visit or contact us, why, who it is shared with, and how to reach us about it.
- [Terms of use](https://cre.capital/terms/): The terms that apply when you use CRE Capital, including what the information here is and is not.
- [Who provides each layer of a CRE capital stack](https://cre.capital/who-provides/): The lenders and investors behind each layer: Fannie Mae DUS and Freddie Mac Optigo lenders, mortgage REITs that hold mezzanine and preferred equity, and more.

## Guides
- [The HVCRE 15% rule for construction loans, explained](https://cre.capital/guides/hvcre-15-percent-rule/): When a bank construction loan is HVCRE and carries a 150% risk weight, how the 15% contributed-capital exclusion works, and what counts as capital.