Conventional + Refi Structure on Stabilized MF (Des Moines / Ames, IA)

[Eduardo Cambil]

Working through underwriting on a stabilized small multifamily portfolio in the Des Moines / Ames, IA market, and pressure-testing different capital stack and refinance paths.

Deal context:

• Asset: 29-unit multifamily portfolio

• Submarket: Student housing near ISU

• Occupancy: 100% in-place

• 2024 NOI: ~$239K (actual)

• Status: Off-market, pre-LOI

Capital structure being evaluated:

• Conventional bank debt at acquisition (conservative leverage)

• Equity structured cleanly (no complex JV or promote layers)

• In-place cash flow maintained during hold

• Refinance window: 12–36 months to simplify the stack and optimize long-term debt

The goal is to avoid high-cost short-term capital on an already stabilized asset, while keeping DSCR strong and flexibility high for the refi.

Curious how others in this group are seeing:

• Conventional vs. bridge execution on stabilized MF today

• Refi seasoning requirements lenders are actually enforcing

• Structures that preserve cash flow while remaining refi-friendly

Open to comparing notes with anyone actively lending on or structuring similar deals in the Midwest.

Best,
Eduardo Cambil