CRE Syndication Structures

[Naqi Taylor]

I’ve been spending more time underwriting stabilized commercial retail and thinking through different capital stack structures — especially where senior debt, seller participation, and a small equity tranche coexist.

Curious how active syndicators here think about aligning early-stage capital with assets that are already cash flowing and highly occupied, particularly when the goal is clean execution rather than heavy value-add.

Do you generally prefer simplicity (straight equity) or more structured approaches (prefs, hybrid positions) in those situations?