Boise Multifamily 5–20 Cap Stack · 2026
How the capital stack actually assembles for a 5–20 unit B/C acquisition in Ada County in 2026 — debt pricing, LTV constraints, equity requirements, and the going-in cap rates that close.
Summary
The cap stack on a 5–20 unit Ada County deal is not a textbook agency stack. Local banks set the floor, equity expectations pull the going-in cap higher than the surrounding SFR comps suggest, and the deal closes only when those two pressures meet.
Debt pricing
Methodology section: pull the FRED MORTGAGE30US weekly series, layer local-bank survey spreads on top, and contrast with current agency Freddie SBL pricing. Real numbers added once ATTOM cap data and FRED pulls land.
Equity structure
Where the Renew network is closing: 30–35% equity at acquisition, sponsor coinvest 5–10% of total equity, preferred return 7–8%, IRR target 14–16% over a five-year hold.
Going-in cap required to service
Section walks the math from current debt cost, LTV, and DSCR floor to the implied going-in cap. The number that closes a deal in 2026 is the number that solves that equation, not the number printed in a national survey.
Scenarios table
Three scenarios (favourable, base, stressed) added once data pull is complete.
What breaks the deal
DSCR floor; insurance reset; cap-rate compression that fails to keep pace with debt-cost rise; capex underestimated on B/C inventory.
Sources
FRED MORTGAGE30US · Local lender surveys · ATTOM comp data · Renew network operator transactions.