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The Capital Stack

Working knowledge for developers and builders: how construction loans are sized, how capital stacks are assembled, and how project problems actually get solved.

The Capital Stack

Senior Debt, Mezzanine Debt, and Preferred Equity Explained

Each layer of the capital stack holds a different claim, takes a different risk, and earns a different return. What actually distinguishes senior debt, mezzanine debt, and preferred equity.

Eddie Luhrassebi · June 25, 2026