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Model senior/mezzanine/subordinated debt with payment priority waterfall
Total Capex: $125.0M
Configure each tranche's size, pricing, and structure
Total Debt
$125.0M
Blended CoD
7.74%
Min Senior DSCR
0.85x
Risk Status
Shortfall Risk
| Tranche | Amount | % Capex | Rate | Tenor | Min DSCR | Cum. LTV |
|---|---|---|---|---|---|---|
Senior Debt | $87.5M | 70% | 6.05% | 18yr | 0.85x | 70% |
Mezzanine Debt | $25.0M | 20% | 10.00% | 10yr | 0.10x | 90% |
Subordinated Debt | $12.5M | 10% | 15.00% | 7yr | - | 100% |
| Total | $125.0M | 100% | 7.74% | - | 0.29x | 100% |
How CFADS flows through the debt stack (average annual allocation)
Moderate headroom. CFADS could decline ~23% before debt service shortfall.
Cash flow allocation by debt seniority (USD millions)
Senior blocks junior payments in years:
Cash shortfall in years:
Acceleration could trigger in Year 1
Comparison if all debt was structured as single senior tranche at blended cost
| Year | CFADS | Senior DS | Mezz DS | Sub DS | Equity | Sr DSCR | Tot DSCR |
|---|---|---|---|---|---|---|---|
| 1 | $8.6M | $10.2M | $2.5M | $1.9M | $0 | 0.85x | 0.59x |
| 2 | $8.8M | $9.9M | $2.5M | $1.9M | $0 | 0.89x | 0.62x |
| 3 | $9.0M | $9.6M | $2.5M | $1.9M | $0 | 0.94x | 0.64x |
| 4 | $9.1M | $9.3M | $2.5M | $1.9M | $0 | 0.99x | 0.67x |
| 5 | $9.3M | $9.0M | $2.5M | $1.9M | $0 | 1.04x | 0.70x |
| 6 | $9.5M | $8.7M | $2.5M | $1.9M | $0 | 1.09x | 0.73x |
| 7 | $9.7M | $8.4M | $2.5M | $14.4M | $0 | 1.16x | 0.38x |
| 8 | $9.9M | $8.1M | $2.5M | - | $0 | 1.22x | 0.93x |
| 9 | $10.1M | $7.8M | $2.5M | - | $0 | 1.29x | 0.98x |
| 10 | $10.3M | $7.5M | $27.5M | - | $0 | 1.37x | 0.29x |
| 11 | $10.5M | $7.2M | - | - | $3.3M | 1.46x | 1.46x |
| 12 | $10.7M | $6.9M | - | - | $3.8M | 1.55x | 1.55x |
| 13 | $10.9M | $6.6M | - | - | $4.3M | 1.65x | 1.65x |
| 14 | $11.1M | $6.3M | - | - | $4.8M | 1.76x | 1.76x |
| 15 | $11.4M | $6.0M | - | - | $5.3M | 1.88x | 1.88x |
| 16 | $11.6M | $5.7M | - | - | $5.8M | 2.02x | 2.02x |
| 17 | $11.8M | $5.4M | - | - | $6.4M | 2.17x | 2.17x |
| 18 | $12.1M | $5.2M | - | - | $6.9M | 2.34x | 2.34x |
| 19 | $12.3M | $0 | - | - | $12.3M | - | - |
| 20 | $12.5M | $0 | - | - | $12.5M | - | - |