Confidential · For intended recipients only
Sized to the DSCR constraint at stabilized NOI — landing exactly on a 7.5% debt yield. Proceeds retire the $11,045,712 Bangkok bridge (SOFR + 225, Oct 2027 maturity) with an $814,061 surplus. The recapitalization behind this request is already structured: subordinate preferred equity is in place and recasts coterminous behind the new loan.
| Loan request | Detail |
|---|---|
| Loan amount | $11,859,773 |
| Binding constraint | DSCR — sized to agency/CMBS coverage |
| Debt yield at stabilized NOI | 7.5% |
| LTV (stabilized value, 5.5% cap) | ~73.3% |
| Loan per unit | $197,663 |
| Timing | Application by EOY 2026 · close by Oct 2027 bridge maturity |
| Capital context | Detail |
|---|---|
| Retires | $11,045,712 single-note bridge (Bangkok) |
| Refi surplus | $814,061 over bridge balance |
| Subordinate capital | $3.0MM preferred equity in place — recasts coterminous behind the new loan |
| Combined senior + pref basis | 86.85% of stabilized value at close of recap |
| Recourse posture | Non-recourse with standard carve-outs |
One source, one clean payoff — a single performing note, current on a 1.23x monthly coverage.
| At CMBS closing | Amount |
|---|---|
| New permanent loan | $11,859,773 |
| Retire bridge at par | ($11,045,712) |
| Refi / closing costs (est. 1.5%) | ($177,897) |
| Net surplus to borrower | $636,165 |
Gross surplus over the bridge balance: $814,061.
| The note you're retiring | Detail |
|---|---|
| Balance at payoff | $11,045,712 — single note |
| Lender | Bangkok Bank |
| Rate | SOFR + 225 (~6.55% all-in) |
| Structure | Interest-only |
| Maturity | October 2027 |
| Coverage during bridge period | 1.23x — every month, no reserve draws |
In-place coverage at current pro forma NOI — before rent rollover to market and expense seasoning take it higher.
In-place debt yield on the bridge balance already exceeds the 7.5% floor; stabilized NOI carries it to 8.05% on the bridge basis.
Preleasing closed the gap from the high-80s — updated T3 in process from the sponsor. 2024 delivery means no deferred capex story.
In-place rents average $1,450 against $1,578 market — organic NOI growth on natural lease rollover, no renovation required.
Quartz counters, in-unit W/D, energy-efficient appliances, patios/balconies — 54,393 SF of new product in the Boise MSA's fastest-growing submarket.
Shannon Robnett — 20+ years, ~500 Treasure Valley units, capital through construction through management under one roof.
| Unit mix | Units | In-place | Market |
|---|---|---|---|
| 1 BR / 1 BA · 750 SF | 20 | $1,300 | $1,420 |
| 2 BR / 2 BA · 950 SF | 30 | $1,450 | $1,580 |
| 3 BR / 2 BA · 1,100 SF | 10 | $1,750 | $1,890 |
| Total / avg | 60 | $1,450 | $1,578 |
$113,558 of annual other income (RUBS, pet, parking, fees), held conservatively flat across the pro forma.
| Operating pro forma | In-place | Year 1 · 50% rollover | Stabilized |
|---|---|---|---|
| Gross potential rent | $1,179,456 | $1,202,838 | $1,226,220 |
| Less: vacancy & credit loss | ($58,973) | ($60,142) | ($61,311) |
| Effective rental income | $1,120,483 | $1,142,696 | $1,164,909 |
| Other income | $113,558 | $113,558 | $113,558 |
| Effective gross income | $1,234,041 | $1,256,254 | $1,278,467 |
| Total operating expenses | ($388,984) | ($388,984) | ($388,984) |
| Net operating income | $845,057 | $867,270 | $889,483 |
Expenses $388,984 held flat across scenarios (~$6,483/unit, ~31% of EGI): RE taxes $86,814 · payroll $72,061 · utilities net of RUBS $71,552 · management $55,989 · all other $102,568. Taxes and insurance corrected to full-year basis. Full line detail with deal-room access.
Boise MSA context: Nampa is Idaho's third-largest and fastest-growing city (29.2% population growth since the last census); I-84 access, employment anchored by St. Luke's, Micron, St. Alphonsus, and Boise State. Full model and updated trailing financials with deal-room access.
The request is a 1.25x DSCR construct on stabilized NOI of $889,483. Drag the perm constant and watch the supportable loan, surplus over the bridge, and implied metrics recompute — the same math as the underwriting model's sensitivity grid.
| NOI stress at a 6.00% constant | NOI | Loan · 1.25x | vs bridge |
|---|---|---|---|
| NOI −10% | $800,535 | $10,673,796 | ($371,916) |
| NOI −5% | $845,009 | $11,266,785 | +$221,073 |
| Base — stabilized | $889,483 | $11,859,773 | +$814,061 |
| NOI +5% | $933,957 | $12,452,762 | +$1,407,050 |
From the model's sensitivity grid. Even a 10% NOI haircut at the sizing constant leaves the takeout within $372K of the bridge — covered several times over by the equity behind the loan.
A fourth-generation realtor and second-generation builder, Shannon Robnett has spent 35+ years on both sides of the real estate equation — and runs the full cycle in-house today: Shannon Robnett Industries (capital and sponsorship), Phoenix Commercial Construction (25+ years at the helm — police and fire stations, city halls, schools, office, and industrial), and Executive Management Services (property management, including The Colton itself).
The portfolio spans $425MM+ of completed construction across multifamily, municipal, industrial, and self-storage, with $125MM under active management, $70MM+ of investor capital raised, and roughly 500 units owned and managed across the Treasure Valley. Stress-tested: when a capital partner withdrew from a $20MM project without warning, Robnett raised $22.4MM in 81 days and built a syndication platform in the process.
Track-record figures per Shannon Robnett Industries (shannonrobnett.com).
$11.86MM against a stabilized, 95%-occupied 2024 Class A asset in the Boise MSA — DSCR-bound sizing, 7.5% debt yield, subordinate capital already structured behind you. Application targeted by EOY 2026.
