Fast Commercial Capital Founder & Principal Don McClain has published new research examining how the changing commercial real estate financing environment is forcing property owners to look beyond traditional mortgage refinancing and evaluate the entire capital stack.
Original publication. Historical wording and references are retained.
08/23/26
August 23, 2026 — Don McClain Examines Why CRE Refinancing Is Becoming a Capital-Structure Problem
Fast Commercial Capital Founder & Principal Don McClain has published new research examining how the changing commercial real estate financing environment is forcing property owners to look beyond traditional mortgage refinancing and evaluate the entire capital stack.
In “The Capital Stack Is Changing: Why Commercial Real Estate Owners Need More Than a Traditional Refinance Strategy in 2026,” McClain examines a growing challenge for commercial property owners: existing mortgage balances may exceed the amount of replacement senior debt supported by today's underwriting standards, property values, interest rates and debt-service requirements.
The analysis explains how a refinancing shortfall can become a broader capital-structure and recapitalization problem, potentially requiring owners to evaluate senior debt, bridge financing, preferred equity, mezzanine capital, additional sponsor equity or other forms of structured capital.
McClain also emphasizes the importance of beginning the capital-planning process well before maturity. Earlier preparation can provide owners with greater flexibility to improve property performance, negotiate with existing lenders, evaluate alternative capital, recapitalize or consider an orderly disposition.
The August 23 research expands Fast Commercial Capital's ongoing analysis of the 2026 commercial real estate refinancing wall, debt maturities, capital readiness and transaction structuring.
Read the August 23 research and related analysis:
LinkedIn — Commercial Real Estate Refinancing in 2026 Is Becoming a Capital-Structure Problem
Substack — The Refinancing Question Commercial Real Estate Owners Should Be Asking in 2026
Tumblr — Commercial Real Estate Refinancing Is Becoming a Capital Stack Problem
Scribd — The Capital Stack Is Changing
About Don McClain
Don McClain is Founder & Principal of Fast Commercial Capital, working with commercial property owners, investors and sponsors on commercial real estate financing, bridge capital, recapitalizations and complex capital requirements.
Additional Research
Fast Commercial Capital — News & Media
Don McClain Authority Research Library
PRESS RELEASE — AUGUST 23, 2026
Don McClain Expands 2026 Commercial Real Estate Capital Strategy Research Initiative
New press release highlighting Don McClain’s expanding research on commercial real estate debt maturities, refinancing gaps, recapitalization and the changing capital stack.
Read the Press Release:
PRLog — Don McClain Expands 2026 Commercial Real Estate Capital Strategy Research Initiative