Understanding relationship between treasury rates & real estate returns

Trying to fully understand the relationship between the 5/10 year treasury rates and how that directly influences each RE deal. Specifically, trying to understand why a fund with a 5-year investment period for example would care so much about the 10-year rather than the 5-year? If I’m going to toss debt on a 5-year hold, how exactly are agencies deciding on what rate to use? Are they benchmarking off of the 5 or 10-year, or purely just on SOFR + a spread? If an investor is investing in a fund with a 5 year window, shouldn’t they mainly just care about what the 5-year is due to that essentially being the near risk free return for the same time horizon? Have zero exposure to capitalizing a deal while stacking debt on, so just trying to get a more clear idea on the relationship / thought process a lender would have with the treasury and the fixed or floating rate they would offer. Curious to hear the thought process for debt funds as well / how they differ in their approach. Any and all thoughts appreciated, thanks!