A semiconductor package includes a multilayer substrate including a dielectric layer, a first conductive layer forming a first set of electrical contacts, a second conductive layer forming package electrical contacts and two capacitor electrical contacts, conductive vias extending through the dielectric layer between the first conductive layer with the second conductive layer, and a solder mask layer over the second conductive layer. The semiconductor package further includes a semiconductor die on the first side of the multilayer substrate electrically connected a capacitor on the second side of the multilayer substrate. A recessed portion of the capacitor is within a capacitor opening of the solder mask layer between the two capacitor electrical contacts and a board-side surface of the solder mask layer.