Apartments remain the most financeable asset in Los Angeles. Banks, credit unions, and the agencies all want stabilized LA multifamily on their books, which means a well-run process produces real competition — and real competition is where pricing comes from. Recent bank refinances of ours on stabilized Los Angeles apartment buildings priced at 5.40% and 5.41% fixed, and our largest recent multifamily closing was a $30.36MM construction-to-permanent loan for 90 units in Echo Park.

What LA apartment loans price at in 2026

Banks and credit unions set the floor for stabilized product. The 5.40% and 5.41% fixed closings above — West Hollywood and North Hollywood, 2025 — were relationship-priced bank executions, and pricing since has moved with treasuries rather than away from the pattern: strong buildings with clean rent rolls and coverage still command the sharpest quotes in the market. Credit unions frequently match or beat banks and often waive prepayment penalties, which matters if you might sell.

Agency debt — Fannie Mae and Freddie Mac — prices off treasuries with spreads that vary by leverage, term, and affordability characteristics, and wins on larger loans, longer interest-only, and non-recourse. Bridge and value-add capital for repositioning runs wider; see our current bridge pricing breakdown. The right execution is a function of your hold period, your leverage need, and your appetite for recourse — which is why we quote them side by side through our multifamily practice.

The submarket question

Lenders do not price "Los Angeles." They price the block, the vintage, and the rent roll in front of them — and every submarket carries its own underwriting posture:

  • The Valley — North Hollywood, Moorpark corridor, Sherman Oaks. Deep lender appetite for granular walk-up product; our 5.41% North Hollywood refinance is the template for what clean Valley buildings command.
  • South Bay — Torrance, Gardena, Lomita. Apartment loans in Torrance and the surrounding South Bay benefit from some of the steadiest rental demand in the county; banks compete for the area's smaller unit-count buildings that agencies overlook.
  • Eastside — Echo Park, Silver Lake, Highland Park. New construction and repositioning territory. Our $30.36MM Echo Park construction-to-perm shows what bank construction capital will do for a well-located project.
  • Westside and West Hollywood. The tightest cap rates and the sharpest permanent pricing — the 5.40% closing above — with lenders underwriting durability of rents over upside.

Lenders don't price Los Angeles. They price the block, the vintage, and the rent roll in front of them.

Rent regulation and the underwrite

Most LA apartment stock sits under the city's rent stabilization ordinance or statewide caps, and lenders underwrite accordingly: in-place rents govern, and below-market upside gets credited only with documentation — recent comparable turns, renovation scope, a credible mark-to-market schedule. Sponsors who arrive with that file get proceeds; sponsors who arrive with a pro forma get a haircut. Building that file is part of how we package every LA multifamily deal.

Running the process

A serious LA apartment financing runs banks, credit unions, and agency lenders against each other on identical information, then compares the quotes on whole cost — rate, interest-only, prepayment, recourse, reserves. That is the process behind every multifamily closing on our transactions page, and it is the same process whether the building is eight units in Torrance or ninety in Echo Park. Piccard Financial has arranged Los Angeles multifamily debt from $1MM to $150MM across permanent, bridge, and construction executions since 1984.

All rates and terms referenced are drawn from transactions arranged by Piccard Financial and recent lender quotes, reflect market conditions at the time, and change with the market. Nothing here is an offer or a commitment to lend.