Across 224 commercial real estate debt quotes gathered in May and July 2026, the median floating-rate bridge or lease-up loan priced at SOFR plus 2.85%, about 6.50% with SOFR at 3.65%, and the median fixed-rate permanent loan priced at 1.90% over the matching Treasury, about 6.34% at August 25 yields. Apartment and industrial bridge loans sat at the tight end, near SOFR plus 2.75%, while office and hotel bridge loans priced 150 to 200 basis points wider. The quotes come from two surveys in which lenders shared terms they had quoted in May and July, and they skew large and institutional: the median loan is about $27MM. Here is what they say, and what they mean for smaller loans.
Where things stand, August 25, 2026
- Short rates. SOFR was 3.65% on August 21. The Fed's target range has been 3.50% to 3.75% since December 2025, and the prime rate has been 6.75% all year.
- Long rates. The 10-year Treasury closed at 4.64% on August 25 and the 5-year at 4.35%. The 10-year was 4.19% on January 2 and 4.39% on May 1.
- Credit. Trepp's CMBS delinquency rate rose 51 basis points to 7.86% in July. Office was 11.91% and multifamily 7.69%, up 46 basis points, the largest increase of any property type. Lodging was 5.35%, retail 6.96% and industrial 1.13%.
- The data. 153 quotes from the May survey (published June 8) and 71 from the July survey (published August 10). The median loan is $26.75MM; 16 of the 224 are under $5MM and two are over $150MM.
What is in the 224 quotes
Multifamily dominates with 101 quotes, then industrial (37), retail (24), office (15), hotels (10), land (10), for-sale housing and build-to-rent (10), mixed-use (7) and ten others.
By structure, 109 are floating-rate loans on existing buildings (93 bridge or lease-up loans and 16 on stabilized property), 33 are construction loans, 10 are land loans and 43 are fixed-rate loans priced over a Treasury. Twenty more carry a stated fixed coupon, six float over prime, and three are preferred equity at 16.5% to 17%.
To compare them on one date, we added each spread to its benchmark on August 25: SOFR at 3.65%, and the matching 3, 5, 7 or 10-year Treasury. Benchmarks moved after the quotes were given; the spread is the part that travels. The sheets do not show rate floors, caps, extension terms or prepayment, so the rates below are coupons before fees.
The medians, by structure and asset type
| Structure and asset | Quotes | Median spread (middle half) | Rate at Aug 25 benchmarks | Median LTV |
|---|---|---|---|---|
| Floating bridge and lease-up, multifamily | 50 | SOFR + 2.75% (2.50 to 2.98) | 6.40% | 75% |
| Floating bridge and lease-up, industrial | 18 | SOFR + 2.70% (2.43 to 3.61) | 6.35% | 66% |
| Floating bridge and lease-up, office | 8 | SOFR + 4.70% (4.36 to 4.96) | 8.35% | 70% |
| Floating bridge and lease-up, hotel | 7 | SOFR + 4.25% (3.25 to 4.95) | 7.90% | 63% |
| Floating, stabilized multifamily | 8 | SOFR + 1.83% (1.78 to 2.13) | 5.48% | 65% |
| Construction, all (SOFR-priced) | 25 | SOFR + 4.50% (3.30 to 5.50) | 8.15% | 75% LTC |
| Construction, multifamily | 14 | SOFR + 4.30% (3.48 to 5.00) | 7.95% | 73% LTC |
| Land (SOFR-priced) | 9 | SOFR + 8.25% (7.00 to 9.00) | 11.90% | 58% |
| Fixed permanent, multifamily | 16 | Treasury + 1.93% (1.54 to 2.01) | 6.30% | 70% |
| Fixed permanent, retail | 11 | Treasury + 2.00% (1.55 to 2.23) | 6.60% | 68% |
| Fixed permanent, industrial | 7 | Treasury + 1.85% (1.78 to 1.90) | 6.37% | 70% |
| Fixed permanent, all | 43 | Treasury + 1.90% (1.63 to 2.13) | 6.34% | 68% |
Fixed rates use each quote's own Treasury term. LTV is as-is, or loan to cost for construction. Rows with fewer than ten quotes are directional, not precise.
Floating-rate bridge: apartments near 6.4%, office and hotels near 8%
The 50 multifamily bridge and lease-up quotes are the deepest sample and tightly grouped: half fall between SOFR plus 2.50% and 2.98%, 48 of 50 are non-recourse, and the median loan is 75% of as-is value. Industrial prices about the same at lower leverage. Office and hotel bridge loans price 1.5 to 2 points higher, and lenders want more income behind them: median stabilized debt yields of 12.5% on office and 12% on hotels, against 7.5% for apartments and 8.8% for industrial. We covered how lender type moves bridge pricing in what bridge lenders are quoting in 2026.
SOFR sits about 70 basis points below the 5-year Treasury, so a stabilized apartment loan floating at SOFR plus 1.83% works out near 5.48%, while the median fixed multifamily quote works out near 6.30%. Floating saves about 80 basis points of coupon on August 25, and the owner carries the rate risk.
A worked example. Take a $20MM apartment bridge at the median quote: SOFR plus 2.75%, or 6.40%, which is $1.28MM of interest a year. The median going-in debt yield in the multifamily bridge quotes is 5.7%, so the property earns about $1.14MM on day one and the loan runs $140,000 a year short of covering its own interest. That gap is what interest reserves exist for. If the plan works and net operating income reaches the median stabilized debt yield of 7.5%, or $1.5MM, a permanent lender at 6.30% and 1.25x coverage on interest-only payments needs a 7.875% debt yield (1.25 times 6.30%). That sizes a loan of about $19MM, roughly 95% of the bridge balance. On a 30-year amortizing payment the constant rises to about 7.43%, the required debt yield to about 9.3%, and the takeout to about $16.2MM. The bridge is easy to get. The exit is where the equity check hides, which is why we size bridge loans to the refinance first.
The median apartment bridge in these quotes does not cover its interest on day one. The plan has to.
Construction quotes cluster near SOFR plus 4.50%, about 8.15%, at a median 75% of cost, and multifamily construction is slightly cheaper. Land is its own market: SOFR plus 8.25% at the median, about 11.90%, at 58% leverage and 2% upfront fees. More on both is on our construction financing page.
Fixed-rate permanent: about 1.90% over Treasuries
Of the 43 Treasury-priced quotes, 22 use the 5-year (median spread 1.98%), 10 use the 10-year (1.88%), 6 the 7-year (1.55%) and 3 the 3-year (2.25%); two do not name a term. Multifamily runs a median 1.93% over, retail 2.00% and industrial 1.85%. The three office quotes ran 1.42% to 2.70% over, and the two hotel quotes 2.25% and 2.95%. Fees are light: of 39 quotes with a percentage fee, 18 are at par and 30 charge 0.50% or less.
Two July multifamily quotes show where coverage is binding. One priced at the 5-year plus 1.55% with a 3.5% rate buydown, the other at the 5-year plus 1.90% with a 2.0% buydown, both sized at 1.20x on interest-only payments. The owner pays cash to lower the coupon so the loan clears the coverage test. If that is your deal, the five standard fixes are in our guide to a DSCR that is too low.
Smaller fixed loans look different. Ten permanent-style quotes carried a stated coupon of 5.50% to 6.95%, all on loans of $15MM or less, and eight of the ten were full recourse. Ten quotes, four of them construction loans, floated over prime, priced from prime minus 0.50% to prime plus 4.25%, or 6.25% to 11.00% with prime at 6.75%. That is how community banks and credit unions tend to quote, and it is the part of this data closest to many of the permanent loans we arrange.
Leverage, recourse and fees
Bridge loans ran a median 70% of as-is value (middle half 65% to 75%) and 65% of stabilized value. Fixed permanent loans ran a median 68%. Ten quotes reached 85% or more of value or cost, mostly preferred equity at 16.5% to 17%, ground lease and leasehold pairings, and construction loans.
Recourse tracks loan size closely. Overall, 181 of 224 quotes (81%) were non-recourse. Under $5MM, only 2 of 16 were. From $5MM to $10MM it was 11 of 19, from $10MM to $25MM 49 of 64, and at $25MM and above, 119 of 125.
On fees, 1% upfront is the bridge standard, charged on 75 of 107 floating quotes. About four in ten bridge quotes add an exit fee of 0.25% to 1.00%, with a median of 0.50%. Construction runs a median 1% in, and land a median 2%, with one horizontal development quote at 6.5%.
What this means for a $2MM to $20MM loan
Most of the closings we publish are under $10MM. In this data, floating bridge quotes under $20MM had a median spread of SOFR plus 3.50% across 21 quotes, against SOFR plus 2.75% for the 72 quotes of $20MM and above. That is about 75 basis points for being small. Treat the table as the floor for a smaller loan, not the middle.
The right capital source closes much of that gap. Our $2.2MM apartment loan on S Durango Ave closed in July 2026 with a bank at 6.085% fixed and non-recourse. Every multifamily quote under $5MM priced like a permanent loan carried recourse: 5.80% and 6.48% fixed, the 3-year Treasury plus 2.30% (about 6.55% on August 25) and the 10-year plus 1.85% (about 6.49%). Our $7.5MM Venice hospitality bridge closed at 8.50% in October 2025, inside the middle half of the hotel quotes (6.90% to 8.60%) on a median loan of $50MM. On land, a CDFI priced our $1.33MM Santa Monica Blvd land bridge at 8.00%, well under the survey's 11.90% median.
What owners should do this quarter
- Ask for the spread and the index, not just the rate. Then compare the spread with the table above.
- Choose floating or fixed on purpose. Floating saved about 80 basis points on stabilized apartments on August 25. Ask about floors and the cost of a rate cap before you take that saving.
- Run the exit test on both payment types. Size the refinance at today's fixed rates, interest-only and amortizing, and plan around the weaker number.
- Price recourse and fees with the coupon. Under $10MM, non-recourse is often the hardest term to win. One point in, a half point out and a full guaranty can matter more than 25 basis points of spread.
- Match the loan size to the lender. A $3MM loan belongs with the banks, credit unions and CDFIs that compete for $3MM loans; a $40MM loan with the funds that price the table.
Quick answers
What are commercial bridge loan rates right now? In 93 bridge and lease-up quotes from May and July 2026, the median was SOFR plus 2.85%, about 6.50% at late August SOFR, with the middle half from 6.25% to 7.40% before fees. Loans under $20MM priced about 75 basis points wider.
What rate can I get on an apartment building loan? Fixed multifamily quotes priced a median 1.93% over Treasuries, about 6.30% on August 25. Floating stabilized loans priced near 5.48%, and bridge loans near 6.40%.
Is office financing still available? Yes, at a price. Office bridge quotes had a median of SOFR plus 4.70%, about 8.35%, at 70% of as-is value, with a median stabilized debt yield of 12.5% behind the loans.
What do hotel bridge loans cost? Seven hotel bridge quotes had a median of SOFR plus 4.25%, about 7.90%, with the middle half from 6.90% to 8.60%, at a median of about 63% of value.
To see your loan priced against these numbers, send us the deal. Within two business days we will tell you which capital is competitive, at what spread, and what the exit needs.
Sources. Loan quotes: two lender quote surveys covering May 2026 (153 quotes) and July 2026 (71 quotes), used with permission; all statistics are Piccard Financial's calculations from those surveys, and no lender is identified. Treasury yields: U.S. Treasury daily par yield curve, August 25, 2026, and FRED DGS10, January 2 and May 1, 2026. SOFR: FRED SOFR and the Federal Reserve Bank of New York, August 21, 2026. Prime rate: FRED MPRIME, January to July 2026. CMBS delinquency: Trepp via Connect CRE, August 6, 2026, and MBA NewsLink, August 2026. The bridge sizing example is illustrative.
Rates and terms referenced are drawn from the surveys and public market data cited above and from transactions arranged by Piccard Financial, reflect conditions on the dates shown, and change with the market. Nothing here is an offer or a commitment to lend. Piccard Financial is a capital markets advisory firm, not a lender.