For the first time, we're publishing Lev Insights — real quotes from real lending institutions on real deals happening on our platform right now. Not market commentary. Not a survey. What we're actually seeing, deal by deal.
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Northeast Multifamily Permanent Loans ($1M–$10M): Fixed Rates Range 5.88%–7.63%
Based on soft-quote and term-sheet loan quotes on multifamily properties (Urban Walk-up, Garden-style, and Mid/Highrise) in the Northeast, priced as permanent financing with loan amounts between $1,000,000 and $10,000,000, from May through June 2026.
Fixed-rate quotes in this pool run from 5.88% to 7.63%, with a median of 6.29%. LTV spans 50% to 80%, and DSCR requirements run from 1.15x to 1.53x. Of the quotes where recourse type was specified, most carry full recourse, with smaller shares carrying partial or burn-off recourse; separately, most quotes carry personal recourse guarantees rather than non-recourse structures.
Geographically, this pool is concentrated in New York, with smaller clusters in New Jersey, Massachusetts, Pennsylvania, and Connecticut.
Amortization schedules cluster heavily around 30 years (360 months), with a smaller share using 25-year (300 months) schedules. An interest-only period is present on a small share of these quotes, ranging from 24 to 84 months. Loan sizes in this pool span the full $1,000,000–$10,000,000 range by definition, with a median loan amount of $1,900,000. A stated rate floor is present on a portion of these quotes, ranging from 5.50% to 7.00%.
| Metric | Range | Median |
|---|---|---|
| Fixed rate | 5.88% – 7.63% | 6.29% |
| LTV | 50% – 80% | 65% |
| DSCR | 1.15x – 1.53x | 1.25x |
| Rate floor (of stated) | 5.50% – 7.00% | — |
| Recourse (of specified) | Majority full, smaller shares partial / burn-off | — |
Fixed rate by state
| State | Range | Median |
|---|---|---|
| New York | 5.88% – 7.00% | 6.29% |
| New Jersey | 5.99% – 6.38% | 6.25% |
| Massachusetts | 6.15% – 6.75% | 6.38% |
| Pennsylvania | 6.10% – 7.33% | 6.25% |
| Connecticut | 6.25% – 7.62% | 7.38% |
Fixed rate by loan size
| Loan Size | Range | Median |
|---|---|---|
| $1M – $5M | 5.88% – 7.62% | 6.30% |
| $5M – $10M | 5.94% – 6.38% | 6.00% |
Most fixed-rate quotes in this pool cluster in the 6.00%–6.50% band, with New York and New Jersey pricing tightest and Connecticut and Pennsylvania showing wider spreads.
Larger loans in this pool ($5M–$10M) are pricing modestly tighter than the $1M–$5M band, consistent with lenders extending sharper pricing on bigger, often more institutional deals.
FAQ
What fixed rates is Lev seeing on Northeast multifamily permanent loans right now?
Lev is seeing a median of 6.29%, with most quotes falling between 5.88% and 7.63%.
What DSCR and LTV is Lev seeing required?
Lev is seeing DSCR ranging from 1.15x to 1.53x and LTV ranging from 50% to 80%.
Is loan size affecting pricing on these deals Lev is seeing?
Lev is seeing $1M–$5M loans price at 5.88%–7.62% (median 6.30%), while $5M–$10M loans price at 5.94%–6.38% (median 6.00%).
How does New York pricing compare to the rest of the pool Lev is seeing?
New York accounts for the largest share of quotes Lev is seeing, ranging 5.88%–7.00% with a median of 6.29%.
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